What is the Proposed Cook County Residential Tenant and Landlord Ordinance-RTLO

  • Late Fees — The ordinance would set a specific cap to the amount of late fees a Landlord can charge each month. Both the original and proposed changes set the limits on late fees to $10 per month for the first $1,500 of rent and the 5% additional for rent above that. $2,000 monthly rent would be $35 max late fee you can charge.
  • Security Deposit — Like most of us do in Chicago, we work around the security deposit laws by accepting Non Refundable Move In Fees, however, this ordinance would not allow the collection of a non refundable fee.
  • Lease Renewals — Both the original and proposed changes say that no tenant should be required to sign a lease renewal more than 90 days prior to the termination date of the rental agreement.
  • Security Deposit Interest — Both the original and proposed changes say that all security deposits be held in an interest bearing account within an Illinois financial institution.
  • Focus On Conditions — In both the original and proposed versions there is a large focus on penalties to owners that do not maintain a certain level of conditions to the property. Landlords need to keep their property safe and address ongoing and capital improvements but this ordinance has it written to be very subjective or in a way that Landlords will find themselves guilty until proven innocent.
  • Disclosure Of Costs — Landlords would be responsible for disclosing utility costs for the previous 12 months of a rental unit.
  • Abandonment and Property — If the tenant left personal property that is of little value, the landlord must notify the tenant that the items will be disposed of. After sending the notice the landlord shall store all personal property of the tenant in a place of safekeeping.

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GC Realty & Development, LLC.

GC Realty & Development, LLC.

Full-service Real Estate firm specializing in Residential & Commercial acquisitions as well as property management in the Chicagoland area.