Landlords may soon be in for a break from the rules under Chicago's Residential Landlord-Tenant Ordinance.
Under a revision introduced today to the city council, judges would be empowered with discretion over fees awarded both lawyers and tenants. That discretion would allow judges to evaluate the severity of a violation and assess an appropriate fine, versus the current environment, where tenants are awarded an automatic penalty of twice the security deposit and attorney's fees for errors such as a miscalculation of a single penny.
Aldermen, at least initially, seem inclined to support the common sense revision to the oridinance.
Read more at the Chicago Tribune here.
Downtown landlords saw their rents reach record highs this year, with a new report showing rents at an average of $3.03 per square foot this year.
Occupancy rates are also up, with vacancy at just over 5 percent. But there are signs that the days of record increases may be ending. Crain's and Curbed Chicago are both reporting that while our boom in apartments isn't the highest of major metros, we still have a large number of new apartments coming online.
Through 2018, downtown Chicago will see the addition of 13,000 new rental units. Will that finally fill demand for the city's hottest area?
Read more at Curbed Chicago here.
The massive and transformative South Loop project known as "Riverline" is planning to break ground next month.
Developers CMK Companies and Lendlease will be executing a master plan for the phased construction of five mixed-use highrise buildings along the east bank of the Chicago River between Harrison and Roosevelt. It would bring about 3,600 new residences to the area on 14 acres of land.
Read more about this exciting development here.
Closing costs are a variable when it comes to securing a mortgage and the TRID regulations rolled out last year aimed to bring some certainty to the costs and give buyers some time to review all the costs associated with a home purchase.
With nearly a year behind us since TRID was rolled out, Chicago Agent Magazine breaks down where Illinois ranks nationally when it comes to closing costs; Illinois averages just over $2,000 which ranks us 29th nationally.
The state with the highest average closing costs is Hawaii, with $2,655.
Read more at Chicago Agent Magazine here.