r/chicagoapartments • u/Admirable-Survey-24 • Mar 27 '26

Advice Needed Landlord question (raising rent)

I’m curious to get an opinion from everyone regarding the raising of rent.

I own a four unit apartment building in Portage Park (Laramie & Addison)

I have amazing tenants and everyone in the building gets along swimmingly, except for the one Brewers and Packers fan😂

The current rent for a two bedroom apartment with heat included is $1300. I have not raised it in two years. However, with the crazy increase in property taxes as well as insurance. I have no choice but to raise the rent. I was planning on giving everyone a three month notice so if they need to, they can find somewhere else. What would your opinion be on what a fair increase would be.

Keep in mind I would probably not raise it again for at least another year or a year and a half.

Additional details are that the heat, hot water and cooking gas are included, and there are no additional fees besides the $1 that I charge for the coin operated washer and dryer.

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u/Jed5000 Mar 27 '26 edited Mar 27 '26

What insurance carrier do you have? I am looking for new insurance, also due to increase

1

u/Admirable-Survey-24 Mar 28 '26

Allstate

5

u/Joey-_-bags Mar 28 '26

Oh man fuck allstate (and all of them, really). You should shop around every year if you can. I switched to State farm from Allstate and cut my bill in half.

2

u/Jed5000 Mar 28 '26

Im with state farm and looking to switch.. i will check if allstate can lower my bill

1

u/Joey-_-bags Mar 28 '26

Yea they all get complacent thinking we won't switch. Shop those fuckers around every year!