New Chicago Ordinance Helps Condo Associations Enforce Short Term Rental Restrictions

On June 22, 2016, the Chicago City Council adopted an ordinance that now requires property owners wishing to rent on a short term basis to apply for and obtain certain licenses. A part of the application involves confirming that the owner’s unit is not located in a condominium property that restricts short-term rentals. The city of Chicago plans to maintain a list of buildings that do not allow short-term rentals and will refer to that list before issuing renting licenses. Associations however, will have to report their own restriction status to the city. Each association must report their rental restricted status by submitting an affidavit form which is available from the city’s Department of Business Affairs and Consumer Protection.     Read the article………….


Related Articles

Airbnb: Does Your Condo Have a Rule Prohibiting Short-term Leasing?

The controversy continues over hotel-like nightly rentals of residential condominium units through the Airbnb website. This may be the hottest

Meet the Flood Insurance ‘Robin Hood’ Who Saves Condo Owners Millions

The builder of the most luxurious condominiums on this sugar-white sand beach had a problem. One of the twin towers

Drafting Enforceable Restrictive Covenants

“Restrictive Covenants.” Hearing that phrase has made homeowners and their respective Boards of Directors cringe since the beginning of time.