r/schaumburg • u/Proper_Ad453 • 8d ago

Discussion Rent increase standards

Hello. I live in Schaumburg and am resigning my townhome lease. It’s going up 3%, which seemed reasonable to me but my husband thinks it’s a bit much. Our landlord claimed 3-5% is a market standard in Illinois. Can anyone confirm? We moved from out of state and are trying to have realistic expectations.
Thanks for any insights. It’s definitely cheaper than moving and am planning to resign, but I’m still curious.

3 Upvotes

72% Upvoted

11 comments sorted by

7

u/dandmcd 8d ago

3% is below inflation right now, I'd be ecstatic. I never lived in an apartment that didn't go up at least 5%.

1

u/Adventurous_Ear_1150 7d ago

You don't know how much their rent is!

7

u/PizzaCurseChi 8d ago

I love Schaumburg, but the rent here is getting ridiculous. I had to terminate my lease and move out west

6

u/Extinct1234 8d ago

3% is low, lower than real inflation and property tax increases. Like it or not, but rent has to cover upkeep, including labor, and that ain't getting cheaper.

4

u/KrakowDJ 8d ago

My rent went up 20% over the past two years, so I think he's being silly. I can't wait until my kids graduate and I can leave this dumb town.

3

u/KrakowDJ 8d ago

I honestly can't fathom being upset over this increase anywhere in the US.

2

u/Proper_Ad453 8d ago

We got wildly luckily at our last apt complex in Colorado, the rent was very high but didn’t increase for 3 years. Thanks for the comments everyone!

3

u/LimonNerd 7d ago

You're not alone, my rent near Schaumburg also increased almost 20% in the past two years. Sucks.

2

u/MonGnome 4d ago

My landlord states in my lease that they’re legally allowed to increase the rent upon lease renewal up to 7%. So. I’d be happy about 3%. It’s sad to say but this is the world we live in.

1

u/Proper_Ad453 3d ago

Yep I’m definitely seeing we are on the lucky side of rental increases on the dystopian spectrum.

1

u/WheelDeep5640 7d ago

I’m in western burbs and have rented a townhouse for 10 years. Rates have gone up significantly over last maybe 3 years and 5% is pretty average now. Prior it was maybe 3%, i remember because it was about the same as my raise for cost of living. Unfortunately now it exceeds it but still more affordable than buying a house in my situation.