Many management companies reward current residents for referring a new tenant to their building. The reward typically takes the form of a rent credit that ranges from $150 up to $1,000.
The operation of these “resident referral programs” must conform to Section 454/5-20 of the Illinois Real Estate License Act. The Act requires that the referral be for the same building or complex, and limits compensation to no more than 3 rentals per year totaling not more than $1,500 or the equivalent of one month’s rent, whichever is less.
If you know someone who is looking for an apartment and might consider moving into your building, find out whether your building offers a resident referral program and what you need to do to take advantage of it.
If you’re considering a move to a building where you know someone, ask them to inquire about the availability of a resident referral rent credit.