Will Chicago landlords accept two-year leases?

In an article at MSNBC Real Estate a spokesperson for Apartments.com urges tenants to deal with rising rents by negotiating for a long-term lease that enables them to lock in rents:

“You can definitely talk to your landlord and ask to negotiate,” she says. “A two-year lease is a pretty popular option.”

The article illustrates the pitfalls of applying advice that might work in one market to another market: real estate is local, local, local.

Negotiating a two-year lease might be possible for exceptional properties, but the typical Chicago landlord has no incentive to sign a lease that locks in the landlord’s revenue but doesn’t lock in the tenant. The reason? The Chicago Residential Landlord Tenant Ordinance requires landlords to accept a suitable sublessee if the tenant wants to move on.

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