Oak Hill apartments and a new owner want to raise rent again after their lease ended in June.
The Oak Hill-area real estate company that owns Oak Hill Park, a popular weekend destination on the lakefront, is seeking to raise its rent from $1,500 to $2,100 a month for apartments and $2.50 to $3.25 a month in the residential units, The Chicago Tribune reported.
Oak Hill’s landlord, Avalon, said it plans to raise the rent again next year.
The new owner, Avalon Properties, said its rent is still “fairly reasonable” but has requested a rent increase of $2 per month in 2018.
Oak Ridge Apartments, which is located in the Oak Hill neighborhood, is also seeking a rent hike of $1.25 per month for two years.
Oakridge, located in Rosemont, also is seeking a rental increase of at least $1 per month.
The rents at Avalon’s Rosemont and Oakridge properties are still higher than the $1 a month the company is asking for in its request for a rent raise.
Avalon is not the only apartment owner that wants to increase its rent.
A group of apartment and condominium owners in Chicago is seeking rent increases of up to 10 percent in a rent freeze that was implemented last summer.
The city has approved the freeze to keep apartment and condo owners from hiking rent and keep rents down on the market.