Condo Owners Should Pay $500 Rental Fee: Alderman

Ald. Brendan Reilly wants a $500 licensing fee for condos rented to tourists

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    Condo owners looking to rent their units might soon face a $500 licensing fee.

    In an effort to put a stop to rampant, out-of-control partying (seriously), Ald. Brendan Reilly (42nd) wants to levy a $500 licensing fee to condo owners who rent their units, Crain’s Chicago reports.

    The alderman’s proposal, co-sponsored with Ald. Ed Burke (14th), would allow up to six owners in any condo building to rent their units for brief periods, but only after having paid the $500 licensing fee.

    “In many cases, these units are never owner-occupied but become party pads,” Reilly told Crain’s. “Older residents are concerned about safety. People see strangers in the elevator.”

    In case more than six owners wanted to rent, they would need to go through the existing registration process involving a hotel license. That would cost $165, plus $2.20 per each room, not to mention the various city inspections and a $40 fee for each criminal background check.

    The City’s License Committee will discuss the proposal during its Nov. 30 hearing.