Rent increase for lease renewal

[Dulmi Heva]

Hi

I own a rental property in the chicago suburbs and the same tenant has been living there since I bought it in 2021. Due to recent property tax increases and association fee increases, I cannot keep up with the rent that I'm charging my tenant. The increase is about $125. What is the maximum you can increase rent by when the tenant renew a lease? Renewal is coming up in December. The average rent for a similar condo in the area is $2000. His rent is $1495. Since I bought the condo during pandemic, the rent started at $1425. Is there a way I can increase it to at least cover the increase in property tax and association fees? I heard the maximum you can increase rent by is around $45. Any insights would be greatly appreciated. 

[Jonathan Klemm]

Hey there @Dulmi Heva - I highly suggest you just bring your tenants the data...Chicago property taxes are no joke and all your costs as a landlord are valid.

If you specifically raise it straight up to market be prepared for your tenants to move out...another option might be to raise it over time, but personally, I'd rip the bandaid off!