Rental in Condo-Only Building Chicago

[Lindsey Matejak]

I own a unit in a small condo-only building in Chicago. I am interested in moving out and renting out the unit for extra income. Currently, our building has no rental restrictions in the governing documents but all 4 units are owner occupied. Out of courtesy, I informed my neighbors of my plans and am receiving pushback from some of them. They say it'll be a hassle and devalue their homes. As I mentioned, the condo association docs don't prohibit it, but they still may try to block it and get lawyers involved. I’m wondering... (1) If the association decides to implement a no renters policy and I already have the tenants in the unit, am I protected under a ‘grandfather’ situation, or could they force my tenants out? Or not let me rent again if there is a turnover of tenants? (2) I start renting my unit - does it hurt the others' resale value since the building is not 100% owner occupied anymore? (3) The association changes the bylaws to say no renters - does this hurt the resale value bc some portion of the market doesn't want to buy? Appreciate any input that can be provided!