Yes. You are then free to accept or reject the new contract terms.
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Infinity? Probably not. But as long as a tenant agrees to the incease by accepting and signing the new contract--yes, an annual rent increase that is in accordance with state laws and city ordinances is perfectly normal.
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There are no laws in Illinois forbidding annual rent increases, so they are free to propose whatever amount they seek. The only way I can imagine them getting into trouble for rent increases would be if they imposed them in a discriminatory manner, or imposed an excessive increase on a tenant who exercised rights under the Chicago RLTO.
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