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SB 3674

TENANTS-RIGHT OF FIRST REFUSAL

104th Regular Session Introduced by Rachel Ventura

Illinois SB 3674 grants residential tenants the legal right to purchase their rental property before the landlord can sell it to others, aiming to reduce displacement.

Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 3674

Legislative bill overview

SB 3674 would grant residential tenants a right of first refusal to purchase their rental properties if the landlord decides to sell. This means tenants would have an opportunity to match any offer received before the property could be sold to an outside buyer. The bill is currently in committee with amendments being processed.

Why is this important

Right of first refusal laws aim to prevent tenant displacement and help renters build wealth through homeownership, particularly in tight housing markets. However, this policy significantly affects landlord property rights and investment incentives, with potential consequences for rental housing supply and affordability depending on implementation details.

Potential points of contention

  • Property rights vs. tenant protections: Landlords may argue this restricts their ability to freely sell assets, while tenant advocates contend it prevents displacement and promotes housing stability
  • Impact on rental supply: Investors may reduce rental property purchases if sale options are constrained, potentially reducing available rental units and raising rents
  • Financing and feasibility: Tenants may struggle to secure mortgages quickly enough to exercise the option, making the right practically inaccessible without additional support mechanisms
  • Implementation details unclear: The current bill status shows ongoing amendments, and critical details (notice period, price matching requirements, tenant qualification criteria) remain uncertain

Compiled from official sources — confirm details with the bill’s official record.

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