Illinois SB 3674: TENANTS-RIGHT OF FIRST REFUSAL

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3674

Introduced 2/5/2026, by Sen. Rachel Ventura 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Multi-Unit Residential Rental Property Right of First Refusal Act. Requires the owner of a multi-unit residential rental property that offers the property for sale to provide written notice to each tenant and the tenants' association offering the tenants' association an opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Exempts property governed by the Condominium Property Act. Provides that the tenants, by and through the tenants' association, have the right to purchase the residential rental property if the tenants meet the price, terms, and conditions of the property owner by executing a contract with the property owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice. Provides that, if a contract between the owner and the association is not executed within the 60-day period, the property owner has no further obligation under the Act unless the owner thereafter elects to offer the property at a price materially lower than the price specified in the notice provided to the association. Defines a materially lower price as a price that is at least 20% lower than the price specified in the notice to the officers of the tenants' association. Provides that if the property owner thereafter elects to offer the property at a price materially lower than the price specified in the notice, the tenants, by and through the tenants' association, have an additional 10 days to meet the new price, terms, and conditions by executing a contract. Provides this right t