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Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast
Here's something you almost never see in Chicago real estate: raw, transparent leasing data from an actual property management company. Most managers or investment groups guard this information like a trade secret or something more risque than numbers. Some may have mispriced a few properties and are ashamed those errors “messed up” their numbers. But having this data can fundamentally change how you plan your investment strategy.
On the Straight Up Chicago Investor podcast, we talk constantly about data-driven decisions. But most investors fly blind when it comes to realistic vacancy expectations. GC Realty & Development, LLC has, 23 years experience managing over 1,400 units across the Chicago metro area. But we know you’re only as good as your last year. That’s why I want to walk you through exactly what we saw actoss 391 leased properties in Chicago in 2025.
Fast Facts Numbers
GC Realty & Development, LLC 2025 By The Numbers | |
22 Mean Days on Market | 16 Median Days on Market |
391 Properties Leased | 6 Mean-Median Gap Days |
Why You Need Both Mean and Median
The mean (22 days) accounts for every property, including outliers that sat for 60, 80, or even 117 days. These difficult properties boost the average (but we’re not ashamed). The median (16 days) tells you half of the properties leased faster than 16 days, your "typical" experience when pricing correctly.
Why do you need both numbers? Because the analysis helps investors make real-world plans. For example, use the median (16 days) for cash flow projections on well-maintained properties. You can also use the mean (22 days) when budgeting reserves for challenging properties, pet restrictions, third-floor walk-ups, or less desirable locations.
Days on Market Distribution - 2025 Leasing Data
When we look back over 2025 data, over 44% of properties under our managemnet are leased within two weeks. That's what happens with proper pricing and responsive showings. About 12% took more than 45 days; the outliers all had controllable factors when we looked back., The main culprit: pricing.
And then comes the curve wreckers: we had one client in 2025 neededwho specific number for refinance ratio,s. But that client wouldn't offer the free rent incentives until after Day 60 on the makret. We also had a couple of unique properties that were hard to compare to anything else., It took some time until landed on the right price point.
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Sometimes, unique properties like a converted warehouse or awkwardly large single-family home just need to test the market, but we didn’t adjust to where we needed to when test results around pricing were not coming back favorably.
The Two Fastest Months: March and February
February and March mark the start of "moving season" in Chicago. Renters start searching 30-60 days before desired move-ins. Tax refunds arrive. The weather improves. The combination creates urgency and a larger renter pool.
Days on Market Comparison
The Slowest Month: January
January posted our slowest numbers, 25 days mean, 21 median. That's roughly 50% longer than our fastest months. The holiday season creates a rental market pause. Units hitting the market mid-December often sit through the holidays with minimal showings.
Strategic Implication: Structure leases to expire late February through mid-March. This positions you to list during peak demand and minimizes vacancy exposure.
What This Means for Your Chicago Investors
Cash Flow Planning: Budget 3 weeks' vacancy between tenants. For annual projections, that's roughly a 5-6% vacancy factor on renewals. I know the goal is zero vacancy for most Chicago investors, especially on the North and Northwest side, but plan for 3 weeks, and anything better is cash direct to the bottom line.
Renovation Timing: Complete unit renovations by mid-February to hit peak season with a fresh unit. Finishing in November means listing into the slowest period.
Pricing Strategy: Properties leasing under 7 days were priced at or below market. Properties sitting 45+ days often start overpriced. In slower months, price aggressively from day one. Looking back at the few properties that sat longer, it was 100% a pricing issue that we were unable to get our clients on the same page with us. This especially hurt our clients going into the post Labor Day market, where you chase the market down if you don't adjust quickly enough.
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Don’t Want To Go At This Alone?
We’ve shared a lot of information here on investing in real estate locally in Chicagoland. If you live outside the area, it may seem overwhelming for those wanting to invest in the Chicago market. But we really just look at it as a team sport.
Who’s on your investing team? Do you even have a team? GC Realty & Development, LLC has a dedicated team of professionals willing to share decades of experience in all facets of real estate investment. We handle everything from brokerage, leasing, and property management. Whether you hire us or not, we’re happy to provide our resources and expertise.
What gets me up in the morning and keeps me going 12 hours a day is the ability to add value to local area investors in Chicago and beyond! Those who connect with me often hear me say that our goal is to bring value to everyone we come in contact with.
We hope that in return, they will one day hire us for our tenant placement or property management services, refer us to someone they know, or leave a review about our services. We would clearly love all three; however, we’re happy whenever we get the opportunity to help!
Reach out today!
Partner / Co-Host of Straight Up Chicago Investor Podcast
