Chicago Property Management Blog

Security deposits are important in the landlord-tenant relationship. They protect landlords and hold tenants accountable. Illinois has laws to prevent misuse and unfair practices. Both landlords and tenants need to understand these laws for a fair rental process.What is a Security Deposit?When a lease agreement begins, the tenant pays the landlord a security deposit. This money protects the landlord if the tenant causes any damages duri...

The Chicago Permanent Rental Assistance Program presents a valuable opportunity for self-managers to support tenants and maintain stable rental income. Understanding the details of this program is essential for optimizing rental property management. Here's a comprehensive guide for self-managers on leveraging the Chicago Permanent Rental Assistance Program.Key Points for Self-Managers:Program Overview: The Chicago Permanent Ren...

Chicago's "Right to Counsel" Program, also known as the Chicago Eviction Defense Project, has significant implications for property managers. Understanding the impact of this program is crucial for maintaining compliance and fostering positive tenant relations. Here's a comprehensive guide for property managers on navigating Chicago's "Right to Counsel" Program.Key Points for Property Managers:Tenant Righ...

The holiday season and winter months can bring about financial challenges for tenants, and as a self-manager, it's crucial to be well-informed about the Holiday and Winter Eviction Moratorium that is in effect through 1/2/24. This moratorium provides temporary relief to tenants facing financial hardship, and it's essential to understand the implications for managing rental properties during this period.What is the Holiday and Wi...

The Chicago Mansion Tax, officially known as the Real Property Transfer Tax, is a tax that applies to the transfer of high-value real estate properties within the city of Chicago. This tax is specifically targeted at properties with a sale price or fair market value above a certain threshold, often referred to as "mansion properties."The tax is calculated based on the sale price or fair market value of the property at the time...

It's astonishing to know that Chicago has one of the lowest housing inventories out of America's biggest cities.This means that buyers in Chicago are more motivated to close than ever. While the conditions are great for sellers, there are still plenty of hurdles that can slow them down.Are you worried about how long it'll take to sell your Chicago property? Read on to gather the greatest tips to sell in under a month.1. Unde...

Chicago has faced a rise in foreclosures this year, and many face the looming shadow of the threat of foreclosure on their homes. In this guide, we aim to shine a light on another option open to those who need to sell fast.A short sale is where you sell your house for less than what you owe on the mortgage. In this article, we'll share five advantages of short selling your home.1. It Helps You Resolve Debt Worries With Your Mortgage...

Chicago's real estate market is dynamic, and maintaining your property is key to success. In this blog post, we'll explore essential property maintenance tips tailored to the unique needs of Chicago landlords and property managers. 1. Understanding Chicago's Climate Challenges:Chicago experiences a range of weather conditions throughout the year, from freezing winters to humid summers. To address these challenges:Winter: Ins...

In the dynamic realm of Chicago real estate, staying compliant with regulations is paramount for landlords and tenants alike. Recent concerns raised by Chicago Association of Realtors (CAR) members highlight the importance of understanding and adhering to the Chicago Residential Landlord Tenant Ordinance (CRLTO) guidelines, particularly in the context of timely rental unit showings.Unlocking CRLTO Compliance: Decoding the 48-Hour Notice...

As a landlord in Chicago, it is essential to conduct routine inspections of your rental properties to ensure that they are being maintained by your tenants according to the terms of the lease agreement. These inspections can help you identify any issues with the property, assess any damage, and ensure that your tenants are complying with the terms of the lease.But what exactly can a Chicago landlord look at during an inspection? Here ar...