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Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast

Between Landlords I talk to looking for Property Management at GC Realty or Investors on Straight Up Chicago Investor Podcast the desire for majority is just to make more money from your current investments.

There are many ways to add money to the bottom line and I see Chicago Landlords try tons of different stuff.

Here are a few ways I see Chicago Landlords try to profit to existing properties.

Add solor panels(not proven to work long term or results not back from bldg damage)
Include WIFI(often tradeoff for more management)
Seperate out parking
Add individual water meters(expensive and you pay admin costs)
Get tenant to pay property taxes to qualify for excemption(most likely legal)
Rent by room - lots more work
Add coin laundry - don’t do unless you have 6 units or more
Build out storage(I hate this the least if you have space)

Not all are legal and all of them add some layer of complexity to the operation. There are two thing all investors can do and neither are outside of what you are already doing.

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#1 - Rent That Vacant Unit

I see Chicago investors step over dollars to pick up penny’s everyday when it comes to renting out their unit.

Investors want to test the market or they heard someone down the street for $3200 when everything else we see that got rented is between $2700-$3000 and the competition is all below $3000. At that point you are a going against all the facts and going with what you heard some guy nearby did.

Keep in mind the guy nearby getting this $3200 number may be including utilities, maybe renting to a crappy tenant that was desperate, or just lying so it is bad intel.

I would rather wait then put a bad tenant……

These are the famous last words of every landlord that is simply overpriced. One of the three signs you are over priced is that you only get less then desirable tenants.

How Do I Know I Am Over Priced

This is easy and here is the breakdown of how you can spot your property is overpriced. Remember this is a business but it is too easy to be emotionally tied to what you think your property is worth. The market will tell you that your rent is too high and this is how:

No showings or not many - Since 2012 it has been a fairly strong rental market in Chicago and the Chicago suburbs. Within the first 7 days you should be getting 10-20 inquiries and 3-4 showings. Now you can say what about over the winter. This holds true all year. In the winter I am confident you are over priced not lack of demand. Your November lease up rate will be 3-10% less then your opportunity in July. Winter 2025 properties in Lakeview Chicago were renting 12-15 less then peak season.
Less then desirable activity - if the showings you’re getting are crappy applications or everyone has baggage and backstories then you are priced too high.
All subsidy traffic - if your showings are all section 8 then you are priced too high.

The best qualified applicants out there gravitate to the best priced and best looking available rentals leaving crappier application scenarios and section 8 to make up most or all of your traffic.

Everyone needs a home to live in and that includes applicants that have baggage and section 8 voucher program tenants but unfortunately the truth is they struggle to find housing so the lean on what ever is left in the market even when over priced. They need shelter for their family so they will pay.

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The Silent Cost of an Empty Unit

When a property is vacant, most landlords only think about the rent they're not collecting. But the true cost is far more than that.

Let’s say your unit rents for $3.000 a month. That’s about $100 a day in lost income. Lose a week cause your overpriced then you just lost $700. Wait two weeks to drop the price now you lost $1400.

If you lowered rent $100 to increase traffic and lease the property two weeks quicker you are ahead of the game.

VACANCY LOSS CALCULATOR

Let’s not forget the other vacancy costs in Chicago

Utilities (gas can run you $250 in winter)
Taxes (they don’t stop)
Insurance (could cost more when vacant)
HOA fees (they don’t stop either)
Your time(if you are spending 4 hours a week driving and showing an over priced property what is your time worth)
Mortgage
Snow removal in winter
Lawn mowing in summer

Chicago Vacancy Risks

Squatters(It happens even in good Chicago Neighborhoods)
Broken pipes / water backups
Break ins
Ticket from city when you forget to shovel the sidewalk
Ticket from city when lawn misses a week of mowing.

If you want a clearer picture of what you should be asking for rent, run a Free Rent Analysis.

And if you're sitting on a vacancy right now and not sure what your next move should be, don’t guess. Schedule a call with Mark or Shea

Lost of why Landlord have delays filling vacancies

These 6 reasons will get your Chicago unit rented faster

Price Right - It might feel like I am beating a dead horse but having the right rent reduces the symptoms of these other bad decisions.
Poor Photos or Listing Quality - If your pictures are dim or your unit looks cluttered, you’re done before the first showing. Best 5 pictures on your listing and pay for a professional if you can’t do it. Professional pics cost under $200 these days and you can use them multiple times reducing cost per use.
Lack of Responsiveness - I see Chicagoland Investors avoid hiring someone like GC Realty to save the one months rent but they quickly get hit in the face with the true time commitment it takes to rent your place out. Inquiries that sit unanswered for 48 hours? Showings that don’t happen for 4 or 5 days? Voicemail inbox full? Multiple applications coming in? Expect to spend 40-60 hours from move out to move in. If you live more then 15 min from the property then even more.
Limited Showing Availability - If you can only show on weekends or during the day, you’ve reduced your tenant pool by half.
Weak Screening Criteria / Either too loose (risky tenants) or too tight (no tenants at all)—both are problems.
Pets Not Allowed - 50% of tenant shave a pet and another 18% might want to get a pet in the next 6 months so when you mark “N” for pets allowed you just lost 68% of the total market.
That is fine if you don’t want pets but your price should reflect by at least 5% of market rent.

If you don’t have 40-50 hours to rent your place out and avoid all of the above traps then check out our tenant placement services.

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#2 - Don’t Let Your Tenant Move Out

Each year you go through the lease renewal process so take that opportunity to do what ever you have to do to renew your tenant.

Lease Renewal Is a Math Problem

This second step has little additional effort then you are already putting in but now just start running the math.

A lot of investors are stuck on getting “market rent” and they make poor decisions chasing “market rent”. If you are getting $2000 per month and your neighbor is getting $2200 you don’t have to get $2200 to win.

Ask for a small increase and get the tenant to renew at $2100 or even $2060! Sure you can make the tenant move out, have to do turnover work, have a unit vacant for at least a week or two, spend all the time screening, showing, and underwriting all to just get $1800 more the next month.

The biggest risk of kicking out an ok to great tenant is you never know who will move in next. You can screen someone all you want but you can’t screen for “crazy” which is sometimes an unavoidable risk when renting.

Let’s be real when you factor hard costs, your time, and risks into kicking a tenant out paying $2050 to get $2200 from the next person the reward is not worth the costs and efforts.

I will be bold and possibly argue you are better off not increasing the rent at all in this scenario if it means you avoid a turnover.

Increase Your Odds Of Renewal

Lease renewal process in your tenants eyes starts when they move in. If the place is dirty or turnover work not done you set yourself up for a steep slope to recover that relationship let alone leave them with a feeling about renewal.

Joey Coleman Blog/video

Here are some tips to ensure a good relationship to ensure your tenant will want to renew:

Communicate early about lease renewals. Reach out at least 90 days before the lease ends to gauge your tenant's interest and plan accordingly.
Respond quickly and professionally to maintenance requests. Tenants appreciate timely responses and clear communication.
Be proactive, not reactive. Regularly check in, perform preventive maintenance, and avoid letting small issues pile up.
Treat tenants with kindness and respect. Cultivate a professional, cordial tone—people are more likely to stay where they feel valued.
Offer incentives when appropriate. If a good tenant is considering leaving due to rent increases, consider small reductions or perks to retain them.
Establish clear communication channels. Limit to 2 preferred methods, and set expectations around availability and response times.
Maintain the property to code and in good working order. A well-kept, safe home encourages long-term residency and builds trust.

How Long Should Tenants Stay

The Chicago MSA has an average of 32 months per resident stay before a landlord gets a move out. (Note: excited to brag GC Realty & Development has a 43 month average)

What The Chicago Average Means To You

Nothing, I have had tenants with me for over 10 years and it is traced 100% back to our relationship and the way we make them feel as people living their life’s with us.

Our tenants have babies with us, get married, get divorced, lose loved ones, adopt animals, lose jobs, save for college and every other life event good or bad and everytime we want to be the best landlord for them we can be.

You control your destiny when it comes to a tenant wanting to stay with you. It could be your speedy response, empitetic tone during tough times, or just a great yard you do a Spring cleanup on every year.

What You Can Do Right Now

Here’s your simple 2-step game plan if you're staring at a vacant unit—or one about to turn:

Get Unit Rented - If you have a vacancy then what has to happen to get a qualified tenant to move in. Take the info above, Get a Free Rent Analysis, and adjust accordingly.
Work On Renewal Now - For us at GC Realty and Development we always say lease renewal starts when the tenant moves in. What can you do today with or for your tenant to increase the odds they will renew.

If all of this feels overwhelming, that’s your cue to talk with a Chicago Property Manager. You’ve got better things to do than chase down leads and follow up on no-shows.

The Bottom Line: There are many ways to increase your bottom line but renting faster and not allowing tenants to move out is the lowest effort for the highest return.

Whether you’re new to investing or you’ve been doing it for 20 years, there’s one truth that doesn’t change: you make your money when the unit is occupied.

Every day your property sits empty is another day your asset isn’t performing.

Vacancy isn’t a waiting game. It’s a cost. One you can measure, and one you can manage—with the right process, the right price, and the right support team.

So ask yourself: What is this vacancy really costing me?

And then do something about it

There is a lot of information contained here if you plan on investing in real estate locally. It may seem overwhelming for those wanting to invest in the Chicago market, but it is really just a team sport. Who is on your investing team? Do you even have a team? GC Realty & Development, LLC. has a dedicated team of professionals that are willing to share their decades of experience in all facets of real estate. We handle everything from Brokerage, Leasing and Property Management. Whether you hire us or not, we are happy to provide you with our resources and expertise.

What gets me up in the morning and keeps me going twelve 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 us a review about our services. We would clearly love all three, however, we are happy whenever we get the opportunity to help!

Reach out today!