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What You Must Know About Renting Your Property In Elk Grove Village

What You Must Know About Renting Your Property In Elk Grove Village

As a local Property Management firm in Roselle we have managed hundreds of townhouses, condos, & single family homes in Elk Grove Village since our start in 2003.  We even manage a dozen industrial warehouses. If you are renting now or looking to rent your property in Elk Grove Village these are a few things you must know to reduce your risk.

  1. Elk Grove Village Rental License Requirement - If you are currently renting or planning to rent your home in Elk Grove Village you must acquire an annual rental license under Elk Grove Village village code.  The cost for this license ranges from $50 - $100 per year depending on if the property is a single family home, condo, or townhouse. 

  1. Elk Grove Village Rental License Inspection - There is an annual rental license inspection required for all rental properties in Elk Grove Village. 

  1. Cook County Just Housing Amendment - For Elk Grove Village, or anywhere in Cook County, all housing providers must follow the Just Housing Amendment that was passed in 2019 and dictates how you underwrite potential rental applications.  See “Just Housing Amendment - Are You Screening Correctly in Cook County/Chicago?” for more information on what you must know.

  1. Cook County RTLO - For Elk Grove Village, or anywhere in Cook County, all housing providers must follow the new Cook County Residential Tenant Landlord Ordinance that was passed in 2021. This ordinance was the largest set of restrictions put in place for Elk Grove Village housing providers ever and there are severe consequences if not followed.  Read more on what you must know about the Cook County RTLO.

  1. Crime Free Housing Seminar Required - The Village of Elk Grove Village in conjunction with the Elk Grove Village Police Dept requires all owners to complete their online Crime Free Housing Seminar and pass a 10 question quiz. 

With so much experience in Elk Grove Village over the last 20 years we are able to handle all of these rental license requirements and know how to comply with all of the laws and regulations on behalf of our clients. Below are some additional commonly asked questions when it comes to renting a property in Elk Grove Village.

Q. Do I have to obtain a rental license if I am going to rent my property in Elk Grove Village?

A. Yes. All housing providers renting out their property in Elk Grove Village are required to meet the rental license registration requirements.  Those requirements are the same based on if you have a single family home, townhouse/condo, or if you have a short term rental.

Q. If I am looking to rent my home in Elk Grove Village do I have to follow Cook County rules or is that just in Chicago?  

A. Yes. The newer Cook County laws do apply to all housing providers in Elk Grove Village.  This means the Just Housing Amendment and the Cook County RTLO must be part of your process.

Q. Is there a specific lease template I must use if I lease my home in Elk Grove Village?

A. Yes. There is a specific lease template and many addendums and attachments Elk Grove Village housing providers must provide when signing up a new tenant.  In addition to what is required by the Cook County RTLO, there are additional forms the Village of Elk Grove Village will require under Crime Free Housing

Q. Is there a limit to the rent amount I can ask for from a tenant?

A. No. There is no limit to what amount you can ask for but the renter pool will dictate supply and demand reaction.  When you ask too much you do attract little showing activity or less than qualified activity.  

Q. My condo/townhome in Elk Grove Village is within a Homeowners Association (HOA) so do I have to follow Elk Grove Village and Cook County rules or just my HOA?

A. Yes. You must still follow Cook County and Elk Grove Village laws and ordinances in addition to the rules and regulations your Homeowners Association has in place.  I would seek permission to rent your condo/townhome from your HOA as soon as possible because there may be restrictions you are not aware of or a possible wait list for owners looking to rent.

Q. I live out of state so do I still need to take the Crime Free Seminar for my rental in Elk Grove Village?

A. Yes. All housing providers are required to complete the online Crime Free Seminar no matter where you are located in the world. 

Q. I have been renting my rental in Elk Grove Village for 4 years and I never registered for the rental license or the crime free seminar and now that I know what should I do next?

A. The village of Elk Grove Village is easy to work with if you go to them and admit you are not following the rules vs them finding you.  It is in your best interest to be compliant sooner than later because fines can be hefty for non-compliance. Often housing providers unaware of these rules will hire a company like GC Realty & Development to take over and make the owner compliant since GC Realty & Development has a long standing relationship with the village.   

Q. Should I hire a Property Manager to manage my rental in Elk Grove Village?

A.Yes. A Property Manager can take the risk of your back with our extensive experience managing properties in Elk Grove Village, working with the Village of Elk Grove Village, and following the Cook County RTLO and Just Housing Amendment.  In 2020 GC Realty & Development took an active role alongside the NBOA to advocate on behalf of housing providers to limit restrictions Cook County was trying to put in place on everyday housing providers like yourself.  It was our podcast, Straight Up Chicago Investor, that helped get the word out to Housing Providers and Property Managers around Chicago.

Q. How much can I rent my home for in Elk Grove Village?

A. We would love to help you determine a rent range of what you home can demand in the open market so reach out to us today or feel free to to use our free rental analysis tool and get pricing and comparable properties on a single report immediately.

Q. Should I sell or rent out my home in Elk Grove Village in today’s real estate market?

A. To help determine your financial gain by renting out your property over selling we have developed a Sell Vs Rent Calculator where you can see what your wealth being built over time can look like by NOT selling and renting the property out.  Remember there are 5 ways to make money in being a real estate investor.

Q. Does it make sense to lease and manage my Elk Grove Village rental myself?

A. No, not if you value your time and want to limit your risk.  The list of 5 items you must know when renting your place in Elk Grove Village above each has an amount of time it will take to learn and revisit plus there is a level of risk for each if not done 100% correctly.  I am not saying private housing providers are not able to figure it out and do it by the book but I am saying your time is worth a lot more than what you will pay a company like GC Realty & Development to handle it all for you.  Not to mention the risk you pass on for us to reduce for you.

Q. How much does it cost to hire a Property Management or Property Manager in Elk Grove Village?

A. Less than most will think when you account for the time it takes you to operate a rental as a housing provider yourself in Elk Grove Village.  For 7-8% of the monthly rent we can handle 100% of the entire process saving you 30-40 hours per year and take so much of the risk off of your shoulders.  

Q. Do I have to hire a Property Manager for my Elk Grove Village rental or can I hire someone to just find me a qualified tenant and screen them properly

A. Yes, real estate brokerage firms like GC Realty & Development, LLC offer “Tenant Placement” options only for their clients.   For one month's rent we can guide you through getting your place rent ready, handle all marketing, showing, screening, lease creation, and initial fund collection.  

Every day homeowners / housing providers have questions about renting their property in Elk Grove Village. We create these articles to help owners find this information easily and all together in one place. Oftentimes owners don’t know what questions to ask or what they need to know. We would love to talk more about your plans to rent or how things are going with your current tenants so you can reach out to us anytime.  Our goal is to provide value to housing providers like you through being a resource for all things when it comes to being an investor in Elk Grove Village.  

Disclaimer - All info in the chart and attached spreadsheet is subject to change without knowledge of GC Realty & Development, LLC. All info is deemed accurate as of 12/2/22.