As a local Property Management firm in Wheaton we have managed hundreds of townhouses, condos, & single family homes in Wheaton since our start in 2003. If you are renting now or looking to rent your property in Wheaton these are a few things you must know to reduce your risk.
City Of Wheaton Rental Requirements
Wheaton Rental License Requirement - Good news here is that there is no rental license or occupancy permit requirement in Wheaton for owners that want to rent their place out more than 31 days at a time.
Wheaton Rental License Inspection - Since there is no rental license or occupancy permit requirement in the City of Wheaton that means there is no rental license inspection.
Wheaton Short Term Rentals - The Wheaton City Council passed an updated ordinance in 2020 that includes updates to short term rental rules in Wheaton. Be sure to look deeper into this if considering renting out your home for less than 31 days at a time or specific rooms in your house.
Dupage County Wheaton Rental Requirements - You’re in luck! There are no specific Dupage County rental/landlord laws you must follow. Now of course this can change so be sure to stay up to date on what is going on or hire a Property Manager that is familiar with the requirements.
As you can see the rules or hurdles Wheaton Landlords must maneuver through are much less than some surrounding areas so we are bullish on investing here. The other scenario that makes renting out a property in Wheaton a good idea is there is limited housing available by private Landlords like yourself or Property Managers like GC Realty & Development. This means your rental, if shows well and priced right will attract quality tenants quickly.
With so much experience in Wheaton over the last 20 years we are able to handle any of these rental 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 Wheaton:
Q. Do I have to obtain a rental license if I am going to rent my property in Wheaton?
No. There is no rental license or occupancy permit requirement in Wheaton.
Q. If I am looking to rent my home in Wheaton do I have to follow Cook County rules or is that just in Chicago?
No. There is no part of Wheaton that falls in Cook County.
Q. Is there a specific lease template I must use if I lease my home in Wheaton?
No. but you should consult an attorney, Realtor, or Property Manager for a quality up to date document for your use.
Q. Is there a limit to the rent amount I can ask for from a tenant?
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 Wheaton is within a Homeowners Association (HOA) so do I have to follow Wheaton rules or just my HOA?
Yes. You must still follow any Wheaton rules 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 Wheaton?
No. There is no Crime Free Seminar requirement in Wheaton.
Q. I have been renting my rental in Wheaton 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?
Nothing. There is no rental license or occupancy permit requirement in Wheaton.
Q. Should I hire a Property Manager to manage my rental in Wheaton?
A.Yes. A Property Manager can take the risk off your back with our extensive experience managing properties in Wheaton, working with the city of Wheaton.
Q. How much can I rent my home for in Wheaton?
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 Wheaton in today’s real estate market?
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 Wheaton rental myself?
No, not if you value your time and want to limit your risk. There are day to day obligations when renting your place in Wheaton and it will take time to learn, 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 Wheaton?
Less than most will think when you account for the time it takes you to operate a rental as a housing provider yourself in Wheaton. 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 Wheaton rental or can I hire someone to just find me a qualified tenant and screen them properly?
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 Wheaton. 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 Wheaton.
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.
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