Chicago Property Management Blog

While owning a home comes with many benefits, the most notable is the potential to rent the space out to tenants. Owning a rental unit can establish a steady stream of passive income. The average home in Illinois is worth just over $280,000, putting it on the lower end of the national average. Affordable real estate has made places like Chicago great areas to invest in rental properties. Yet, many owners are on the fence about using mu...

Today, we'll be discussing an interesting trend that has emerged in recent years—the decline in the premium associated with long-term furnished rentals. Join us as we explore the factors contributing to this shift and shed light on the evolving preferences of tenants in the city.Shifting Tenant Preferences: In the past, long-term furnished rentals often commanded a premium due to their convenience and flexibility. However, ten...

Chicago is one of the most sought-after U.S. cities, with a population of 2.6 million locals. Each person needs a space to call home and a base to explore an area named one of the best places to live nationwide.Experts predict that the number of residents will grow in the upcoming years. People move here to utilize the job opportunities, cuisine, education, and Lake Chicago.If you're a landlord with MLS listings, you must be over th...

As a Chicago landlord, you need to be aware of common seasonal issues that can impact your rental properties. Preparing for potential problems and addressing them promptly is key to keeping tenants happy and avoiding costly damage. Here are some seasonal issues for landlords to monitor:Winter:•Heating problems: Ensure furnaces and boilers are serviced annually before winter hits. Have an emergency HVAC contractor on call for any he...

In Chicago's hot rental market, more landlords are opting to self-manage their rental properties instead of hiring a professional property management company. Self-managing a rental home or apartment building in Chicago can save money but also requires a major time commitment. As a house self-manager, you need to handle all aspects of the rental process, from marketing and tenant screening to maintenance, repairs, and lease enforcem...

The Chicago real estate market offers many options for financing a home purchase. From low-down-payment mortgages to jumbo loans and private financing, Chicago homebuyers have a range of tools to choose from when buying a property. Understanding the pros and cons of each option can help you find a mortgage that suits your needs and financial situation.FHA loans: Federal Housing Administration (FHA) loans are popular with first-time home...

Chicago is a thriving market for rental real estate investors. Roughly 55% of households are renting, meaning there's usually a good demand for rental units.You've made a great decision to invest in Chicago, but that's only half the job. To be a successful investor, you must also know how to manage a rental property. If you're a first-time owner or don't have enough time to look after your properties, you might run i...

The Federal Housing Administration (FHA) recently announced higher FHA loan limits for Chicago and surrounding counties in Illinois for 2023. The new limits, which took effect on January 1, 2023, make it possible for more homebuyers in Chicago and the suburbs to qualify for an FHA-insured mortgage. FHA loans are popular with first-time homebuyers because they require a low down payment of just 3.5% and are more flexible in their cr...

Everybody dreams of sitting on a beach in retirement while passive income fills their bank account. Think about it; you're getting your tan while money automatically comes in from rent payments every month. This idea sounds amazing, but there's work required to get there.Accurately pricing your rental property can help you maximize your return on investment. In this step-by-step guide, you'll learn how to conduct a rental va...

As a landlord, there are many situations where working with an experienced housing attorney can benefit you significantly. Housing attorneys specialize in legal issues pertaining to real estate, property management, and the landlord-tenant relationship. Some of the key reasons landlords should consider partnering with a housing attorney include:• Lease drafting: Housing attorneys can draft customized leases that protect your intere...