Chicago, IL: Windy City
With an estimated 2,746,388 residents, Chicago is the largest city by population in Illinois. It also acts as the county seat of Cook County. Chicago is known for many things, including a booming economy with prominent sectors in finance, commerce, technology, education, and more. It is also home to the O’Hare International Airport, one of the busiest airports in the entire world.
Chicago also has a famous arts and culture scene, which helps draw in millions of tourists every year. Notable landmarks and attractions in Chi-Town include Millennium Park, the Magnificent Mile, Grant Park, Lincoln Park Zoo, the Art Institute of Chicago, Navy Pier, and Museum Campus. Chicago is also known as a center for improvisational comedy, film, music, and food.
Sports also play a significant role in the culture of Chicago. There are several major sports teams that call Chicago home as well as many more minor league teams. Major sports teams include the Chicago Cubs (MLB), the Chicago Bulls (NBA), and the Chicago Bears (NFL).
Aside from that, Chicago has a stellar education system. Colleges and universities located in the city include the University of Chicago, the University of Illinois at Chicago, and Northwestern University — all of which are recognized as prestigious doctoral institutions.
How Is Chicago’s Rental Market?
There is a common misconception that Chicago has an inflated housing market. The city, though, has a median home listing price of $224,400 — 2% below the national median. This makes it an attractive place to invest in rental property. Additionally, Chicago has a large renter population, with more than half of its residents renting their homes.
Image via towncharts.com
If these aren’t enough to convince you, Chicago also commands an above-average rental rate. In 2019, landlords charged a median rent of $1,139, which was above the national median of $1,097. The median rent in Chicago is also higher than the median rent in Illinois, $1,020. It is worth noting that Chicago’s rent has been steadily increasing since 2012.
Image via deptofnumbers.com
In terms of occupancy, Chicago does not disappoint either. The city has a low vacancy rate of 4.81%, comparatively more favorable than the national rate of 5.97%.
How a Chicago Property Management Company Can Help
It is clear that Chicago’s rental market makes it attractive to property investors. However, capital is not the only thing you need when it comes to rental management. You must also fulfill the duties of a landlord, which can be hard to juggle when you don’t have enough time or expertise. This is why most landlords choose to hire a Chicago rental management company.
With help from an experienced professional, you can breathe a sigh of relief knowing your rental property is in good hands. You will no longer need to worry about late rent, evictions, and bad tenants. All of that can be managed by a professional company.
What can a rental property management company in Chicago do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Chicago?
Chicago is home to numerous property management companies. The hard part is trying to find the one that best matches your needs and budget. Streamline your search process today with the help of Rental Choice. Browse our online directory of property management companies by city or state.