Rental Market In Chicago: What You Need To Know

Rental Market In Chicago: What You Need To Know

The pandemic that started in 2020 has caused a fluctuation in the housing market both for buyers and for sellers. Because of the drastic swing and rise for affordability, the rental market has shown signs of swings as well. Some people cannot afford to purchase a home so they look to a rental company to help them find the best place to live at the moment. Chicago property management companies have seen a shift in rental prices and the market over the past few years. What started in 2020 has bled over into the current year causing rental prices to be higher than they have in a long time.

The average rental price in Chicago is around $1,925 a month as of November 2022 according to reports from Zillow. Chicago is still one of the largest cities in the country even with a decline in population over the years. While it isn’t as expensive as other larger cities such as New York, it is the highest it has ever been in the city.

Finding quality tenants with higher rental rates can be difficult to do as a property owner. That’s where an experienced Chicago property manager can come in handy. You can rely on them to handle all of the questions, paperwork, and finding of tenants to fill vacancies in your small to medium condos. It is important that you have a trusted team on your side, such as the one here at Connected Management. We take time to get to know you, your building, and the current tenants to help you have a smooth process with your management.

Having a property management company in Chicago can help you take the stress and hassle out of owning multiple rental properties. As an investor, you want to have someone on your side that knows the business, knows the current rental rates, and can help you be competitive with the market around you. That’s exactly what Connected Management does.

We provide a wide range of services from rental collection, management of maintenance, and more to help you ensure your tenants are happy, safe, and want to stick around for the long-term.

Rental rates can be overwhelming to figure out on your own. If you’re priced way higher than the rest of the market, your vacancies will be much harder to fill. If you’re priced much lower then it could cause issues with potential tenants concerned with the building itself. That’s where an experienced Chicago property manager will assist you in pricing it just right.

Allow our team to help you fill vacancies, collect rental payments easily, and take all the stress out of owning one or multiple properties. Contact Connected Management today to see how we can assist you with all of your property management needs. Rental prices fluctuate and can change in an instance. Make sure you have someone on your side that can keep up with the changes and help you get the most out of your Chicago property.