Chicago vs Nearby Cities
Chicago offers some of the lowest real estate prices in northwestern Illinois. Home values are securely above $300,000 in most surrounding cities, but the median home value in Chicago tends to stay below $250,000. Median listing prices for homes in Evanston, Naperville and Arlington Heights are well above $300,000, but listing prices seen in the Windy City are substantially lower. While you can expect to pay around $200 per square foot in Chicago, you will pay much more in these surrounding towns. While home prices are rising quickly in many Illinois cities, the market is much cooler in Chicago.
Chicago Property Managers
Are you struggling to stay on top of managerial duties for your rental property? Whether you have too many properties to track alone or you live too far away to effectively manage your investment, a manager can serve as your representative. They can handle simple tasks like showing units to potential tenants, or you can give them complete control of the day-to-day managerial tasks.
Chicago Property Management Company Fees
Most property managers will determine their fee based on the amount of rent collected from your rental property. They will identify specific services that are included in that fee, and you will need to arrange additional payment to cover other services. For instance, you may need to pay more if you want your manager to handle marketing for your property.
Illinois Landlord/Tenant Laws
- There are no cities with rent control laws in Illinois, so landlords are unrestricted when setting rental rates.
- Landlords are also unrestricted when setting their late fees, but they can only charge this fee if the terms and amount are clearly stated in the rental agreement.