Property Management in Chicago, IL

Top 28 Property Management Companies

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.

With the exception of the last housing crash in the U.S., the Chicago real estate market is doing well and keeping a steady pace. Compared to other major cities in the U.S., Chicago is very affordable. There are lots of properties available in the city and the population is increasingly diverse. Lots of young people across the country choose Chicago because there is so much opportunity and culture.

The affordability of the city can be attributed to the gap in supply and demand. Chicago’s vacancy rate has risen in recent years, meaning there are more rental units than there are tenants to fill them. This means tenants in Chicago are able to find better deals on high-quality housing. As a result, the rental growth in Chicago has remained relatively flat over the past year. This is definitely a factor a landlord must consider when managing rental property in this area. However, the surge in the number of renters in recent years has given landlords more opportunities. Landlords can also score good deals on investment properties since the homeownership rate in Chicago has dropped. Here are some statistics on the Chicago real estate market on the city level:

  • Median Property Price: $446,995
  • Monthly Traditional Rental Income: $1,866
  • Monthly Airbnb Rental Income: $1,714
  • Traditional Cap Rate: 0.71%
  • Airbnb Cap Rate: 0.59%
  • Traditional Cash on Cash Return: 0.71%
  • Airbnb Cash on Cash Return: 0.59%

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. Lots of property management companies offer different packages or tiers of services, so you can be sure to find one that suits your unique business’s needs.

Chicago is among the largest cities in the U.S. — it’s a bustling metropolitan area full of culture and opportunity. For this reason, you can expect to find a wide selection of distinguished property managers with years of experience and an abundance of knowledge on real estate in Chicago. Chicago is a huge city with lots of people, so property managers in this city have a good idea of the different neighborhoods and demographics. If you own an income property in Chicago but don’t currently reside there, try to find a property manager that Most companies are certified by the Better Business Bureau (BBB) and tend to have a rating of A- or higher.

Because of Chicago’s role as a national hub, there are also numerous property management companies that operate on a national basis. These are noteworthy companies that have been in business for years, managing all kinds of properties across the U.S. They are trusted entities in the real estate world and can help you reach your business goals. Chicago is a land of opportunity and there is great education across the city. Property managers and real estate agents here have a sharpened set of skills to help you navigate the real estate business in Chicago.

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. Some companies also offer other resources at an extra cost, such as information aids, real estate events, management software, advising, and more. All of this depends on what you need to make your rental business as successful as possible.

In Chicago, most companies offer three tiers of services. The first is usually a one-time transaction that provides help with advertising your property and filling a vacancy. The next tie tends to be a fundamental range of services for property management. These services are often offered in the third tier, along with additional resources like access to online classes or real estate software. Prices vary from company to company, but many companies charge a certain percentage of the monthly rent. However, a handful of companies have fixed rates based on the number of units you need help managing. For one-time services, customers are typically charged a flat fee of $100-$300. Prices also depend on your specific property or properties.

Property managers consider elements like the number of units, the size of the property, the type of property (i.e. townhouse, condo, etc.), the number of tenants, and the location to give you a quote for your property. Most of the companies in Chicago offer services for residential properties, but there are companies that can also help you with commercial properties and HOAs. Make sure you do your research beforehand so you understand the pricing and are sure there are no hidden fees. It’s also important to identify your specific property’s needs and what your location offers. Chicago is a big city full of small towns, with lots of close-knit communities offering different scenes and lifestyles. Every neighborhood and property is different, so you have to ensure the manager you choose understands all of the important factors.

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.
  • The Chicago Landlord Tenant Ordinance has been in effect since 1986 and outlines a few requirements for rental properties:
    • All rental units in Chicago covered by a written or oral lease are under the jurisdiction of the ordinance, with the exception of units the owner occupies with 6 or fewer units, hotels, motels, and rooming houses (unless the tenant pays rent on a monthly basis and the unit is occupied for over 32 days), school dormitories, shelters, employees’ quarters, non-residential rental properties, and co-ops/condominiums that the owner occupies.
      Landlords must give the tenants written notice of the owner’s or property manager’s name, address, and telephone number.
    • The landlord must give new or renewing tenants a notice of code violations issued by the city in the previous year.
    • The landlord cannot require a renter to renew a lease more than 90 days prior to the end of the current lease.
    • Landlords must give tenants 30 days written notice if the lease will not be renewed. If the landlord fails to do this, the tenant can stay in the property for 60 days after the lease ends under the same terms and conditions of the previous lease.
    • The landlord must maintain the property in compliance with municipal codes.
    • Landlords have the right to access the unit as long as they give the tenant a two-day notice.
    • For security deposits, the landlord must give tenants a receipt for them to sign. The landlord must hold the security deposit in a federally insured interest-bearing account in a financial institution located in the state of Illinois. Security deposits are meant to be returned to the tenant (with deductions for damages, if any) within 45 days after the lease ends.
    • If a tenant does not pay the rent on time, the landlord can charge a $10 fee for the first $500 and a 5% fee for the remaining portion of the rent over $500. This means that a tenant with a $500 rent must pay $10 while a tenant with a $1000 rent must pay $35.
  • To read other important rules and access the ordinance in full, click here.