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The most important thing when it comes to renting your investment property in Chicago is hitting the sweet spot on price. 2022 has been one of the strongest rental markets Chicago has seen in years. However, as we approach the end of the busy rental season, we are starting to see the market shift back in favor of tenants.
Inventory at the start of the rental season was extremely tight. Lack of options for renters caused rent prices in Chicago to increase significantly. These massive price jumps are coming to an end, for now.
As more and more renters commit to their new apartments, remaining renters will have more options to choose from.
We are now seeing landlords and management companies start to offer concessions once again to add extra incentives for renters. This includes 1 month free, waived move-in fees, no pet fees, etc.
Although the tenant pool may be tightening up, this is not a time for landlords to panic. Call our landlord services department to make sure your unit is priced accordingly, and that you have a good rental strategy so we can help you achieve your goals.
Call The Apartment Source
Alex Hammack | 773-404-9900 | alex@apartmentsource.com
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