|Specialty||# of Agencies|
|Single House or Condo||17|
|Home Owners Association||17|
|Total Local Companies||45|
The average rent for a 3 bedroom house in Chicago, IL is $1,331.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Chicago, IL Rental Market Overview
The third largest city in the US, Chicago is a major hub for finance, manufacturing, telecommunications, and transportation, among other industries. Home to 12 Fortune 500 companies, the O'Hare Airport, a thriving arts community, President Barack Obama, and world-famous pizza, Chicago is an economic powerhouse. According to the city's official web site, it's also a "very passionate sports town," which wholeheartedly supports its teams, including the world-class Chicago Cubs, White Sox, Bears and Bulls. A multicultural city, Chicago boasts the second largest labor pool in the United States, which makes the Windy City a good place to own rental property.
Chicago Rentals Market Trends Favor Landlords
As with many cities, Chicago's rental market is experiencing a boom. Young professionals, discouraged by the housing market's recent decline, or unable to purchase properties now that banks are becoming much more conservative in their lending practices, increasingly prefer the flexibility that comes with renting---even with rental prices that equal or exceed the mortgage on a comparable home. With apartment complex construction slowing, rent prices are predicted to rise over the next few years. At the same time, many current homeowners are choosing to rent their houses out, rather than sell them, when it comes time to move. All of these factors ensure that both Chicago rental properties and Chicago property management companies will remain in high demand for the foreseeable future.
Chicago Rental Market at a Glance
|2013 Population||9.5 million||380 million|
|2010 Percentage of renters||33.03%||34.0%|
|2013 (1st Q) Rental vacancy rate||12.2%||8.4%|
|2013 Median house price||$219,000||$185,400|
|2013 Median income||$47,371||$51,425|
|2013 Median rent (3 bedroom)||$1,318||$1,350|
After a drop in its vacancy rate to 8.8% during the first quarter of 2012, the Chicago, Illinois metro area (population 9,522,434) is currently at a vacancy rate of 12.2%. Its median rent has remained relatively flat over the last three years and is at $1,318 for 2013. The median family income is $47,371 and the median home price is $219,000.
Finding Chicago Property Management Companies
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