Tuesday, February 21, 2006
Rental Market
Well, for most landlords in Chicago the rental season is fast approaching. You should always try and give yourself two months to rent an apartment. If you have leases that are coming up, I recommend contacting current tenants three months ahead of time. You can give them one month to decide if they are going to stay or go. No matter what, you have to give a full months notice to tenants if you are not renewing their lease. If tenants are leaving or just not responding send them written notice that you will start showing their apartment for rent. That letter serves as their notice, but you should still call before coming over. Since Chicago requires 48 hours notice prior to entrance a blanket notice will usually suffice. If you have an angry or particular tenant they can require you to give 48 hours notice every time. In this situation I recommend open houses on the weekends, that makes giving notice easier.
Once you have an apartment to rent you need to start advertising. You can put up a sign, but these days that isn't usually enough. I recommend the Reader which is free or pretty inexpensive, or craigslist (craigslist.com) which is free, but you have to run adds almost daily. If you are having a hard time or you are too busy you can turn to a rental agency, though they tend to focus on the near north side and lake front. Rental agencies like the Apartment People charge a fee equal to one months rent. They do all the work though, including the showings and verification of the application. Many of them will even sign the lease on your behalf. If you have a very expensive or unique property you can pay a real estate agent to list it on the MLS. Personally, as a Realtor, I find this only works for single family homes or expensive condos. Realtors also usually charge a one month fee for their services. Using Realtors is more popular in the suburbs. All of these agencies only get paid if they rent the unit, so you can keep trying on your own in the mean time.
Good luck and don't get desperate. It is better to wait for a good tenant then suffer through a bad tenant.
Once you have an apartment to rent you need to start advertising. You can put up a sign, but these days that isn't usually enough. I recommend the Reader which is free or pretty inexpensive, or craigslist (craigslist.com) which is free, but you have to run adds almost daily. If you are having a hard time or you are too busy you can turn to a rental agency, though they tend to focus on the near north side and lake front. Rental agencies like the Apartment People charge a fee equal to one months rent. They do all the work though, including the showings and verification of the application. Many of them will even sign the lease on your behalf. If you have a very expensive or unique property you can pay a real estate agent to list it on the MLS. Personally, as a Realtor, I find this only works for single family homes or expensive condos. Realtors also usually charge a one month fee for their services. Using Realtors is more popular in the suburbs. All of these agencies only get paid if they rent the unit, so you can keep trying on your own in the mean time.
Good luck and don't get desperate. It is better to wait for a good tenant then suffer through a bad tenant.
