Chicago Landlord

I am sure you have heard this term over the last few years. Even before the economy tanked a lot of 20 somethings were moving back in with mom and dad. Now the Pew Research Center has found that 1 in 10 adults between 18-35 are moving back in with their parents because of the weak economy. All this is causing the vacancy rate in apartment buildings to be at its highest level in 23 years. Census data also shows that less young adults are living alone so even if they are not moving in with mom and dad they are moving in with roommates. This is also causing a disproportionately higher level of vacant one bedrooms.

Don't raise your rent this year. It is very important in this economy to retain the tenants you have, it is the cheapest way for you to do business. Take good care of your tenants especially the good ones. You might even consider a rent reduction for a really good tenant or up-grading their apartment if possible.