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Around the country prices rising has been a hot topic for the last few years but it hasn't really been a topic here in Chicago until 2021. It's important to be cognizant that Chicago real estate demand is affecting sale prices, it's important to be conservative on your proforma rent increase expectations and what the headwinds are, and yet we continue to see rent increases now.
But if your question is how aggressive should I be on proforma in rent increases with or without modification to the property or the units be conservative right now?
Historically we have done rent increases on turnover as high as five, six percent. Most turnovers will renew with a three percent renewal, even though the winds are headwinds. We will be carrying some of the fallout from the pandemic for at least 18 more months.
As a property management company in Chicago, we at GC Realty & Development, LLC, are investors ourselves. Each employee of GCR&D are Chicago property managers and landlords themselves, and understand how to manage properties from the owner’s perspective. Get in touch with one of our experts to answer any questions and maximize your rental property profits.
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