Currently, around 54% of families in Chicago rent their homes, making it a great place to own an investment property. The average rent is getting close to $2,000, and there are lots of great opportunities for work and other amenities. But to find the right tenants who'll pay and stay, you need to do a great job listing your home for rent.
Let's explore a few key factors that can help you master the Chicago rental market and find tenants fast.
Whip Your Place Into Shape
If it's clear you care about your property, your tenants are more likely to do the same. So start by taking care of any minor repairs and ensuring any furniture provided is in good condition. A fresh coat of paint goes a long way to making the home more appealing.
Next, get a professional deep clean. If you're unsure where to turn, a Chicago property management company can help you source a great one or take care of it for you.
To make your home pop in a rental property listing, consider investing in home staging.
Get the Rental Price Right
When you rent your home, it's natural to want the highest return on your investment. However, if you set the price too high, you will put off great tenants. You may also have long, expensive no-occupancy periods, which can be scary if you have a mortgage.
You could start analyzing local properties and market trends to guess the right level. But instead, work with a Chicago property management company and tap into their local knowledge. They can accurately appraise your apartment or house and help you set the rent at the right level.
Create a Great Rental Property Listing
Writing the perfect rental listing is both a science and an art. It should highlight technicalities, such as:
- Rent amount
- Pet policies
- Lease terms
But at the same time, it should paint a picture of what life in your home would be like. You're selling a lifestyle as much as a place to live. Highlight its great features, the local neighborhood, and how they will benefit from making it their new home.
The visuals are also key. The best property listings include:
- Striking professional photographs
- Walkthrough video
- Floorplan
Finally, it must be on all the right platforms to reach as wide an audience as possible.
If this sounds overwhelming, why not let the professionals handle it for you? A Chicago property management company has the tools and experience to create a captivating rental property listing.
Showing and Screening
As the showing bookings come in, you will need to arrange for someone to show them around. When you get applications, you must screen your tenants to find the right fit. Consider working with a third-party company to ensure you follow all relevant laws in this sensitive area.
Listing Your Home for Rent Made Easy
Listing your home for rent in the fast-paced Chicago rental market can be challenging. So why not take the pressure off your shoulders and entrust your rental property listing to the experts?
At PMI Windy City, we can use our extensive knowledge of the Chicago market to your advantage. Learn more about Chicago property management services today!
