Becoming a landlord in Chicago
A recent report from the National Housing Conference and Center for Housing Policy indicated that Chicago's housing market is doing well. Nationwide, there has been widespread, persistent concern about the condition of real estate markets, and Chicago has not been immune to challenges. However, the NHCCHP revealed that Chicago is seeing more affordable homes for buyers looking at real estate in Chicago, which suggests that this could be a good market and a prime time to become a landlord.
CNNMoney published an article recently which explored the idea of being a landlord, and this could be an interesting idea worth considering for many people looking at MLS Listings in Chicago. Even if purchasing a smaller property such as a duplex, property owners could find themselves with a great opportunity to be both a resident and a landlord, maintaining a unit for personal living and renting the remaining unit or units to a tenant who wishes to remain in the rental market.
The news source quoted research firm CoreLogic as stating, "The case for owning rental real estate is even more compelling now thanks to depressed prices, super-low interest rates, and the fact that the shortage of rental housing is the most acute it's been in five years."
CNNMoney reported that owning rental properties not only provides landlords with a means to generate a second source of income, but the rental checks that come every month from the tenants can help to finance mortgage payments for the property and build equity in your investment.
A number of recent news sources have reported on the 2011 census results, revealing that for the first time in over 100 years, people are moving to America's largest cities at a faster rate than they are moving out to the suburbs, and choosing to rent in large numbers. This trend can help to explain a rise in rents across the city, with Chicago's northern neighborhoods seeing a particularly substantial surge in rent pricing.
According to a real estate industry report, rents rose a striking 44 percent in Lakeview, 31 percent in Ravenswood and 18 percent in West Rogers Park, which are all neighborhoods north of downtown Chicago. Given these numbers, Chicago North - and Lakeview in particular - could be the perfect place to search for real estate in Chicago to rent out. Lakeview is a large neighborhood that includes the area around Wrigley Field as well as Boystown, an area with a large gay and lesbian population. Lakeview is known for its lively nightlife, plentiful dining options and easy accessibility to downtown.