2023-2024 Rehab cost price per square foot by scope/size of project

[Erik Myrold]

Hello, 

Would love to have a few GC's or REI's chime in on current cost estimates for Rehabbing Rental properties SFH, 2-4 flat in class C+ to B+ neighborhoods? Here are some starting numbers I have come up with.

What is the price per square foot for a Rental Grade Rehab in Chicago?

Definition: Only light repairs, paint touchup, and clean up required to have it move in ready.

$3.50 / per sq ft ($5000 per 1500 sq ft)

What is the price per square foot for a Cosmetic Fix Rehab in Chicago?

Definition: This is your basic carpet, paint, flooring, new hardware, clean up, repair a few things project. Usually no permits or GC needed

$25-$45 / per sq ft

What is the price per square foot for a Light Rehab in Chicago?

Definition: This includes cosmetic scope, plus updating Kitchens and baths, maybe new mill work and doors, perhaps some updating of HVAC systems or MEPS issues. Likely will not require permits or GCs.

$45-$65 / per sq ft

What is the price per square foot for a Full Rehab in Chicago?

Definition: This includes all of the above, and new systems, new roofs, windows, some siding, non structural or minor structural reframing, finish basements, convert garages. May require permits and GC's depending on the scope

$70-$100 / per sq ft

What is the price per square foot for a Studs Out or Addition Rehab in Chicago?

Definition: This involves taking the existing house down to the framing. Strip everything and replace. All new MEPS, insulation, windows, roofs, siding, flooring, sheetrock, tile, cabinets, doors, etc. Likely will require permits and/or GC's

$130-$160 / per sq ft

What is the price per square foot for a New Construction/Development in Chicago?

Definition: This includes all hard and soft costs. Everything from Feasibility work through to the final clean. Inspections and Honey Buckets to Architects and Engineers, to door bells and mail boxes. Will require permits and GC's.

$325-$350 / per sq ft

[Bruce Woodruff]

Not in Chicago, but can tell you that a studs out remodel will run you pretty close to a new build. Can be more depending....