Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

27
Posts
13
Votes
Gillian C.
  • Chicago
13
Votes |
27
Posts

Anyone own Chicago multi-unit rentals during the last crash?

Gillian C.
  • Chicago
Posted

I’m looking to hear from folks who owned multi family rentals in Chicago (or elsewhere, though specifically interested in Chicago) during the last downturn.

- Did rents go down?

- Did you have higher or lower demand for renters?

- Increased issues with non-payment / evictions?

Basically aside from the obvious hit of the resale value, I’m looking to hear about what you experienced from a landlord perspective. Anything wish you knew or wish you had planned for also welcome. We just bought our first multi and with all this talk of a potential downturn want to be as prepared as possible if and when it hits (especially since we are looking to buy another now).

Most Popular Reply

User Stats

123
Posts
64
Votes
Aaron Vaughn
  • Rental Property Investor
  • Chicago, IL
64
Votes |
123
Posts
Aaron Vaughn
  • Rental Property Investor
  • Chicago, IL
Replied

Great questions Gillian! Rents, especially subsidized rents which make up the majority of rents in class C and D neighborhoods did not go down, nor did the demand. Chicago has long been a city that’s had a housing shortage. as far as evictions are concerned, those folks not in subsidized housing were affected more so than low or no income section 8 renters. 

I sense a concern about moving forward with rentals and I’ll quote Warren Buffet who said when some become fearful , become greedy!  Use fear as a motivator not something that halts your investing. Hope this helps.

Loading replies...