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Updated almost 6 years ago on . Most recent reply

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

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.