Updated about 8 years ago on . Most recent reply
"Rentability" of Garden Units in Chicago
I'm a first time investor in Chicago and I've noticed that garden apartments are MUCH cheaper than an apartment just one floor about it. This obviously isn't a surprise - people in cities prefer to be higher - but the factor of difference was surprising, often $20K-$30K between floors. The low price of these garden units is very tempting and also opens up where I can purchase quite a bit (these are the only properties near the city that meet the 1% rule), so my question is: how much will garden units affect my rent potential and vacancy assumptions?
Does anyone have experience with garden units that could provide anecdotal advice? Is the "crime factor" that everyone seems to point to with garden units a reality, or just a stigma?
The areas I'm looking are very nice and very populated areas near downtown, so even with the potential lower demand of garden units, I don't feel like my vacancy estimate should be impacted, but potentially the rental amounts.
Thanks!
Kyle