Renting Unit Out in Chicago In January

[Matthew Adair]

Hello BP!

It's January in Chicago and we're trying to rent out a 2 bedroom, 1 bath located in the Logan Square/Avondale neighborhood. Unfortunately, winter is notoriously slow rental season in Chicago. 

Any suggestions/tips for trying to rent out a unit during the winter season?

[Thomas S.]

Be patient. In reality although there are fewer tenants looking to move there are also fewer units available to rent. It may be slower but it works out to a wash in the overall scheme of things. Hold your ground and be patient. Temporary vacancies are built into your expenses.

Some may suggest to lower your rent, that in my opinion is a mistake, but if you do decide to lower it make it temporary for a couple of months only as a incentive or use M2M lease. Either way you want the ability to raise it again in the spring.

Check your state codes first to insure you can offer a short term incentive. You do not want to be locked into a term lease with below market rent.