Chicago neighborhood rent raises - SHARE YOUR FIRST HAND DATA

[Henry Lazerow]

Thought this could be a cool post to show the areas where rents have been shooting up and more importantly HOW you got the rents there (what type of rehab). Feel free to add your own deals! 

Year 2017: I bought a 4 unit in west edgewater (Devon and Clark area) units 540 sq ft 2br 1ba tiny and were rented $585. After skimcoating, paint, gut the bathroom/kitchen, new windows and added in unit laundry they are now $1250-1325. 

Year 2018: Client bought a 3 unit in Albany Park with large 3br 1ba units. When bought the units were $1300-1400 now the units are $1925-2100. Rehab done was skimcoating, paint, refinishing floors, gut the bathroom and kitchen and add in unit laundry. 

Year 2019: Client bought a 3 unit in Rogers Park by Howard area. Large 3br 1ba units were $1100-1200 when bought and after very basic kitchen updates and new bathroom vanities, new paint and adding in unit laundry the units are $1500-1550. Biggerpockets buyer :) 

Year 2019: Client bought a 13 unit in Rogers Park by Howard area. 2br 1ba vintage units were all rented $1000-1100. After semi-gut kitchens with new but very low budget finishes we have the units rented $1200-1250 range. 13x$100 is significant increase in NOI. Under $5k spent a unit.

Year 2021: Client bought a 2 unit in Brighton Park. This isn't a rent raise as it was vacant but was surprised how high he got for a 3br 1ba in Brighton Park which has historically been a relatively low rent area. $1600 and had multiple applications first 2 weeks. Had nicely updated kitchen and in unit laundry. Biggerpockets buyer :) 

A key I think to raising rents is adding in unit laundry. This costs anwhere from $2500-5k and seems to be VERY worth it!

[Jonathan Klemm]

@Henry Lazerow - I currently have a 2 bed 1 bath up for rent on 2/1 for $1780.  This is actually done from pre-covid.  It's in Bucktown at roughly Western & Fullerton.

It was gut rehabbed in 2018 and we installed nice cabinets, granite, SS appliances, in-unit W/D, A/C and redid the hardwood floors.  Bedroom sizes are "Chicago style" (aka small) which is the toughest sell of the apartment.

It's gotten tons of attention so I am sure it will be leased up without a vacancy.