New rear porch impact on rental rate

New rear porch impact on rental rate

Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes

I am removing an existing dilapidated enclosed rear porch and replacing it with a new three-story open wood porch. It is a typical rear porch, serving as a means of egress, and also has a small area for a table and a couple of chairs.  It is costing over $20,000.  This will be an improvement for the three adjoining 550 square foot 2 br unit in Wicker Park, Chicago.  The units are not rehabbed, but upgraded.  I am trying to get an idea of how much I can raise the rents when the current tenants move-out.

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Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
10y

You are going to have to find out what your current market rents will handle. The new porch could bring in $100 more a month, or just improve the quality of tenants you get and net you $0 a month.

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  • Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
    10y

    You are going to have to find out what your current market rents will handle. The new porch could bring in $100 more a month, or just improve the quality of tenants you get and net you $0 a month.

  • Contractor · Chicago, IL · Member since 2016 · 14 posts · 6 votes
    10y

    mike, im available to bid the rear porch.... I could stop by if it's open for viewing or I can meet you on site.... 

  • Contractor · Chicago, IL · Member since 2016 · 14 posts · 6 votes
    10y
    Originally posted by @Frank R. Knight:

    mike, im available to bid the rear porch.... I could stop by if it's open for viewing or I can meet you on site.... 

  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Im guessing this will have zero impact on rents.

  • Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes
    10y

    @Frank R. Knight, thank you for the offer, but it is currently under construction.

  • Jim BroznyPro Member
    Investor · Batavia, IL · Member since 2015 · 58 posts · 24 votes
    10y

    @Mike Nelson  I had a similar situation with a three-flat I owned in Lakeview.  I replaced a dilapidated, enclosed porch with a beautiful 3 story wooden porch.  I wasn't successful at getting higher rent, but I did receive more tenant applications and was able to get it rented faster. 

  • Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes
    10y

    Thanks for all the real good input.  I don't expect a higher rent, but it is part of the package to bring finishes and amenities up to a higher level.  I may get a better grade of tenant and a quicker renter.  There is plenty of demand here if there is reasonable quality.

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