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.
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.
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.
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.