Wednesday, November 26, 2014

Wrigleville DIY: For Rent By Owner

Wrigleyville neighborhood two-flat rental
Wrigleyville Duplex Down for 'Rent by Owner' -- $2395/month

Not every private owner needs a Realtor to fill a vacancy. In a rental market with tight inventory -- like Chicago's West Lakeview or Wrigleyville Neighborhoods -- a landlady can simply place an ad in Craigslist, hang a .99 cent sign on the fence with a scribbled description, and if she's not smoking crack with her morning whiskey when she decides on a price, probably get the unit rented after a weekend or two of showings. Even in the 'Off Season.'

Below are the three traditional rental seasons in Chicago:

1) May 1 through April 30 the following year.

2) October 1 through September 30 the following year.

3) Off-Season (any 12 month lease that begins or ends outside of the parameters of 1 & 2 above.)

And if she is 'Pet Friendly', i.e., allows a dog or two-- then she can even be a little crack smokey on her rental price.

Still, there are several other (and more important) issues concerning the Application/Acceptance Process: Fair Housing, non-discriminatory qualifications & advertising, background & credit check, references, security deposit requirement per Chicago Ordinance, etc., in which case, the services of a Realtor may well be worth the usual/customary fee of one month's rent.

If you think you got all that handled then by all means, DIY.  If not, I'm a Chicago Realtor... let's chat.

Geno Petro | Chicago Realtor