Increasing Income

Reduce Operating Expenses

The rental season runs from March to July. To prepare for rehabs, end leases in February. If occupancy dips, consider reducing your rental rates.

A nonrefundable move-in fee is a better option than a security deposit in Chicago, where rules about security deposits are stringent. Consider hanging and organizing your keys, or investing in smart locks.

You can also offer a bi-weekly payment plan, which adds an extra week of rent each year. To protect your personal number, sign up for Google Voice.

To prevent flooding, teach tenants to shut off the water main, and make them liable in the lease.

Leasing fees are 1 month, do it yourself with the help of ‣

Hang and organize your keys, or just go for ‣

Increase Revenue

Pet Fees

Choose between a monthly or one-time fee. Track common area footage annually to identify units that are not paying pet rent (especially beneficial for properties with more than 100 units). Compare your policies to those of your neighbors.

Parking spots

Don’t number them or reserve them unless you’re charging money for it. Otherwise it’s a hassle to deal with.

Airbnb and Corporate Rentals

Often, month-to-month leases can cover vacancies and pay much higher rent. Arbitrage operators may opt for longer-term leases and be open to triple net leases.

Property Renovations

In-unit laundry or coin laundry can bump up the rent by $100-$200 per month in the north side of Chicago. Installing them can be expensive if there are no existing hookups.

To turn the building faster while keeping current tenants on the lease, offer them newly renovated units

Generic turns include new countertops/sink, paint, and all-white plus stainless steel appliances.

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Financing

Consolidate loans into blanket mortgage if you have enough properties