If you have been keeping your eye on buying a property to rent in Chicago, be sure that you have not made a mistake. In fact, with all of the attention it got last year, it is a surprise that it has not happened sooner. Sales prices dipped slightly early in the year but have been rising overall. You can expect a decent rental income on your property, as the median rent in Logan Square stands at $2,050, still above Chicago average rent overall.
Explore in detail when buying a property to rent in Chicago
Chicago is one of the major cities in the U.S., where you can find affordable investment properties to rent. However, not every neighborhood in Chicago is desirable for residents. Likewise, many desirable neighborhoods are a poor choice for real estate investment. Chicago properties come in at around 200 dollars a square foot. This value increased roughly nine percent year over year. Therefore, that makes Chicago investment properties a relative bargain. Furthermore, investors can gain good money in this town by building a portfolio of Chicago investment properties and renting them out to a massive renters population. Nevertheless, Golan’s Moving & Storage can help you out with many services you may need.
Find out one of the best neighbors when planning of buying a property to rent in Chicago
With its low cost of living, relatively large housing inventory levels, and high affordability, Chicago has plenty of renters. Therefore, buying investment properties in Chicago, and renting them out is an excellent choice for real estate investors. Here you can find some of the top neighborhoods in Chicago where you can buy investment properties.
Chicago Rogers Park neighborhood
You can find Chicago investment properties in Rogers Park. Rogers Park is an older neighborhood in Chicago, dominated by single-family homes and small multi-family apartment buildings. Moreover, you can hire Chicago storage services and put your items in safe hands. For example, the average home here costs around 220,000 dollars. That makes it a relative bargain for those who want to invest in Chicago investment properties. Furthermore, you can get high rental rates for Chicago investment properties near the ten beaches in the area, especially in the summer. With its extensive lakefront and unique beaches, Rogers Park is a great place to invest.
Chicago Logan Square neighborhood
Firstly, Logan Square is a century-old neighborhood in downtown Chicago. It retains its tree-lined streets and classic Greystone buildings in addition to the massive Palmer Square green space. The average rental rate in this area is roughly two thousand dollars a month. Logan Square has been a hot neighborhood for real estate investment in Chicago for a long time. The average home costs 440,000 dollars, but prices resume their slow climb once the viral outbreak passes. But even before you choose your neighborhood, pick a professional moving services Chicago and let them assist you.
Chicago Avondale neighborhood
Avondale has started to gentrify as people get priced out of Logan Square, Wicker Park, and Bucktown. That is one of the more expensive middle-class areas to buy Chicago investment properties. The average home here costs around 400,000 dollars. However, many reports are suggesting the area will go even higher.
Consider Chicago Pilsen neighborhood when buying a property to rent in Chicago
Pilsen is a good area for those who want a diverse portfolio of investment properties without having to run all over the town. It features a mix of condos, apartment buildings, and single-family homes. Pilsen properties can be among the most profitable Chicago real estate investments. The median rent is around 1600 dollars a month. The average property costs 300,000 dollars, a little less than the city average. You can find properties in need of rehabilitation for less than this. Furthermore, if you desire residential moving, make sure you get in touch with residential movers Chicago.
The best Chicago neighborhoods to invest in are the affordable ones, which have high rental demand, and the ones that grow. Investors might want to be aware of areas outside of Chicago and other large metropolitan areas. Likewise, if you need abroad renting, read these tips to successfully renting or buying a home abroad. Nevertheless, people are putting a greater emphasis on actually liking the place that many people call home. Choose carefully when buying a property to rent in Chicago. Search about everything upfront, and you will have no worries.