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Helpful news and resources for Illinois landlords.

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According to CNBC, rents are on the rise in the Windy City. The purchase of a 60-story luxury apartment tower located in downtown Chicago recently set a record sales price. The 504-unit property, located on Wacker Drive, was sold to Heitman, a real estate investment firm, for a price of $328 million. That works out to $651,000 per unit. Rents for the property range from about $1,700 per unit to $12,000 per unit. CNBC goes on to report that one of the factors driving such the growth of rental is largely driven by the increasing number of millennials who are moving into the city center. The Chicago metro area witnessed the largest population growth in the downtown area between 2000 and 2010 than any other metro area in the country. Such an influx of workers needs housing, which has resulted in a burst of activity on the Chicago rental market scene.

While the current market certainly favors landlords, if you own rental property or you are considering buying investment property in Chicago, it is important to make certain you have a solid tenant screening process in place. The Chicago Tribune reports that monthly rents typically begin at about $2,000 for a studio apartment. Properties that provide what are termed as resort-style amenities tend to attract more tenants and garner higher rents. With so much on the line, it is important to make sure that you have the best tenant screening to protect your business.

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