When you were young did you dream of growing up and owning your own home?
Ninety percent of people said that they still think that homeownershipis part of the American Dream
The homeownership rate [in Chicago is]…65.4%
Did you dream of becoming a landlord and renting out your home?
more than 60 percent of Chicagoans [are] living in rental housing
-City of Chicago
The numbers above show that 10-15% of the Chicago population owns a home, yet is living in a rental unit.
In the recent years we have been seeing an increase of home owners choose to rent out their property, in lieu of selling it, and finding a better suited home to rent, rather than buying one. Many of these people originally had no intention of becoming a landlord, therefore they are often referred to as accidental landlords.
If you are facing the choice of selling your home for a loss or renting it out in hopes that its value will increase to a level with which you are comfortable there are a number of factors to take into account.
The section for Landlords on our website provides a link to the Chicago Landlord/Tenant Ordinance as well as samples of common documents that need to be completed for a lease transaction.