With Cloud Realty you don’t need to go it alone. We will break down every property from an investment perspective and broker the transaction that gets you the ideal Capitalization Rate.
Get The Facts
Property in Chicago is much more likely to be rented (55.3%), than it is to be owned (44.7%). Chicago’s proportion of rented units is high for Cook County, which reports 42.4% of its properties to be rented.
A housing unit is owned if the owner or co-owner lives in the home, whether or not the mortgage is fully paid for.
Homes not occupied by the owner, whether they are rented or occupied without payment, are classified as renter occupied by the American Community Survey.
43.8% of rental units cost between $500 and $1,000 every month in Chicago. This proportion of residents paying rent within this range is close to the average for Cook County and Chicago Metro.
The next most common monthly rent range is between $1,000 and $1,500. Approximately 28.9% of Chicago’s renters pay between $1,000 and $1,500.
Gross rent is the contract rent plus the estimated average monthly cost of utilities (electricity, gas, and water and sewer) and fuels.