For Rent in 60540>Question Details

Mvk1031, Home Owner in Naperville, IL

What is the average amount of time it takes to rent out a unit in Naperville?

Asked by Mvk1031, Naperville, IL Wed Sep 5, 2012

I will be buying a second home and just trying to figure out what to expect in terms of how long it will take me to rent out my two bedroom townhome. Any advice is appreciated.

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I would allow at least a month to find a qualified renter. If your townhome is in great condition and advertised by an agent and priced right .
0 votes Thank Flag Link Fri Jun 7, 2013
After 4me dsys you should have numerous applications if the house is in a rentable conditiin and priced aggressively, but fair. Call me and thank you.
0 votes Thank Flag Link Wed Sep 5, 2012
Since April 1 of this year there have been 459 proerties rented. The avarage market time was 29.2 days. Naperville rental advertising can be entered at
Bill Fox
0 votes Thank Flag Link Wed Sep 5, 2012
Thank you everyone! This helps ALOT. My townhome is in excellent condition - I have put in some upgrades and have kept the place clean, freshly painted and in excellent repair. It's also in an excellent location - close to the Metra and District 204 schools. These are the reasons I bought it myself. All these comments have helped me deal with the uncertainty of the market - an average of 27 days is not bad - and I just dont want to have to worry about two mortgages all on my dime for an extended period of time. I have been advised that the rental income does not go towards my loan qual. I have already been prequalified and have already found a single family home I want SO this can move quickly but like I said was unsure about the rental market at this time. My condo assn has no provisions against renting my unit - I have free reign, just have to notify them. As far as good renters - that is exactly what I want - people just like me who are credible and reliable and who will stay for at least two years. Thank you all again and if I have any additional questions/concerns, I will definitely feel free to reach out to you!
0 votes Thank Flag Link Wed Sep 5, 2012
All good answers and advice given to you already. The "average" really doesn't tell you much. In the last 3 months a TOTAL of 310 units (ranging from $600-$5500 with an avg of $1914) have been rented in Naperville as reported in the MLS and the "average" time it took to rent was 27 days. This can be broken down further to look at specific areas, price ranges or townhomes only, etc., but you get the point. The additional advice that I would offer is to seek out a very good mortgage broker or talk to several to get good advice and info before you proceed. I don't want to make any assumptions here because you may owe nothing on your townhome and be purchasing your new home with cash, but if that is not the case, your purchase lender will look closely at what you will do with your existing townhome and will not use any rental income towards your loan qualification. The general guideline today is that you need to show rental income for 2 years on your tax returns before it can be used. You may have no trouble at all, and I hope that is the case, but if you would like a referral for a good broker (she was the Pres of the IL Assoc of Mortg Professionals 2 yrs ago) please contact me. Best of luck! You are going to be in a good position in both transactions......strong rental market and great buyer's market!
0 votes Thank Flag Link Wed Sep 5, 2012
Price is key but as the other agent said, the rental market is great right now. The one thing I would suggest you look into is amy association fees/ restrictions / requirements for renters. Some have application or lease fees as well as lease length requirements.

I am happy to answer any more questions you may have
0 votes Thank Flag Link Wed Sep 5, 2012

There is no average time. Make sure it's priced competitively and in good condition. Of course, checking the market times and prices in your area will help give you a good idea. I just had a unit that rented out in 2 days so, if the price and location are right and it's in great condition, it can happen very quickly.

Let me know if you need any further assistance. I'm happy to help.

Michele Nixon
0 votes Thank Flag Link Wed Sep 5, 2012
Renting your townhome can take a week or up to a month. Pricing and finding a great tenant with good credentials is key and using an agent to list on the mls.

" Many property owners are happy as long as the space is filled, however you MUST remember importance of finding good tenants. A definition of a good tenants is someone paying on time, taking good care of your property, not causing neighbors to complain, following by rules and policies, and willing to ideally commit to renting for more than a year.

Now, keep those good tenants. Don't take them for granted. It is a lot cheaper to keep good tenants than to get new ones. You can keep a good relationship with them by not raising their rent too high, getting rid of other bad tenants, respecting their privacy, and keeping their rental space in good repair. This may sound like common sense and to many it is not that is why I suggest getting someone to assist you this as it will be worth every penny.

Please email with any questions.
0 votes Thank Flag Link Wed Sep 5, 2012
Rentals are hot right now. If it is priced competitively it should not take more the a couple of months. Give me a call and I can tell you how Coldwell Banker can help and what rentals are going for in your area.
0 votes Thank Flag Link Wed Sep 5, 2012
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