niceapartmen…, Home Buyer in Chicago, IL

Rogers park question

Asked by niceapartment001, Chicago, IL Mon Jul 30, 2012

Hi everyone, I am looking for a property to buy in rogers park, particularly in the tri-angle area of Rogers park metra, Jarvis L station and Morse L station. My questions are

1. What is the (peak) rental season in Roger’s park?

2. If I purchase a good condition 1000 sqt 2 bedroom 1.5 bathroom with a storage room, in house laundry and dryer, a parking space within 10 minutes walking from Rogers park metra and Jarvis L station/ Morse L station, will it be an easy rental? How soon will the properties be rent out from your experience? What’s the estimate rent?

3. Is Rogers park considered a safe neighborhood? I see a couple crime spots from Chicago crime map. (However, I have to say it seems quite normal everywhere in Chicago.)

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Answers

7
Hi NiceApartment001,
My wife and I have been living in the Rogers Park neighborhood for 7 yrs. We reside on Fargo just west of Ashland. I have been a realtor for almost 10 yrs but all of my experience comes from the leasing side. The rental market in Chicago can be unpredictable but doesn't look like its slowing down anytime soon. The rental market in Rogers Park for a rehabbed/new construction 2 bed 1.5-2 bath are $1300 to $1450. One of my neighbors had me help them rent their place out 3 yrs ago. They rented it in 2 days for $1350 and have had the same tenant since. That is obviously not a typical situation. It also depends on if you plan to rent your own place or have a professional help you out. My wife and and I are currently weighing our options of whether we should rent our current place out or put it on the market to sell. We are expecting our 2nd child and have out grown our current place. The rental market in Chicago is good from May to Sept. The strongest from June to Sept. You need to actively list your property 60 days in advance. If you have any further questions please feel free to respond. Thanks.
1 vote Thank Flag Link Tue Jul 31, 2012
Great questions. Rogers Park is our home. We are opening our new offices at 1225 West Morse and obviously we have a lot of confidence and expectations for the neighborhood. As for your questions, if you purchase at a good price, a rental condo could prove to be an excellent investment especially given the present market prices and available interest rates for financing. The rental season in Rogers Park peaks in March/April but remains consistently good throughout the year. The peak is driven in large part by Loyola and Northwestern students looking in the area but is influenced by many other factors as well. You will find a strong rental market for good apartments in the area at most times of the year. If you select a good location close to the trains, you should have no problem finding quality tenants. As for rent you can expect to receive, I think that you could expect to get $1350-1500 for the apartment you describe. You can look at our site and view the many Rogers Park listings that we currently offer to get an idea of pricing: http://www.imovechicago.com. In unit laundry and parking would be two very important selling points As for the neighborhood, there are certainly trouble spot in Rogers Park and it has its fair share of crime but I would say that it is no more concentrated than many other similar communities along the lakefront.

Good luck with your search, and if you need our assistance please feel free to call on us. FYI: our new office opens December 1 and we also have offices at 5650 N Broadway.


Rusty A. Payton, Broker
iMove Chicago
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0 votes Thank Flag Link Mon Oct 29, 2012
Hello,

In addition to the comments already posted here you will also need to consider your competition and show condition (obviously in relation to price).

If your competition shows better then they will rent out before you do if it's priced appropriate for the market. Rentals are really hot in Chicago and Rogers Park has always been a renters haven.

Work with a leasing agent that can best guide you as to pricing and show you what you're up against.

Good luck!
0 votes Thank Flag Link Tue Jul 31, 2012
1-Peak is probably May-Aug but it depsnds on the supply-demand
2 It depends more on the supply demand RP has been a decent rental market, but not one of the best for landlords. Some buildings are more popular for rentals than others. There are many factors that affect rentals.
3 There is nothing normal anywhere in Chicago
0 votes Thank Flag Link Tue Jul 31, 2012
Are you looking by yourself? Work with a Realtor to make your search more efficient. Price the rental properly and you will rent it quickly.
0 votes Thank Flag Link Mon Jul 30, 2012
Hello there "Niceapartment001",

Rogers Park is located between two Universities, Loyola and Northwestern, you won't have a problem renting out your unit if you do decide to purchase then rent. These units, with the amenities you described and sqft, can rent out between the price range of $1350-$1575, depending on the condition of the building and unit. They usually rent out quickly before the fall semester starts however I noticed in Rogers Park units rent out pretty quickly between 15-36 days most of the year, winter months rents slow down a bit throughout Chicago. About the crime, well crime's everywhere sadly to say but my advice check out the Chicago Police's website or call the district, the 24th district covers most of Rogers Park. Good luck to you, if you have anymore questions send me an email at grisell.perez@cbexchange.com
0 votes Thank Flag Link Mon Jul 30, 2012
1. Peak would be March through September however marketed priced correctly, any property will rent.

2. Depends on what you equate as good condition. If you are referring to granite, stainless steel appliances, hardwood floors, etc. then average would be around $1200+ depending on the layout and sq ft.

3. I have to refer you to the local municipality for exact statistics for crimce

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0 votes Thank Flag Link Mon Jul 30, 2012
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