Rental Basics in Chicago>Question Details

James St John, Real Estate Pro in Chicago, IL

Do downtown chicago condos allow you to rent out your condo?

Asked by James St John, Chicago, IL Sat May 5, 2012

I would like to buy several different condos in Chicago Downtown area and wanted to know if there are restrictions to renting out the unit.

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9
I've got one that allows renters and I am looking to sell and will do at a discount since no realtor commission is involved. Call me at 708-942-7039 to talk more.
0 votes Thank Flag Link Sun May 6, 2012
As long as the building your looking to buy in doesnt have an stipulations on rentals, then yes. If your looking to invest, its all about the numbers. You should get a good buyers agent that has experience with helping clients find investments. I would be happy to help on this.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Sun May 6, 2012
Quite often the more well-regarded buildings will have stricter rules and higher application and move-in fees associated with rental units within them. On the other hand, there are buildings considered less than desirable to owner-occupiers because a large percentage of units are rented out. Many short sale and foreclosure listings can be found in them.
Kerry Meissner
Coldwell Banker Gold Coast
312 440-7537
0 votes Thank Flag Link Sun May 6, 2012
Greetings James,

Every building has different requirements. By working with a Realtor your search process will be much more effective.
0 votes Thank Flag Link Sat May 5, 2012
Hi James:
It depends on the condo building, but nearly all allow a certain percentage of the units to be rented by the owners and some have no restriction on renting. A good realtor can investigate the buildings you are interested in and easily find out the percentage and whether that percentage has been met or not.

I've helped many investors with this matter over the years, so if you have any more questions or need assistance, please contact me at the phone number below.

Sidney


--
Sidney Friedman
real estate broker / agent supreme
CHI-TOWN PROPERTIES
530 North Lakeshore Drive, Suite 1209
Chicago, IL 60657
sidney@chi-townproperties.com
773-425-0867 direct cell
0 votes Thank Flag Link Sat May 5, 2012
Some condos do allow investors to purchase. You would want to be sure before you look at a unit.
0 votes Thank Flag Link Sat May 5, 2012
Yes but it depends on the bylaws of the HOA
0 votes Thank Flag Link Sat May 5, 2012
Yes, each building is different. Some have rental restrictions/rental caps, others do not. All buildings charge lease fees and in some buildigns it is very high....500-800!!! They do this to discourage rentals. Too bad you were not around 2 years ago when prices were best, but there are still good deals around, but you probably will be looking at studios and one bedroom units. The 's usually do not make sense for 2br units because the assessments/taxes are too high unless you put a large down payment.
0 votes Thank Flag Link Sat May 5, 2012
This is a question that has to be determined building by building. There are more and more condo buildings in the city that are creating rental caps to restrict the number of rentals in the building.
Helen Beller, Koenig and Strey, 773.314.3444
0 votes Thank Flag Link Sat May 5, 2012
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