Nr, Home Seller in Hyde Park, Chicago, IL

Hi! I have rented out my 3BR/2BA condo in Hyde Park and would like to understand the rental real estate

Asked by Nr, Hyde Park, Chicago, IL Sat Aug 1, 2009

trends. The lease on my condo is up for renewal and I would like to explore possibilities of a nominal hike in rent but would like to understand how the economy has impacted the rental real estate market in Hyde Park. Thanks!

Help the community by answering this question:


The rental market is super hot right now. I can't get clients in to see units quickly enough. They are often rented before I have the chance to show. So yes, an increase in rent is justifiable in this market. That said a good tenant may be worth more than a rent increase. If you raise the rent and they move, that lost rent is more than you make on the increase.
0 votes Thank Flag Link Tue Jun 19, 2012
If you are providing some requested tenant improvement, you may be able to get away with an increase. If not, be thankful you have a tenant and not a vacancy for a month or two plus the costs of getting another one.
Web Reference:
0 votes Thank Flag Link Sat Aug 1, 2009
Good Morning NR,

It's hard to say if raising your rent is possible or not without knowing specifics about the property and what you're currently getting.

As far as Hyde Park goes, the rental market appears to remain strong, and the residential real estate values are holding up well given the overall market conditions in Chicago. This is likely due to the fact that Hyde Park did not experience the same rapid appreciation as the surrounding areas. That said, we are seeing moderate price declines over the past year.

From May 1-August 30, 2008, Twenty 3BR/2Bath Units sold. The average closed price was 278,906. The average list was 292,810. Market time averaged 164 days.

For May 1, 2009 - Today, Six 3BR/2Bath units have sold, with Three closings. The average closed price is $277,333. The average list is $286,500. Market time is difficult to determine currently as the sample size (3 closings) is unreliable compared to last years volume. Should have a better idea of Market Time at the end of August.

Needless to say, there are many fewer buyers out there this year. The ones that are recognize Hyde Park as a value and are willing to pay very close to last years price. Hyde Park also has a very low foreclosure rate when compared to the city, which would indicate that on average there are less sellers in distress and prices will be supported when this is the case.

Hope this helps, feel free to contact me with any questions.
0 votes Thank Flag Link Sat Aug 1, 2009
The rental market in Hyde Park seems to be about like it is in most areas of the city. It tends to favor the tenant over the landlord. If anything, there are more 'nominal' rent concessions, not hikes. You should be very happy to keep your current tenant without trying to nickle & dime for a few $$ more.

0 votes Thank Flag Link Sat Aug 1, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer