Chicago is a unique city for a lot of reasons. Chicago has a team in nearly every major sporting league in the United Sates and also in many minor leagues as well. Chicago and the surrounding county, Cook County, have the 3rd highest number of gas stations and full service restaurants. With those great benefits and the sheer number of people in the Chicago area, Chicago is an extremely attractive area to invest in an investment property.
The city of Chicago has an estimated 2.715 million people. Combine that with all the nearby suburbs and that number grows to over 9.8 million people. That means that there are lots of potential renters for your investment property. With all of those potential renters, it is a lot easier to get your vacant unit filled.
The city of Chicago has a rich variety of neighborhoods. Each and every one is a little different and it is easy for an investor to find one that fits their price range and risk tolerance. There are some areas that are a little rougher, where properties may be cheaper and rent lower, but have huge potential. There are other areas that are a bit more established, but the property values are much higher. There really is a little bit of everything in Chicago and every investor can find something that fits their investment strategy and goals. A good property management company can help an investor decide which area best fits their strategy and goals.
Since the recession, Chicago’s jobs numbers have been rising steadily and Chicago’s tech job growth is near the top of other U.S. cities. The new job growth can bring even more people in to the area increases the demand for rental units. Additionally, having better job growth numbers helps ensure that the tenant put in to a unit will actually pay rent.
Right now is a great time to get in to investment properties because mortgage rates are at near record lows and getting loans on properties is for the most part not difficult. Additionally, with the aftermath of the recession, there are lots of foreclosed properties that could provide a lot of value to an investor.
If you are interested in the Chicago real estate market please contact us today.