Chicago Property Management Best Practices – Structuring Your Lease-End Dates
For managing apartments in Chicago, structuring your lease-end dates so that they occur during “leasing season” is pivotal to keeping your vacancy low and rents high.
“Leasing Season” in Chicago mirrors the spring and summer seasons – so between March and September. That’s the time when the weather is most favorable for moving and apartment hunting. Plus, school cycles typically start or end during that period – so students and graduates are looking for housing.
By setting your end-dates in leasing season, you’re improving your odds of securing a higher rent and minimizing vacancy because you’re renting into the time with the strongest rental demand.
On the flip side, renting in the “off-season” – October through February – lowers those odds and typically contributes to longer vacancies and lower rents. There are simply fewer people looking for apartments then, so demand is lower.
If a unit requires remodeling or significant work upon move-out, it’s even more important to structure an end date towards the beginning of leasing season, so that when work is completed and the unit can be shown, you’re still well within a season and not at the tail end.
1. Put the odds in your favor by renting into the strongest demand, and that means setting your lease-end dates between March and September.
2. Consider the above when planning your lease renewals and offering new leases. That’s the time when you can control your end dates.
We hope you find this best practice helpful! It’s a fundamental operating principle here at Root Realty.
Since our start in 1983, we’ve been committed to providing Chicagoland apartment owners and investors with effective, uncomplicated, and transparent property management services.
If you own apartments in Chicago and are looking for help with property management, we’d love to hear from you!
Director of Property Management – Root Realty, Inc.