Long Term Residents
Root Realty has had the pleasure of having some wonderful long term tenants in some of our properties. I can name off the top of my head ten residents who have been in one of our units for at least five years. There are definite similar characteristics with each of these households: they love the building the same way we do; we have a strong landlord/ tenant relationship; and we do not hesitate to ask favors of each other when they are appropriate to do so. They can rely on Root Realty, and Root Realty can rely on them. This is the case for all our residents, regardless if the stay with us a year or ten, and I hope each one knows this, but it is so evident when you’ve had the same person in one building for eight years. They become the unofficial eyes and ears of the property in a way.
I have never lived in the same place for more than five years at one time, (sans pre-college in Chicago’s Jefferson Park). Three years here, three years there, it’s exciting to me. I love getting to know an area really well, and then once I do, I move on.
I’ve asked one of our long term tenants if she ever plans to buy her own place. There are some no brainer pros to owning a home such as building equity, pride of ownership, tax advantages, a secure place to raise a family, and being a part of a community. Of course there are the cons as well: fluctuation in value, losing the relatively short term flexibility of an annual lease, tying up your cash, and being on the hook for maintenance repairs to name a few.
The response I received once I asked this question was that being a renter provides her the freedom she enjoys. She told me that she doesn’t want the debt, or obligation of a mortgage. She loves where she is and the arrangement a rental provides her because she is free to make a change when she wants. She told me how she likes to travel and there’s the peace of mind leaving her apartment knowing that Root will be taking care of the building while she’s away. She didn’t rule out ever buying, but did say she doesn’t see any reason for her to dive into home ownership when she is enjoying her apartment and the flexibility a lease provides her.
If you’re searching for a rental to call home for a year or much longer, call Root Realty and find out why we have many long term residents in our properties. We strive to be the best property management company in Chicago.