2023-2024 Rehab cost price per square foot by scope/size of project

[Erik Myrold]

Hello, 

Would love to have a few GC's or REI's chime in on current cost estimates for Rehabbing Rental properties SFH, 2-4 flat in class C+ to B+ neighborhoods? Here are some starting numbers I have come up with.

What is the price per square foot for a Rental Grade Rehab in Chicago?

Definition: Only light repairs, paint touchup, and clean up required to have it move in ready.

$3.50 / per sq ft ($5000 per 1500 sq ft)

What is the price per square foot for a Cosmetic Fix Rehab in Chicago?

Definition: This is your basic carpet, paint, flooring, new hardware, clean up, repair a few things project. Usually no permits or GC needed

$25-$45 / per sq ft

What is the price per square foot for a Light Rehab in Chicago?

Definition: This includes cosmetic scope, plus updating Kitchens and baths, maybe new mill work and doors, perhaps some updating of HVAC systems or MEPS issues. Likely will not require permits or GCs.

$45-$65 / per sq ft

What is the price per square foot for a Full Rehab in Chicago?

Definition: This includes all of the above, and new systems, new roofs, windows, some siding, non structural or minor structural reframing, finish basements, convert garages. May require permits and GC's depending on the scope

$70-$100 / per sq ft

What is the price per square foot for a Studs Out or Addition Rehab in Chicago?

Definition: This involves taking the existing house down to the framing. Strip everything and replace. All new MEPS, insulation, windows, roofs, siding, flooring, sheetrock, tile, cabinets, doors, etc. Likely will require permits and/or GC's

$130-$160 / per sq ft

What is the price per square foot for a New Construction/Development in Chicago?

Definition: This includes all hard and soft costs. Everything from Feasibility work through to the final clean. Inspections and Honey Buckets to Architects and Engineers, to door bells and mail boxes. Will require permits and GC's.

$325-$350 / per sq ft

[Bruce Woodruff]

Not in Chicago, but can tell you that a studs out remodel will run you pretty close to a new build. Can be more depending....

[Paul De Luca]

Quote from @Erik Myrold:

Hello, 

Would love to have a few GC's or REI's chime in on current cost estimates for Rehabbing Rental properties SFH, 2-4 flat in class C+ to B+ neighborhoods? Here are some starting numbers I have come up with.

What is the price per square foot for a Rental Grade Rehab in Chicago?

Definition: Only light repairs, paint touchup, and clean up required to have it move in ready.

$3.50 / per sq ft ($5000 per 1500 sq ft)

What is the price per square foot for a Cosmetic Fix Rehab in Chicago?

Definition: This is your basic carpet, paint, flooring, new hardware, clean up, repair a few things project. Usually no permits or GC needed

$25-$45 / per sq ft

What is the price per square foot for a Light Rehab in Chicago?

Definition: This includes cosmetic scope, plus updating Kitchens and baths, maybe new mill work and doors, perhaps some updating of HVAC systems or MEPS issues. Likely will not require permits or GCs.

$45-$65 / per sq ft

What is the price per square foot for a Full Rehab in Chicago?

Definition: This includes all of the above, and new systems, new roofs, windows, some siding, non structural or minor structural reframing, finish basements, convert garages. May require permits and GC's depending on the scope

$70-$100 / per sq ft

What is the price per square foot for a Studs Out or Addition Rehab in Chicago?

Definition: This involves taking the existing house down to the framing. Strip everything and replace. All new MEPS, insulation, windows, roofs, siding, flooring, sheetrock, tile, cabinets, doors, etc. Likely will require permits and/or GC's

$130-$160 / per sq ft

What is the price per square foot for a New Construction/Development in Chicago?

Definition: This includes all hard and soft costs. Everything from Feasibility work through to the final clean. Inspections and Honey Buckets to Architects and Engineers, to door bells and mail boxes. Will require permits and GC's.

$325-$350 / per sq ft

 I think @Jonathan Klemm has a table/matrix that breaks down rehab ranges into a little cheat sheet you can use.

[Jonathan Klemm]

Hey @Erik Myrold - There is a lot to unpack because scopes can vary so much between the different levels, but I think generally speaking your numbers are in line (maybe slightly low) with where we would be here in Chicago on the north side.

I think the other important thing to consider is different gc's are going to vary depending on their overhead and general business layout.  Guys who have "crews" are maybe going to general liability but no workers comp, low overhead, and no tech.  Just pointing that out because we are not the bottom dollar general contractor and in the end, I believe you get what you pay for because I've taken the bottom dollar GC and got screwed lol.

Anyways

The light rehab might be closer to $5-7 SF

Cosmetic seems to be on par (assuming no new cabinets and no all new bathroom).  We'd call this more of a unit turn than cosmetic

Light rehab (we'd call cosmetic) would be in that range but probably with no mechanical, electrical, or plumbing (MEPs)

Full rehab would be between $90-$110 - with no exterior work (including no windows).

Studs out - seems to be about right - IF addition meaning new foundations and all new exteriors I'd assume $175 ish

New Construction - $200-$250+ depending on level of finish.

Anyway happy to talk through it in more detail...let me know and we can grab lunch or coffee!

[Erik Myrold]

Quote from @Bruce Woodruff:

Not in Chicago, but can tell you that a studs out remodel will run you pretty close to a new build. Can be more depending....

 Thanks Bruce!

[Erik Myrold]

Quote from @Jonathan Klemm:

Hey @Erik Myrold - There is a lot to unpack because scopes can vary so much between the different levels, but I think generally speaking your numbers are in line (maybe slightly low) with where we would be here in Chicago on the north side.

I think the other important to consider is different gc's are going to obviously vary depending on their overhead and general business layout.  Guys who have "crews" are maybe going to general liability but no workers comp, low overhead, and no tech.  Just pointing that out because we are not the bottom dollar GC and in the end, I believe you get what you pay for because I've taken the bottom dollar GC and got screwed lol.

Anyways

The light rehab might be closer to $5-7 SF

Cosmetic seems to be on par (assuming no new cabinets and no all new bathroom).  We'd call this more of a unit turn than cosmetic

Light rehab (we'd call cosmetic) would be in that range but probably with no mechanical, electrical, or plumbing (MEPs)

Full rehab would be between $90-$110 - with no exterior work (including no windows).

Studs out - seems to be about right - IF addition meaning new foundations and all new exteriors I'd assume $175 ish

New Construction - $200-$250+ depending on level of finish.

Anyway happy to talk through it in more detail...let me know and we can grab lunch or coffee!

 Awesome, thanks Jonathan.... talk soon.  -e