Best Month to Buy a Multifamily in Chicago

[Rochelle Fernando]

I’m looking to purchase a multifamily property in Chicago and want to choose the best month to buy so I can rent out the units quickly. I’m considering December, January, or February—which month typically allows for faster tenant placement?

For neighborhoods, I’m thinking about Logan Square, Bucktown, and Wicker Park, but I’m not interested in the South Side. Are there other areas with high rental yields, low eviction rates, and reasonable starting prices for multifamily homes that you would recommend? Thank you!

[Eudith Vacio]

Hey @Rochelle Fernando 👋🏽

Yes, those are the BEST months to buy! I personally begin my search around August to start looking and understanding where the market is at and then try going under contract Dec - January. I had to a property in the market in January this year and it did not do too well. I got more activity towards the end of January into February, so spring time starting in March is way better if you can wait that long or maybe do some renovations before renting it out. 

Focus on class A / B areas for low eviction rates, high rental yields but overall low cash flow unless you are putting a hefty down payment.