Question about Section-8 and Rental increase request

[Elidania Ayala]

How do I go about finding information about comparable units to submit a rental increase request for my rental properties in Chicago, IL? 

These are the requirements: units have been rented in the last 12 months; units are not subsidized units; units are within a 1 mile radius of the subject unit. I am more so trying to find units that are currently being rented, rather than ones that are "for rent" right now. What I have been getting when searching is ones for rent, and I need to find ones being rented currently rather than those that have been sitting empty without renters for months. 

Is there a website that will allow me to input these parameters to get the comparable units I need? Or how do you guys go about finding comparables for your units? 

[Nathan Gesner]

Quote from @Elidania Ayala:

How do I go about finding information about comparable units to submit a rental increase request for my rental properties in Chicago, IL? 

Is there a website that will allow me to input these parameters to get the comparable units I need? Or how do you guys go about finding comparables for your units? 

Are you a member of a real estate investor group? If not, you should be. I'm sure there are plenty of investors available in your area that could share information with you to complete this request.

You can also try talking to some property managers in the area. Ask if they'll help you. Offer to compensate them for their time. It's amazing how far you can get with a case of beer, a bottle of Scotch, a gift card to a restaurant, or sometimes even a smile.

[John Warren]

@Elidania Ayala this is where your realtor should be able to jump in to help. Have your agent take care of this for you. We help our clients all the time pull comps. 

[Jonathan Klemm]

Hey @Elidania Ayala - Like @John Warren mentioned realtor should be able to get you comps.  However, if you are doing section 8 / CHA there is a form you have to submit into their system to get the rent increase.  Also, if you haven't gotten your section 8 inspection they will not entertain any rent increase at all.

@Mark Ainley I honestly wasn't aware that CHA would review comps to adjust rent?

[John Warren]

@Jonathan Klemm I have had to pull comps before for clients who are using S-8 and other subsidized programs. The programs have the HUD guidelines, but they also do require this from time to time.

[Paul De Luca]

@Elidania Ayala

Ask your realtor to pull rental comps. In the MLS you can filter for properties that have been confirmed as rented.

[Paul De Luca]

Quote from @Jonathan Klemm:

Hey @Elidania Ayala - Like @John Warren mentioned realtor should be able to get you comps.  However, if you are doing section 8 / CHA there is a form you have to submit into their system to get the rent increase.  Also, if you haven't gotten your section 8 inspection they will not entertain any rent increase at all.

@Mark Ainley I honestly wasn't aware that CHA would review comps to adjust rent?

 Check it out: https://cha-assets.s3.us-east-...

I was just looking into this the other day. More info: https://www.thecha.org/landlor...

[Drew Sygit]

You can access a lot of comparable info on Zillow. 

You just have to refine your search parameters and then analyze the resulting properties.

Of course, access to the MLS makes this easier - depending on how many rentals go through your local MLS.

[Mark Ainley]

@Elidania Ayala Thanks @Jonathan Klemm 

When it comes to CHA I don't feel they even do anything with this data but maybe I am wrong. My point is it doesnt have to be perfect. CHA gets most of their data from Gosection8.com. We provide comps from our own portfolio and leased units in the MLS. You can find comps on the app Padmapper too.

[Jonathan Klemm]

@Paul De Luca, @Mark Ainley, & @John Warren - Great info thank you!  We are trying to fill a couple of southside flips with CHA tenants so we refi.  This really helps.