Rent rate inquiries in Belmont Cragin

Member since 2026 · 27 posts · 8 votes

Hello everyone Erick here with a update to my house hack journey. Things have moved right along and closing is in 20 days. I'm closing in the Belmont Cragin area and want to get idea of going rent rate for a 2 bedroom update and none updates apartments. Specifically in a 2 unit building but any and all idea of rent rate will help. Thank you all in advance!

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Henry Lazerow

Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes

6mo

Just take a look at Zillow apartments for rent and find comparable units to yours in the direct area, I like to use very tight radius say a 1 mile circle when running comps for myself or clients and be conservative maybe go $50 under the average so the place rents quickly and can pick applicants. It is almost always worth it to at least update to have in unit laundry, new counter tops and cabinets, fresh paint, SS appliances the basics as you will not just get higher rent but will get much higher quality applicants. Congrats on the upcoming househack!

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Henry Lazerow
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
6mo
Just take a look at Zillow apartments for rent and find comparable units to yours in the direct area, I like to use very tight radius say a 1 mile circle when running comps for myself or clients and be conservative maybe go $50 under the average so the place rents quickly and can pick applicants. It is almost always worth it to at least update to have in unit laundry, new counter tops and cabinets, fresh paint, SS appliances the basics as you will not just get higher rent but will get much higher quality applicants. Congrats on the upcoming househack!
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Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
6mo
Congrats on the house hack! I’d recommend asking a property manager what they’re seeing for rents. Belmont cragin is a big area so it really depends where you’re at but agreed with what Henry said about updating the unit if at all possible to maximize rents.
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- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @Aaron Zimmerman thank you! The building I'm under contract has been in family for over 30 years so there no rent records.
  0 Reply
Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
6mo
@Erick Nunez
I have a 3-unit in Belmont Cragin and the two 2 bed/1 bath units rent for $1400 ($75/mo garage parking) and $1475 (has in-unit laundry, no parking). Both of the units were updated in 2022. I think I've seen 2 bed/1 bath units rent for as high as $1600 when newly updated. $1300-$1500 is a typical range though.
I recommend reviewing comps and estimating the market rent before putting in an offer so you know what to expect.
1 Reply
- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @Paul De Luca thank you very much Luca. That a bit lower then expected. West Austin area rent can't be higher then that. What you think?
  0 Reply
- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @Paul De Luca how many square feet are your 2 bedrooms? Thank you for your time
  0 Reply
- Paul De Luca
  Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
  6mo
  Quote from @Erick Nunez:
  
  @Paul De Luca how many square feet are your 2 bedrooms? Thank you for your time
  
  830 each
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- Paul De Luca
  Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
  6mo
  Quote from @Erick Nunez:
  
  @Paul De Luca thank you very much Luca. That a bit lower then expected. West Austin area rent can't be higher then that. What you think?
  
  All else being equal the rents in Belmont Cragin should be higher than in West Austin. Location, square footage, condition, amenities, and seasonality are major factors though.
  You can also charge more for things like in-unit laundry, garage parking/off-street parking, storage, and pet fees.
  I recently rented one of my 2 bed/1 bath units but had to discount the rent because the previous lease expire at the end of January so there was less demand and it was vacant longer. Spring and summer are primetime for maximizing the rent you can get.
  1 Reply
- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @Paul De Luca thank you again. Do you mind if I private message if I have any more questions
  0 Reply
Bryon AndrewsBusiness Member
Real Estate Agent · Saint Paul, MN · Member since 2018 · 201 posts · 104 votes
6mo
Quote from @Erick Nunez:

Hello everyone Erick here with a update to my house hack journey. Things have moved right along and closing is in 20 days. I'm closing in the Belmont Cragin area and want to get idea of going rent rate for a 2 bedroom update and none updates apartments. Specifically in a 2 unit building but any and all idea of rent rate will help. Thank you all in advance!

Congrats on taking action and purchasing a house hack! Whenever I look for rent comps over here in Minnesota I compare a number of different sources. Rentometer, Zillow, Realtor, Craigslist and Facebook Marketplace. Try to keep the comps as close in proximity as possible as well as similar condition and amenities. This can be difficult to do when you are looking for only a couple of weeks. You will need to keep an eye on this consistently throughout the year to get a solid idea of rental value in your specific area for your specific unit type. As you continue to grow as an investor, this will get easier and easier.
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1 Reply
- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @Bryon Andrews thank you very much
  0 Reply
John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6mo
@Erick Nunez congratulations on closing on a deal! Your realtor should be able to pull very accurate comps for you in Belmont Craigin. There is a lot of data on the MLS. Your rents will mostly be tied to condition of the units. Do you have things like central AC/HVAC or a boiler? Are your units updated with modern kitchens and baths, lighting package, paint scheme? Are they more basic/rental grade?
The other thing no one talks a lot about is that rents are a range. You have to position your rental price to attract the best tenants. The very top of the range will price you out of the best tenants and you will start to get less qualified leads.
1 Reply
- Erick Nunez
  OP
  Member since 2026 · 27 posts · 8 votes
  6mo
  @John Warren thank you John
  0 Reply

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