All Forum Posts by: Dave Hart

I'm looking to buy another small multi (2-4 unit). I'm debating markets (Chicago and STL) as well as individual neighborhoods / areas within those markets. I hear the BP podcasts reference interesting data points like; price to rent ratio, time on market, vacancy rates, population growth, etc. I'd love any recommendations on resources I can use to look at data like that (ideally at a zip-level, not just total DMA). I want to get tighter on my buy box before reaching out to realtors, wholesellers, lenders, etc.

I'm also curious if those data points are more focused on SFH as opposed to multi family.

Thanks community!

Dave

I have 3 rental properties in Chicago. I find that I’m only increasing rents when I have a turn (every 2-3 years).

I’m debating if I should implement rent increases for current tenants during lease renewal, even if it’s just $25/month to help keep pace with increasing costs and taxes. 

All my tenants are great. Pay on time. And are helpful and understanding when things go wrong (there is always something). I’m attentive to issues quickly and make quality fixes and updates. Overall, good working relationships on both sides. 

I want to keep tenants longer in general but also want to keep up with rents. 

Any thoughts on increasing rents for lease renewals? Is there a % increase that others use or rules of thumb?

Thanks