Chicago Landlords Struggle with Rising Costs & Taxes: Is a Cash Sale the Solution?
Landlords in Chicago are facing tough times with their rental properties.
Costs are rising, new rules are coming in, and tenants' needs are changing. Let's look at what's happening and how selling your property for cash might help.
Rising Costs and Maintenance Issues
Keeping up with property repairs is getting more expensive. For example, Lisa Cotton, a landlord on Chicago's Northwest Side for 31 years, rents seven small apartments to tenants on fixed incomes. Despite her commitment to providing affordable housing, she struggles with the financial strain of maintaining her properties amidst rising costs.
New Rules for Landlords
In October 2024, Chicago passed a law that requires landlords in certain areas to offer tenants the chance to buy the building before selling it to someone else. This aims to prevent pushing out long-time residents but adds more steps for landlords when selling.
Evictions Are Time Consuming
Evicting a tenant in Chicago can take a long time, sometimes 6-12 months (or more) after starting the process.
This lengthy process can be tough for landlords, especially when dealing with non-paying tenants but the bank still needs their mortgage payment.
Property Tax Increases in Southern Suburbs
Property taxes, especially in Chicago's south suburbs, have recently skyrocketed, with the median tax bill increasing by nearly 20%—the highest jump in 30 years. In some areas, taxes went up by 30% or more, making it even harder for landlords to manage costs.
Changes in the Housing Market Impacting Landlords
As of early 2025, Chicago saw 33% more price cuts for listed properties and fewer homes were available. This makes the market more challenging for landlords.
Why Selling a Rental Property for Cash Could Help
Given these mounting challenges, some landlords are thinking about selling their properties for cash. Here's why:
Quicker Sales: Cash deals can close faster, so you spend less time waiting.
Sell As-Is: You don't need to make expensive repairs; buyers take the property as it is.
For landlords like Lisa, selling for cash is a good way to handle these tough times and move forward.
Ready to sell your rental property or rental portfolio? Reach out to us today to explore your options and get started on a stress-free sale.