The Annual Challenge: We discovered soon how to determine the “correct” rental price. This becomes more and more important in Chicago, as our real estate taxes kept going up, which eats up the lions share of our expenses. That’s when we found a need to add value for our renters.
One of the best things that I did to add value was to create private outdoor space for the townhouse. With cold Chicago winters, renters can’t wait to get outside and enjoy the yard! This patio was so appealing to our renters that they personally added a lattice work screen and planter box at their expense!
It’s about curb appeal: We also landscaped the property with perennials, shrubs and annuals for blooming and winter color too! All of this helped increase our rents above and beyond because of the curb appeal. Tenants find themselves enjoying the space because of it’s appeal and you will find that the property, itself, is handled much better by the tenants when there is a well manicured professional landscaped yard!
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