Now is the Time to Rent Out Your Home in Palatine
If you’ve been following the market trend this past year, you know that right now is the perfect time to rent out your current home or investment property and get the most return for your investment in the shortest amount of time because RENTALS ARE GOING QUICK! With millions of Americans who either went through a foreclosure or a short sale on their home, there are now many more people who are in the rental market who were not there in years past, making demand go up while supply stays the same. That is why this past year we have seen rental prices at an all time high and the time that inventory stays on the market have been much shorter than in prior years. As you can see in the image below, in the past month there have been 33 rentals that have either been rented or are pending in the Palatine area alone, with rented units averaging a market time of 30 days. Most of these are 2 or 3 bedroom rentals.
Considering that there are not as many transactions in December because of the holidays, that is a pretty quick turnaround time. It is also probably the best case scenario for you as a Landlord, because you will need that time to make sure you have everything prepared logistically (i.e. movers, painters, cleaners, lease preparation, etc.).
If you live in Palatine and would like to know how your home would do on the rental market, please feel free to contact us and we'd be happy to provide you with a Free Market Analysis. And you can always view all the privately owned rental properties that are available by visiting our website:
As always, if you or a friend are looking to list their home for rent, please let us know and we would be more than happy to assist you. Because we are a full service brokerage that specializes in Rentals in the Northwest Suburbs, you can rest assured that you will be taken care of properly. We aim to get you the most money for rent, in the shortest amount of time, with the least amount of stress! Thanks for reading and please leave a comment!
Sincerely,
Peter Lee
Leasing Manager/Property Manager
847-496-0081
www.cornerstonerentalschicago.com
cornerstonerentalschicago@gmail.com
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