The city of Chicago and its surrounding suburbs are super unique in the fact that it has opportunities to invest in A-class properties where you are mostly renting to market tenants, but also has areas where the goal is to find tenants with housing choice vouchers or other subsidies. Unfortunately, the other reason that makes Chicago unique is the difficulty working with the Chicago Housing Authority. From filling out moving papers to passing the CHA inspection, property managers who primarily work in A and B class areas often do not have the expertise or experience to help you use the housing choice voucher program to make your South Side of Chicago investment profitable and reliable. Finding Chicago property management services like Chicago Style Management that fully understand how to make your rental property work with HCV programs can make your investment properties reach a new level of profit and a new low in stress.
Chicago Style Management has years of experience working with the Chicago Housing Authority and the Cook County Housing Authority. Here are some things that we have learned.
Keys to renting to Section 8 in Chicago:
1. Illinois fair housing laws are even more grey and harder to understand when you are working with a CHA tenant because it’s difficult to find quality tenants with a housing choice voucher who are qualified. Also, there are very strict rules regarding the reasons you’re allowed to deny a tenant when they have a voucher compared to what you can deny a market tenant for.
2. For a new tenant, housing programs are super slow to approve your home and you as a landlord, so it is vital to get the paperwork filled out correctly the first time. If you're not sure what you are doing, you could take a two month process and turn it into a three or four month process to get the new tenant into your home and finally paying the rent.
3. Property maintenance is more intense with CHA tenants because the program holds you to higher standards than what a market tenant will hold your property management company to.
4. Section 8 is not the only rental assistance program in town, and sometimes it is not going to be the right program for your rental property.
5. Not all affordable rental housing opportunities and programs are good, and some won't give you the best return in the long run.
6. You probably won't pass your housing quality standards on your first inspection, but you should on your second.
Property management companies like Chicago Style Management not only understand the subsidy aspect of property management but are also experts in managing residential properties on the southeast side of Chicago, which tend to be older and have more maintenance requests. Working with Chicago's best South Side property management company will help increase your property value and make sure you have qualified tenants in your home while keeping the peace of mind that your real estate investment is in good hands.
Want a free guide to buying and renting properties in Chicagoland for Section 8 tenants while never having to worry about rent coming in late from market tenants? Text "CHA guide" to 2246015415, and we will send it over to you.
Check out more:
Want to learn how rent is determined for your rentals by public housing agencies? Click here!
Now that you know we can handle your section 8 rentals for you, should you buy in the Englewood neighborhood?
Ready to talk management? Check out our pricing page to see if we are a fit for you and your investment properties
Have a question about a Chicagoland property or investing in general? Call Chicago's premier property management company, Chicago Style Management, a call at 224-601-5415.
