Chicago Protecting Renters Ordinance (PRO) Explained

Chicago’s Protecting Renters Ordinance (PRO): What Landlords Need to Know

Chicago property owners could face significant changes to the rules governing residential rental properties under the proposed Protecting Renters Ordinance (PRO).

Introduced as a broad update to Chicago’s rental housing policies, Chicago’s PRO would impact landlord-tenant regulations, rental property registration, enforcement, eviction proceedings, and lease non-renewals. The proposal represents the first comprehensive update to Chicago’s tenant protections in approximately 40 years.

PRO is organized around five major components that could change how residential rental properties are owned and managed throughout the city. Here’s what Chicago landlords and property owners should know about the proposed ordinance and how these changes could impact investments and day-to-day operations.

Important: The Protecting Renters Ordinance remains proposed legislation. Requirements may change as the ordinance moves through the legislative process.

1. RLTO Modernization

A core aspect of PRO is updating Chicago’s existing Residential Landlord and Tenant Ordinance (RLTO). The proposal intends to modernize Chicago’s RLTO, standardize certain fees and deposits, strengthen tenant protections, and establish a new Tenant Bill of Rights. The broader modernization effort also targets what the City describes as hidden or “junk” rental fees.

For landlords, these changes could affect several routine aspects of leasing and property management, including security deposits, move-in fees, notices, documentation, and tenant remedies. If passed, Chicago landlords and property owners would need to carefully review existing lease templates and management procedures to ensure they align with the updated requirements.

PRG Management helps Chicago property owners navigate changing RLTO requirements through compliant lease preparation, proper documentation, and management procedures designed around current local regulations. Learn more about our Chicago rental management services.

2. Citywide Rental Registry

PRO would establish a citywide rental registry requiring the annual registration of non-owner-occupied rental units in Chicago. The registry would give the City a centralized database about Chicago’s rental housing stock to support enforcement and future housing policy decisions. Registration fees would also fund oversight, enforcement, and implementation, with a proposed tiered fee structure based on property size.

For Chicago property owners and managers, this registration process would create additional ongoing compliance responsibilities. Owners of multiple properties or larger portfolios would need procedures to ensure their properties remain properly registered and that required information stays current.

If this feels overwhelming, we’re here to help. PRG Management can help owners stay on top of ongoing property registration, documentation, and other Chicago compliance requirements across individual properties and larger portfolios. Learn more about our Chicago rental investment management services.

3. Bureau of Rental Housing Services

The ordinance also aims to establish a new Bureau of Rental Housing Services (RHS) within the Chicago Department of Housing. The bureau would process rental complaints, conduct investigations, and coordinate the enforcement of rental housing requirements. Implementation would involve coordination between several City agencies, including the Department of Housing, Department of Buildings, Department of Law, 311, and Department of Administrative Hearings.

For Chicago landlords and property owners, a dedicated rental housing enforcement body would make documentation and consistent compliance procedures even more important. Maintaining accurate records of leases, notices, maintenance requests, tenant communications, and other property activity will help owners respond appropriately when questions or disputes arise.

PRG Management clients benefit from organized recordkeeping, documented tenant communications, and consistent management procedures that help keep properties compliant and prepared for Chicago’s evolving enforcement requirements. Learn more about our rental investment management services.

4. Eviction Counsel Program

PRO would formally establish a new Eviction Counsel Program (ECP), providing legal representation for qualifying tenants facing eviction. The provision would build upon Chicago’s existing Right to Counsel pilot program by formally incorporating tenant legal representation into the City's rental housing framework. Rather than establishing an entirely new initiative, this component would codify and stabilize the legal-assistance program already operating as a pilot.

While this component is primarily focused on providing legal assistance to tenants, landlords should understand that eviction proceedings could increasingly involve legal counsel on both sides. Proper notices, documentation, lease enforcement, and adherence to required procedures would therefore remain particularly important when pursuing an eviction.

Our team understands the frustrations that come with evictions. That’s why PRG Management helps owners and investors navigate the eviction process by maintaining proper notices, lease documentation, tenant records, and coordination with legal counsel when necessary. Learn more about our investment portfolio management services.

5. Just Cause for Eviction & Non-Renewal

Perhaps one of the most consequential changes for property owners is the proposed Just Cause requirement. Under the new proposal, landlords would need to provide a qualifying reason for certain evictions or lease non-renewals rather than simply choosing not to renew a tenancy. Depending on the circumstances, landlords could also be required to provide relocation assistance to affected tenants. This represents a notable change from the flexibility landlords currently have when deciding whether to renew certain tenancies.

This could significantly impact how owners approach lease expirations, property renovations, sales, owner move-ins, and other situations in which a tenancy may need to end. If adopted, lease non-renewals could require more planning, documentation, and consideration of potential relocation costs.

PRG Management helps owners and investors navigate lease renewals and non-renewals with proper notices, documentation, and procedures designed to keep their properties compliant with Chicago and Illinois requirements. Learn more about our Chicago investment management services.

What Could PRO Mean for Chicago Property Owners?

Taken together, the five components of the Protecting Renters Ordinance represent a potentially significant expansion of Chicago’s rental housing regulations. For landlords and investors, the impact would extend beyond any single new requirement. Property owners could face additional registration obligations, updated leasing and fee requirements, expanded enforcement, new procedures for lease non-renewals, and greater importance placed on maintaining accurate property and tenant records.

The proposal could be particularly important for investors with larger Chicago portfolios, where implementing regulatory changes consistently across multiple properties can become an operational challenge. If passed, the City has proposed phasing implementation over approximately 12 to 24 months following passage, rather than implementing every component at once.

Stay COMPLIANT WITH Chicago Rental Regulations with PRG Management

While the Chicago Protecting Renters Ordinance (PRO) remains proposed legislation, Chicago property owners should continue monitoring its progress and be prepared to review leases, fees, notices, documentation, and management procedures if it becomes a final ordinance.

At PRG Management, our team stays current on evolving Chicago and Illinois regulations and incorporates new requirements into the day-to-day management of our clients’ properties. We can help you navigate these changes, update your management procedures, and keep your property compliant as new requirements take effect.

Are you prepared for the next changes to Chicago’s rental laws? Contact PRG Management to learn how our team can help keep your investment compliant and operating efficiently.

New 2027 Illinois Rental Laws Landlords Need To Know

Illinois Landlord Compliance Changes to Prepare for in 2027

As we approach the final months of 2026, Illinois property owners are preparing for another round of changes to the rules governing residential rental properties. Beginning January 1, 2027, a new set of statewide requirements will affect how landlords disclose and charge certain tenant fees, which are important for owners and property managers to review their leasing practices before the new year.

For Chicago landlords already navigating the Chicago Residential Landlord and Tenant Ordinance (RLTO), Fair Notice requirements, building regulations, and other local rules, these statewide changes add another layer to an already complex compliance environment.

Here are some of the most important rental regulatory changes Chicago property owners should have on their radar heading into 2027.

HB 3564 / Public Act 104-0479: New Rental Fee Transparency & Limitations

Signed into law in June 2026, HB 3564 (Public Act 104-0479) amends the Illinois Landlord and Tenant Act and establishes new statewide requirements governing how residential landlords disclose and charge tenant fees.

When the law goes into effect on January 1, 2027, landlords must clearly disclose all non-optional fees in rental listings and on the first page of the lease. If a required fee is not properly disclosed on the first page of the lease, the tenant cannot be held responsible for paying it.

The law also prohibits certain fees and fines tied to routine aspects of a tenancy. For Chicago landlords, this means reviewing existing lease templates, property listings, fee schedules, and management procedures before entering into new leases in 2027.

HB 3564 Major Takeaways:

• Non-optional fees must be disclosed upfront. Required fees must be clearly disclosed in residential rental listings and on the first page of the lease.

• Undisclosed fees cannot be collected. If a required fee does not appear on the first page of the lease, the tenant is not liable.

• Certain fees are prohibited. Landlords cannot charge tenants for items such as lease renewals or modifications, after-hours maintenance requests, maintenance hotline calls, routine maintenance, landlord-required maintenance travel, or move-in/move-out walkthroughs.

• Pest-control charges are restricted. Tenants cannot be charged for pest abatement when they did not contribute to the infestation.

• Application fees face additional restrictions. Landlords cannot use application charges to duplicate tenant-screening costs or cover unrelated expenses.

• Fees cannot simply be renamed. The law specifically prevents landlords from renaming a charge to circumvent the requirements.

• Some small owner-occupied properties are exempt. The new requirements do not apply to leases for dwelling units in owner-occupied properties containing six units or fewer.

• Violations can carry real consequences. Tenants may bring a civil action, and courts may award injunctive relief, monetary relief, attorney's fees, and costs.

For many landlords, the biggest practical change will be ensuring that the advertised cost of renting a property matches the mandatory charges ultimately presented in the lease. See the full bill text and timeline for HB 3564.

HB 5234 / Public Act 104-0514: HB 3564's Effective Date Moves to 2027

Property owners researching the previous HB 3564 may encounter conflicting information stating that the law takes effect in July 2026. That's because the legislation originally contained a July 1, 2026 effective date.

HB 5234, enacted as Public Act 104-0514, changed HB 3564’s effective date to January 1, 2027. HB 5234 does not create a separate set of landlord requirements. It establishes when landlords must begin complying with HB 3564's new rental-fee rules.

HB 5234 Major Takeaways:

• HB 5234 became law in June 2026.

• It changed HB 3564's effective date from July 1, 2026 to January 1, 2027.

• The additional time allows landlords and property managers to review leases, rental listings, and fee structures before the new requirements take effect.

• Owners should avoid relying on older articles or summaries that continue to reference a July 2026 effective date.

See the full bill text and timeline for HB 5234.

HB 4377: Proposed Changes to Residential Leasing Broker Fees

Another potentially significant change remains worth monitoring, although it is not currently passed.

As amended by the Illinois Senate, HB 4377 would change how broker and leasing-agent fees are handled in residential rentals. Under the Senate amendment, if landlords retain a real estate broker or leasing agent, the landlord could not direct that broker or agent to collect payment from the tenant for services performed for the landlord, which include listing, showing, screening, qualifying applicants, and preparing lease documents.

The legislation would still allow a broker or leasing agent to collect compensation from the landlord who actually retained their services, and it contains an exception for qualifying dual-agency relationships. However, the amended legislation had not completed the required legislative process as of this writing. Property owners should therefore treat this as a development to monitor that could become a 2027 compliance requirement.

HB 4377 Major Takeaways:

• The proposal could significantly affect how residential leasing commissions are structured.

• A landlord's broker generally could not shift the landlord's brokerage or leasing-agent costs to the tenant under the proposal.

• Tenants could still independently retain and compensate their own broker.

• The amended bill is not currently law, so landlords should monitor its status rather than change their practices based solely on the proposal.

See the full bill text and timeline for HB 4377.

Preparing Your Chicago Rental Properties for 2027

The new rental-fee requirements remind us that rental property management in Chicago involves much more than collecting the monthly rent and coordinating maintenance. Owners must navigate overlapping state and local requirements covering leases, disclosures, fees, notices, tenant rights, building operations, and fair housing.

Before 2027, residential property owners should review their current lease templates, rental listings, application processes, tenant fee schedules, and internal procedures to identify practices that may need to change. If you haven’t reviewed your lease documents recently, PRG Management can help.

Stay Compliant with PRG Management

At PRG Management, staying up to date on local regulatory compliance is crucial to protecting the properties we manage. Our team stays current on evolving Chicago and Illinois requirements and incorporates those changes into the day-to-day management of our clients' investments.

Whether you own a single investment property, a multifamily portfolio, or manage a community association, our local regulatory and compliance expertise can help keep your investment operating efficiently and in compliance.

Looking for an experienced Chicago property management company that will keep your investments compliant? Contact PRG Management or fill out the form below to learn how our team can help.

10 Ways Chicago Real Estate Investors Lose Money Without Realizing It

Hidden Profit Leaks Every Chicago Real Estate Investor Should Know

Successful real estate investing doesn't stop after closing. Once a property becomes part of your portfolio, every operational decision, from pricing and leasing to maintenance and tenant management, has a direct impact on its long-term financial performance. When these day-to-day decisions aren't managed proactively, they can gradually erode profitability without owners realizing it.

The reality is that investment properties don't typically lose money due to a single major mistake. More often, it's the result of many small operational inefficiencies that quietly reduce profitability over time through larger expenses, extended vacancies, and missed opportunities to maximize returns.

Here are 10 ways Chicago real estate investors lose money without realizing it, how to avoid them, and how PRG Management helps owners protect and maximize their investments' performance.

1. Setting the Wrong Rental Price

Many Chicago real estate investors determine rent based on what the previous tenant paid or what similar units rented for months ago. In a market like Chicagoland, rental values can shift quickly depending on neighborhood demand, seasonality, available inventory, and local market trends. This applies not only to residential rentals, but also to highly competitive commercial and mixed-use properties.

Simply matching a neighboring listing or relying on outdated rental data doesn't account for changes in market demand, competing inventory, recent property improvements, or seasonal leasing trends. Underpricing leaves money on the table year after year, while overpricing can extend vacancy and ultimately reduce your property's overall cash flow.

How to avoid it: Closely review relevant comparable rentals before every lease renewal and turnover, using current market data rather than historical pricing.

PRG Management uses real-time Chicago rental market data and local leasing expertise to help owners price properties competitively while maximizing rental income and minimizing vacancy. Learn more about our Chicago investment management services.

2. Vacancies That Last Longer Than Necessary

Short turnover periods should be a high priority for an investment property owner, from residential rentals to commercial retail spaces. Every day a rental sits vacant is another day of lost income. Many vacancies last longer than they should because of delayed marketing, poor listing photos, slow communication with prospective tenants, or an outdated and inefficient leasing process.

It's not uncommon for owners to wait until just before a tenant moves out before preparing the property for market. By the time the turnover process is done and showings begin, several weeks of rental income may already be lost. Cleaning, repairs, photography, and marketing initiatives need to be planned to minimize lost income.

How to avoid it: Have a standardized process in place for preparing for turnover before a tenant moves out. Market the property immediately with professional photography, accurate pricing, and responsive communication.

PRG Management works alongside our sister company, Pearson Realty Group, to professionally market and lease residential and commercial units, respond quickly to qualified tenants, and reduce downtime between leases.

3. Delaying Maintenance Until It Becomes an Emergency

Many real estate investors and landlords will postpone smaller repairs to save money today, only for these problems to compound, leading to spending significantly more tomorrow. One of the most effective ways to protect your investment is to address maintenance issues before they grow into larger, more expensive problems. 

When maintenance is deferred, it doesn't just increase repair costs; it often leads to reduced tenant satisfaction, shortens the lifespan of major building systems, negatively impacts long-term property value, and may result in costly code violations or liability issues.

How to avoid it: Budget for scheduled preventative maintenance and address small issues before they become major capital expenses.

PRG Management coordinates preventative maintenance through a trusted network of vendors to help protect your property and maximize its long-term performance. Our Owner & Tenant Portal gives tenants an easy way to submit maintenance requests while providing owners with 24/7 access to repair updates, work order statuses, and property information through our web portal or mobile app.

4. High Tenant Turnover Rates

Tenant turnover is one of the most expensive parts of owning rental property. Every vacancy creates cleaning costs, maintenance and marketing expenses, utility costs, administrative work, and potential lost rent before the next tenant even moves in. One turnover can easily erase months of incremental rent increases.

But many real estate investors focus on filling vacancies instead of reducing how often they occur. A proactive tenant retention strategy not only reduces overall turnover costs but also creates more consistent cash flow, leading to more stable and predictable property performance.

How to avoid it: Prioritize tenant satisfaction through responsive communication, timely maintenance jobs, competitive rental pricing, and a professional rental experience that encourages lease renewals.

PRG Management helps improve tenant retention through proactive communication, coordinated maintenance, and responsive day-to-day management that creates a better, more streamlined experience for all of our residents.

5. Weak Tenant Screening Processes

Not every vacancy is expensive, but placing the wrong tenant almost always is. Late rent payments, lease violations, excessive property damage, and evictions most often come directly from inadequate screening processes. Choosing the first qualified applicant isn't always the same as choosing the best qualified applicant.

A thorough tenant screening will help reduce risk and protect the long-term performance of your investment by placing tenants who are more likely to pay on time, care for the property, and renew their lease.

How to avoid it: Leverage consistent screening standards that include credit history, income verification, employment verification, rental history, and background checks.

PRG Management follows a structured tenant screening process designed to help owners place qualified tenants that prioritizes reducing unnecessary risk for owners and management. Our continued partnership with our sister company, Pearson Realty Group, ensures that highly qualified tenants fill vacancies for every property we support.

6. Paying More Than Necessary for Repairs

Many self-managing investors and landlords rely on whichever contractor is available when something breaks or when routine maintenance is needed. Without established relationships with trusted vendors, it's difficult to compare pricing, verify quality, or ensure repairs are completed consistently. Over time, inconsistent vendor management can quietly increase operating expenses, reduce the quality of repairs, and make budgeting for maintenance far less predictable. 

Emergency repairs often come with premium pricing, but even routine maintenance can become more expensive over time due to inconsistent workmanship, repeat service calls, or unnecessary repairs.

How to avoid it: Develop relationships with trusted vendors before emergencies happen and regularly evaluate maintenance costs to ensure you're receiving quality service at fair pricing.

PRG Management works with an established network of experienced and trusted vendors who understand the intricacies of Chicago properties and help owners receive dependable service at competitive rates.

7. Compliance Mistakes That Could Have Been Prevented

Chicago's and the state of Illinois’ rental regulations continue to evolve, and even experienced real estate investors can overlook important requirements that can change quickly. What was considered compliant a few years ago may no longer meet today's legal requirements, making regular reviews of your leasing practices essential. 

When investors and landlords operate with improper lease documentation, missing disclosures, mishandled security deposits, or failure to comply with the Residential Landlord and Tenant Ordinance (RLTO), it can all create unnecessary financial exposure. Many compliance issues happen because owners aren't aware of changing regulations.

How to avoid it: Stay informed about local landlord regulations and regularly review your leasing practices, documentation, and operational procedures.

PRG Management’s Chicago property management experts stay up to date on the constantly changing landscape of Chicago's and Illinois’s rental regulations while maintaining compliant leasing and property management practices for owners and investors.

8. Not Tracking Property Performance

Smart real estate investors know exactly how much rent they collect every month and how much is spent on expenses, but few regularly evaluate how their property is actually performing in the long term. Without consistent reporting, small profit leaks can quietly reduce returns for years before they're identified and addressed.

Key performance indicators, like vacancy rates, maintenance requests & costs, renewal rates, delinquency, and net operating income, often tell a much more complete story than monthly rent deposits alone. Understanding these numbers on a deeper level and knowing how to respond to them will have a great impact on your property’s long-term performance.

How to avoid it: Review financial reports regularly and monitor operational metrics that impact long-term profitability.

PRG Management provides detailed financial reporting through our secure owner portal, giving investors 24/7 access to statements, financial reports, and important property documents so they always have a clear view of their investment's performance at their fingertips.

9. Trying to Manage Everything Yourself

As investment portfolios grow, so do the operational demands of managing them. What may be manageable with one or two properties quickly becomes more time-consuming as you add units, making it increasingly difficult to stay organized, responsive, and proactive. At a certain point, having the right systems and support is essential for maintaining long-term investment performance.

Collecting rent, coordinating maintenance, communicating with tenants, scheduling vendors, responding to emergencies, handling lease renewals, tracking expenses, and maintaining compliance all require organized systems and consistent oversight. Without efficient processes in place, self-managing your investment can quickly become time-consuming, inefficient, and difficult to scale.

How to avoid it: Implement systems and collect support that centralize communication, maintenance, accounting, payments, and reporting.

PRG Management takes a proactive, full-service approach to property management by coordinating leasing, maintenance, tenant relations, financial reporting, and compliance on your behalf. Combined with our owner and tenant portals, investors have complete visibility into their properties without managing the day-to-day operations themselves. Learn more about the full support services offered and all properties supported by PRG Management.

10. Choosing Property Management Based on Price Alone

Experienced real estate investors don't evaluate decisions based solely on cost—they evaluate them based on return. The same principle applies when choosing a property management company. A lower management fee may look appealing upfront, but it can quickly be offset by longer vacancies, higher turnover, preventable repairs, or missed opportunities to maximize rental income.

The right property management company should function as a long-term investment partner. Strong communication, proactive maintenance, efficient leasing, financial transparency, and local market expertise all contribute to better property performance and ultimately have a much greater impact on your returns than a small difference in management fees.

How to avoid it: Look beyond management fees and evaluate the full picture: communication, leasing capabilities, maintenance coordination, financial reporting, technology, and local market expertise.

PRG Management is a full-service Chicago property management company that combines experienced property managers, accomplished real estate professionals, advanced technology, and dedicated support staff to help real estate investors streamline operations, reduce headaches, and maximize the long-term performance of their rental properties. 

Partner with a Chicago Property Management Company Focused on Investment Performance

Investment properties don't maximize themselves. Behind every successful investment is a consistent process and partner for leasing, maintenance, tenant communication, financial management, and compliance, all working together to protect your investment and improve long-term returns. 

PRG Management is a full-service Chicago property management company serving real estate investors, landlords, and property owners throughout Chicago and the surrounding suburbs. Our experienced team combines hands-on property management with technology-driven operations and data-backed insights to help owners reduce operational inefficiencies, improve property performance, and maximize long-term returns.

Request a Management Proposal

Whether you own a single rental property or a growing investment portfolio, PRG Management helps real estate investors operate more efficiently and maximize long-term performance. Learn more about our Chicago real estate investment management services and contact us today or complete the form below to request a customized management proposal.

Your Guide to Multifamily Property Management in Chicago

Chicago Multifamily Property Management

Multifamily properties can be some of the most rewarding real estate investments in Chicago, but they also come with unique operational challenges. From leasing and unit turnovers to financial reporting, preventative maintenance, and regulatory compliance, successful ownership requires far more than simply collecting rent checks each month.

At PRG Management, our Chicago property managers work closely with multifamily property owners and landlords throughout Chicagoland to streamline operations, reduce vacancies, and improve overall property performance. This guide explains what owners should expect from a professional property management company and how partnering with PRG Management can help maximize returns.

What Services Should a Multifamily Property Management Company Provide?

The best Chicago property management companies do far more than collect rent on the 1st of the month. They need to act as strategic partners, carefully focused not only on protecting but also on improving investment performance. When looking for effective Chicago property management services, landlords and property owners should look at:

Leasing, Marketing & Tenant Placement Services

Unit vacancies are one of the largest expenses multifamily property owners face. Without effective marketing, prompt lead follow-up, professional showings, and a strategic leasing process, vacant units can quickly impact a property's cash flow.

Through our partnership with Pearson Realty Group, PRG Management provides comprehensive leasing services designed to minimize vacancy and attract qualified tenants. Our marketing strategy includes professional photography, compelling listing descriptions, social media marketing, broad web syndication across major rental platforms, and proactive lead management to maximize exposure and generate greater tenant interest.

Our tenant screening process includes:

• Comprehensive background checks

• Income verification

• Rental history review

• Employment verification

• Lease preparation and execution

By combining professional marketing with comprehensive tenant screening, PRG Management helps owners reduce vacancy periods while placing qualified tenants who are more likely to remain long-term residents. Learn more.

Rent Collection and Financial Management Services

Consistent rent collection and accurate financial reporting are critical to the success of any multifamily investment. Property owners need a clear understanding of how their property is performing, where money is being spent, and whether operations are supporting long-term profitability - and be able to access this information at any time.

PRG Management provides comprehensive rent collection and financial management services for multifamily property owners throughout Chicago and the surrounding suburbs. Our team handles rent collection, delinquency management, owner reporting, income and expense tracking, and financial oversight to help owners maintain predictable cash flow and make informed business decisions. 

Our financial management services include:

• Online rent collection

• Delinquency monitoring and follow-up

• Detailed owner financial statements

• Detailed income and expense reporting

• Accurate reporting tools for increased financial transparency

• Budget coordination and operational insights

PRG Management clients also have access to an Owner Portal & App for 24/7 communication, access to maintenance updates, financial reporting, and critical document storage. Learn more.

Maintenance Coordination Services

The upkeep of a rental property directly impacts tenant satisfaction, occupancy rates, and long-term property value. A proactive maintenance strategy helps protect that investment by identifying issues before they become costly repairs. Combined with strong vendor relationships and timely follow-up, preventative maintenance helps owners avoid larger expenses, tenant complaints, and unnecessary operational challenges.

PRG Management provides full-service maintenance coordination for residential rentals, multifamily properties, mixed-use properties, and investment properties throughout Chicagoland. Our team works closely with trusted vendors and contractors to ensure maintenance requests are addressed promptly and professionally while keeping owners informed throughout the process.

Our maintenance services include:

• Routine maintenance coordination

• Vendor and contractor management and follow-up

• Emergency maintenance response protocols 

• Scheduled preventative maintenance

• 24/7 maintenance work order tracking

• Resident communication and follow-up

• Move-in and move-out inspections

• Routine property inspections

By taking a proactive approach to maintenance, PRG Management helps owners protect their assets, improve resident satisfaction, and reduce costly deferred maintenance issues. Learn more.

Tenant Relations and Regulatory Compliance Services

Successful multifamily property management extends beyond maintaining the physical property. Strong tenant communication, consistent lease enforcement, and compliance with local regulations are all critical in protecting an owner's investment and supporting long-term property performance.

PRG Management serves as the primary point of contact for residents on behalf of our clients, handling tenant communication, lease enforcement, renewals, and resident relations. Our team also helps owners navigate Chicago's complex regulatory environment, including the RLTO, fair housing requirements, and Illinois landlord-tenant laws. By combining proactive tenant management with local compliance expertise, we help owners reduce risk and create a better experience for residents.

Our tenant relations and compliance services include:

• Resident communication and support

• Lease enforcement

• Lease renewal coordination

• Tenant dispute resolution

• Fair housing compliance

• Local regulatory guidance

• Residential Landlord and Tenant Ordinance (RLTO) compliance

• Documentation and record keeping

How Professional Management Improves Property Performance

Protecting a multifamily investment requires more than responding to issues after they occur. Regular inspections and compliance oversight help owners identify concerns early, preserve property value, and reduce risk.

PRG Management provides routine property inspections and compliance support designed to help owners protect their investments and navigate Chicago's increasingly complex regulatory environment. Our team helps monitor property conditions, document issues, coordinate corrective actions, and stay current with local and state requirements affecting rental housing.

Our inspection and compliance services include:

• Routine property inspections

• Move-in and move-out inspections

• Lease compliance monitoring

• Property condition reporting

• Vendor and repair follow-up

• Regulatory and ordinance guidance

• Documentation and record keeping

With extensive experience managing properties throughout Chicago and the surrounding suburbs, PRG Management helps owners stay compliant while maintaining the long-term condition and performance of their assets. Learn more.

How to Choose a Multifamily Property Management Company

A strong property management partner should help improve operations, reduce risk, and create a better experience for both owners and residents. Before hiring a management company, owners should evaluate more than just the management fees.

When shopping for a property management company, consider asking:

• How quickly do they communicate with owners?

• What maintenance systems do they have in place?

• Do they manage properties similar to yours?

• How do they reduce vacancy?

• What technology and reporting tools do they provide?

• Do they understand Chicago regulations?

• Do they offer leasing services in-house?

Why Multifamily Owners Choose PRG Management

Property owners throughout Chicagoland choose PRG Management because we combine local expertise, responsive services, and full-service Chicagoland property management capabilities. Whether you own an apartment building, a mixed-use property, or a larger multifamily portfolio, PRG Management protects your investment while maintaining long-term property value.

Responsive Communication

PRG Management takes a proactive approach to owner and tenant communication. Our team provides prompt responses and regular updates to help ensure maintenance issues, vacancies, resident concerns, and property matters are addressed quickly and professionally.

Local Chicago Expertise

PRG Management’s property managers stay up to date on current laws and compliance requirements that impact landlords and property owners throughout Chicago and the surrounding suburbs.

Brokerage and Management Under One Roof

PRG Management works alongside Pearson Realty Group, providing owners with integrated leasing and management services. This streamlined approach helps reduce vacancy periods, improve tenant placement, and simplify property operations.

Technology and Transparency

PRG Management leverages modern property management technology to streamline operations and provide greater visibility into property performance. Through our 24/7 online owner and tenant portals, clients can access financial reports, maintenance activity, property documents, and account information.

Full-Service Property Management

From leasing and tenant screening to maintenance coordination, financial reporting, inspections, and compliance support, PRG Management provides comprehensive management services designed to help multifamily properties operate efficiently and profitably.

Request a Free Management Proposal

PRG Management provides full-service multifamily property management throughout Chicago and the surrounding suburbs. From leasing and tenant placement to maintenance coordination, financial reporting, and compliance support, our team helps owners protect their investments and maximize property performance.

Contact us today to request a free management proposal and learn how PRG Management can support your investment goals.

Chicago Multifamily Property Management FAQs

What is multifamily property management?

Multifamily property management involves overseeing the daily operations of apartment buildings and other multi-unit residential properties. Services typically include leasing, rent collection, maintenance coordination, financial reporting, inspections, and tenant management. PRG Management provides full-service multifamily property management for owners throughout Chicago and the surrounding suburbs.

Is property management worth it for a multifamily property?

Many owners find professional management worthwhile because it can reduce vacancies, improve tenant retention, streamline maintenance, and free up significant time while protecting the value of the investment. PRG Management helps property owners maximize property performance through proactive management, local expertise, and integrated leasing services.

Can a property management company manage mixed-use properties?

Yes. Mixed-use properties often require expertise in both residential and commercial leasing and operations. PRG Management manages mixed-use properties throughout Chicagoland, helping property owners and investors navigate the unique challenges of managing both residential and commercial tenants.

What should I look for in a multifamily property management company?

Property owners should look for strong communication, local market expertise, maintenance support, financial transparency, technology, leasing capabilities, and experience managing similar property types. PRG Management combines these services with local Chicago market knowledge and in-house leasing support through Pearson Realty Group.

What is the best multifamily property management company in Chicago?

The best multifamily property management company depends on a property's size, complexity, and ownership goals. Owners should look for a company with local market expertise, strong communication, proven leasing capabilities, transparent reporting, and experience managing similar assets. PRG Management provides full-service multifamily property management throughout Chicagoland and works with apartment building owners, mixed-use properties, and investment portfolios of all sizes.

Does PRG Management manage apartment buildings?

Yes. PRG Management provides professional management services for rental apartment buildings, multifamily properties, mixed-use buildings, commercial assets, HOA communities, and investment portfolios throughout Chicago and the surrounding suburbs.

Does PRG Management provide leasing services?

Yes. Through our partnership with Pearson Realty Group, PRG Management provides integrated leasing and management services, helping owners reduce vacancies, attract qualified tenants, and streamline tenant turnovers.

Why choose PRG Management for multifamily property management in Chicago?

PRG Management combines local Chicago market expertise, responsive communication, modern property management technology, and integrated leasing services through Pearson Realty Group. Our team manages multifamily properties, mixed-use buildings, commercial assets, HOA communities, and investment portfolios throughout Chicagoland.

New Law That Limits What Landlords Can Charge Tenants: Illinois HB 3564

Illinois Is Cracking Down on Rental Fees

UPDATE (July 7, 2026): HB 3564 is now scheduled to take effect on January 1, 2027. The law was originally expected to take effect on July 1, 2026, but the Illinois General Assembly approved legislation delaying implementation. This article has been updated to reflect the new effective date of HB 3564.

For years, move-in fees and administrative charges became standard practice for many Chicago landlords. Landlords often use these fees to offset legitimate operational costs tied to tenant screening, lease administration, maintenance coordination, and unit turnover. This may soon change statewide.

Illinois House Bill HB 3564 introduces significant changes to how Illinois landlords can structure rental fees and lease disclosures for residential tenants. While the law was originally scheduled to take effect July 1, 2026, a companion bill (HB 5234) currently awaiting final action could push implementation to January 1, 2027.

Regardless of the implementation date, Illinois landlords should begin preparing now.

What HB 3564 Actually Does

HB 3564 prohibits several common rental fees, caps certain tenant charges, and introduces new disclosure requirements for most Illinois residential lease agreements. While certain owner-occupied buildings with six units or fewer may be exempt, the law will apply to the majority of rental properties throughout Chicago and the surrounding suburbs, particularly non-owner-occupied investment properties.

View the Full Text & Bill Status of HB 3564

What Fees Are No Longer Allowed Under HB 3564? 

HB 3564 not only caps and regulates certain rental charges, but also prohibits several common fees previously charged by Illinois landlords on covered residential leases.

Under the new law, landlords generally are not allowed to charge:

• Move-in fees larger than 20% of the first month’s rent

• Administrative or lease processing fees

• Lease renewal or agreement fees

• Routine walkthrough or inspection fees

• After-hours maintenance request fees

• Certain pest control charges unless the tenant directly caused the issue

The tenant cannot elect to pay one-time fees in installments if:

1. The total amount of the one-time fee does not exceed 25% of the first month’s rent

2. Payment of the last month’s rent is not required at the inception of tenancy

HB 3564 also prevents landlords from renaming prohibited charges under labels like:

• “Administrative fees”

• “Tenant onboarding fees”

• “Lease processing fees”

• Similar variations intended to bypass the law

Application and background check fees are still allowed, but they are capped at $50 unless the landlord can document a higher third-party screening cost. Security deposits may not exceed the monthly rent amount. Landlords who continue charging prohibited fees after HB 3564 takes effect may face civil liability from tenants.

The Lease Transparency Requirement

HB 3564 also introduces new lease disclosure requirements intended to make rental costs more transparent for tenants. Under the new law, all non-optional fees must be clearly disclosed on the first page of the lease agreement. If a fee is not properly disclosed, the tenant may not be legally required to pay it. Landlords should review their lease agreements carefully to double-check that all required disclosures are presented in clear and consistent language moving forward. The legislation will also require landlords to disclose whether utilities are included in rental listings and within the lease itself.

HB 3564 Lease Transparency Updates

• All non-optional fees must be disclosed on the first page of the lease agreement

• Tenants may not be legally required to pay fees that are not properly disclosed

• Landlords must disclose which utilities are included in rental listings

• Landlords must disclose utility responsibilities within lease agreements

• Older lease templates and operational documents may need to be updated for compliance

• Landlords should review lease formatting, disclosures, and fee language before the law takes effect

Owner-Occupied Buildings With Six or Fewer Units May Be Exempt Under HB 3564

One important detail for smaller Chicago landlords is that HB 3564 does not apply to certain owner-occupied buildings containing six or fewer rental units. For smaller self-managing landlords, understanding whether your building qualifies for the exemption will be an important first step before making operational or lease changes. Ownership structure, occupancy status, and the property’s legal status can all affect whether the exemption applies. Investment properties that are not owner-occupied will generally still fall under the law even if they contain fewer than six units.

What This Means for Landlords

From an Illinois landlord’s perspective, these changes will have a real operational and potential financial impact. Many of the fees prohibited under HB 3564 helped offset legitimate costs associated with screening new tenants, lease administration, and turning over units between residents, and even more so for smaller independent landlords. The important thing now is not to try to work around the law by simply renaming prohibited fees and facing penalties. Instead, landlords should begin reevaluating their lease structure and rental pricing ahead of the law taking effect.

As Illinois and Chicago rental regulations continue becoming more complex, many property owners are also realizing that compliance and operational oversight now require a far more proactive approach than they did even a few years ago. At PRG Management, we help Chicagoland landlords stay current and compliant on evolving rental regulations while keeping properties operating efficiently.

What Landlords Should Do Before HB 3564 Takes Effect

Chicagoland landlords should begin preparing now instead of waiting for final implementation guidance. Before HB 3564 takes effect, Illinois and Chicago landlords should:

• Audit current lease agreements for prohibited or questionable fees

• Update lease templates to comply with the first-page disclosure requirement

• Review rental pricing structures to account for revenue previously collected through fees

• Confirm utility disclosures are accurate across listings and lease documents

• Evaluate whether their property qualifies for the owner-occupied six-unit exemption

• Consider working with PRG Management, a professional Chicago property management company that stays current on Illinois landlord law and Chicago compliance requirements

Final Thoughts

HB 3564 represents one of the more significant recent changes to how residential leases and rental fees will be handled in Illinois. Whether you own a two-flat or courtyard building in Chicago, or a larger rental portfolio across the surrounding suburbs, compliance can no longer be treated as an afterthought. 

At PRG Management, we help Chicagoland landlords and property owners navigate evolving regulations, leasing compliance, tenant management, maintenance coordination, and day-to-day operational oversight. If you would like help reviewing your current lease structure, rental policies, or overall management strategy ahead of the upcoming changes, contact the PRG Management team to request a free property management consultation.

How to Choose the Right Rental Management Company in Chicago

Finding the right rental management company in Chicago can make the difference between a profitable investment and a costly headache. Whether you own a single condo or an entire portfolio of multifamily properties, choosing a management firm that understands local regulations, tenant expectations, and market conditions is critical to maintaining your investment.

Chicago’s rental market is unique with tight building codes, evolving tenant laws, and neighborhood-by-neighborhood rent variations. The best management company will not only handle the day-to-day operations and protect your long-term asset value, helping you scale efficiently while staying compliant, but also has hyper-local market knowledge.

What to Look For in a Rental Management Company

When evaluating potential partners, start with experience and scope. A proven rental management company in Chicago should demonstrate success across diverse asset types, including multifamily, single-family, mixed-use, and small commercial, and show they can deliver consistent ROI. Key qualifications to look for in a Chicago rental management company:

• Local Expertise: Deep familiarity with Chicago neighborhoods, landlord–tenant law, and compliance requirements like city registration and inspection programs.

• Proven Experience: A varied portfolio of properties that both match and surpass your needs, showing that any property type can be served.

• Operational Systems: Modern technology for both tenants and owners, including rent collection, maintenance requests, and owner reporting.

• Vendor Relationships: Access to trusted contractors for regular & preventative maintenance, unit turnover, and capital projects.

• Clear Communication: Transparent, consistent updates and quick responses to both tenants and owners.

Talk with a Chicago rental property manager.

Why Local Experience Matters in Chicago Property Management

Chicago’s rental environment is highly regulated. From the Residential Landlord and Tenant Ordinance (RLTO) to local rental licensing and security deposit rules, compliance errors can lead to major expenses.

A Chicago-based team can handle these nuances proactively. They know which suburbs require rental registration, how to navigate lease renewals under city law, and when to raise or hold rents based on seasonal demand trends. Choosing a rental management company Chicago investors trust means selecting a partner who treats your property like a business, not a side project.

PRG Management is well versed in both the standard, complex residential housing laws and the constantly shifting legislation happening downstate that affects tenants, owners, and managers. If you have any questions about the ordinances or regulations surrounding an issue at your property, feel free to contact a Chicago property manager at PRG Management today.

READ: The Illinois Receivership Act Explained

READ: The Chicago Heat Ordinance Explained

What Makes a Management Company Stand Out

A good rental management company in Chicago collects rent and coordinates maintenance. A great one creates long-lasting structure, savings, and stability. At PRG Management, we combine portfolio-grade systems with boutique service, offering:

• Dedicated Property Managers: One point of contact who knows your properties inside and out.

• Tech-Enabled Operations: Online portals, automated rent reminders, and digital maintenance logs.

• Preventive Maintenance Plans: Regular inspections and checklists that catch small issues early.

• Transparent Financials: Monthly owner statements with real-time access to income and expenses.

• Tenant Retention Strategy: Fair policies, quick repairs, and respectful communication that reduce turnover. We work with our sister company, Pearson Realty Group, to minimize turnover time and find qualified tenants.

• Legal Compliance Management: Oversight of leases, security deposits, and local ordinances.

• Scalable Support: Systems designed to manage one property or a growing portfolio seamlessly.

• Data-Driven Insights: Market analytics and rent comparisons to keep pricing competitive.

Comparing Rental Management Fees in Chicago

Management fees vary across the market. While some firms advertise low monthly rates, it’s important to review the total cost of service, including leasing fees, maintenance markups, and lease renewal charges.

In many cases, a slightly higher management fee from a company that minimizes vacancy and maintenance costs can improve your net operating income (NOI) over time. Always ask for a transparent breakdown of fees and services before signing.

Questions to Ask Before Hiring

These questions help ensure alignment between your expectations and the company’s operations. Before making a decision, ask:

1. How do you screen and retain tenants?

2. What systems do you use for maintenance tracking and communication?

3. How quickly do you respond to emergencies?

4. Can you provide sample owner statements or monthly reports?

5. Which Chicago neighborhoods or suburbs do you manage most frequently?

6. How do you handle late payments or evictions?

7. What is your average vacancy rate across managed units?

8. Do you conduct regular property inspections?

9. Are your property managers licensed in Illinois?

10. How do you ensure compliance with Chicago’s RLTO and Fair Housing laws?

Why Owners Choose PRG Management

Property owners across Chicagoland choose PRG for our local knowledge, responsive service, and transparent communication. We offer a broad range of services to effectively manage commercial and residential real estate in Chicago and the surrounding suburbs. Our industry-leading practice, mixed with technology and data-driven insights, helps our clients maximize profitability while limiting headaches on a regular basis. 

Learn more about our full-service rental property management and see how we successfully manage thousands of single-unit rentals, small multifamily portfolios, and investor-owned properties in Chicagoland. Request a free Chicago property management proposal or talk to a rental property manager in Chicago today.

Illinois Senate Bill 1563: Squatter Relief for Property Owners, Landlords, & REO Professionals

Illinois Senate Bill 1563: Squatter Relief for Property Owners, Landlords, & REO Professionals

Illinois Senate Bill 1563, widely known as the “Squatter Bill”, has passed both houses and is awaiting Governor JB Pritzker’s approval. This bill is a pivotal shift in how unauthorized occupants, or “squatters,” are managed statewide. As housing challenges evolve statewide, IL SB 1563 addresses long-standing frustrations property owners have faced when dealing with individuals who exploit the legal gray areas to unlawfully occupy homes and rental properties, often without paying any rent.

For Chicago landlords, investors, REO managers, and property managers, this legislation marks a turning point in the rental market. It offers legal clarity while providing more enforcement power and quicker resolution timelines without navigating the often costly and time-consuming eviction courts. Understanding the specifics of IL SB 1563 and its practical applications will help you better protect your Illinois assets and bolster your long-term investment strategy.

What IL SB 1563 Fundamentally Changes

Senate Bill 1563 introduces long-awaited protections for property owners by clarifying the distinction between unlawful occupants (“squatters”) and lawful tenants. The bill reinforces already existing property rights without altering the judicial due process. It simply enables the enforcement of existing criminal laws in clearer, more actionable ways, like allowing police to act decisively when there’s no valid lease. The legislation:

• Affirms that the Illinois Eviction Article does not restrict police from removing criminal trespassers.

• Empowers law enforcement to take immediate action when property owners show legal ownership.

• Criminalizes the use of fraudulent documents or false identity to claim residence in a property.

How SB 1563 Works in Practice

For owners and property managers in Chicago, SB 1563 dramatically simplifies the squatter response process. This new legal path enables Chicago property management companies to expedite turnover processes, reduce vacancy time, and protect clients from losses resulting from adverse possession attempts, lease fraud, and unauthorized occupancy. IL SB 1563 provides a clearer legal process for resolving squatter incidents. These steps include:

1. Owner confirms legal control: typically with a deed, title, or other proof of ownership.

2. Police review on-site documentation: to verify the absence of a lawful tenancy or lease agreement.

3. Trespasser is removed: no civil eviction filing needed, minimizing delays and property damage risk.

4. Property is resecured and reoccupied: typically within days instead of months.

Updated Overview of the Law

IL SB 1563 primarily aims to clarify the existing ambiguities and gray areas in the current law to help restore enforcement authority to local municipalities. This legislative change doesn’t diminish tenant rights, but instead restores a balance by clarifying which situations are considered unlawful occupancy and legal residency. Giving property owners a stronger foundation to act quickly and lawfully while protecting their other tenants. Specifically:

• It updates language in Illinois’ Eviction Article to affirm that criminal trespass enforcement remains valid and enforceable, even if civil eviction is not yet underway.

• The bill targets individuals using forged leases, fraudulent documentation, or identity misrepresentation to delay removal or create confusion over tenancy.

• Supported by both Democratic and Republican lawmakers, the bill passed with overwhelming bipartisan support and now awaits Governor J.B. Pritzker’s expected signature.

IL SB 1563: What Are The Next Steps?

As of June 18th, Illinois SB 1563 has been sent to Gov. JB Pritzker for his approval, the last step in the legislative process. Although he has 60 calendar days to decide, political and real estate leaders in Springfield express strong confidence that Gov. Pritzker will sign the measure. His supporters cite direct engagement with his administration and broad bipartisan backing as clear indicators that the bill is likely to become law.

So if you are a property owner, landlord, or REO professional experiencing squatters in your Chicago investment property and are seeking to file an eviction, now is the time to prepare. IL SB 1563 gives Chicago property management companies like PRG Management the legal authority to act quickly and decisively, allowing the police can take immediate action once proof of ownership is provided, so squatter issues can be resolved almost immediately.

With the new legal framework from IL SB 1563, PRG Management’s experienced Chicago property managers are here to support landlords and property owners with any tenant-related issues affecting your cash flow. With over 2,800 units managed and $1B in assets under care, PRG Management provides customized Chicago property management solutions, including tenant management, compliance oversight, financial reporting, and much more. To talk to a property manager about how IL SB 1563 impacts your properties or tenants, contact PRG Management anytime. Our experienced Chicago property team is happy to answer any questions about your investment and provide a free proposal for services.

Has Lincoln Yards Found New Potential Investors?

The state of Lincoln yards

The Lincoln Yards project is a major Chicago real estate development that planned to take over a former industrial site along the Chicago River on the city’s North Side. The project was announced in 2019 and its goal was to utilize 53 acres of industrial riverfront space to link several of Chicago's bustling neighborhoods, including Wicker Park and Lincoln Park. The vision for Lincoln Yards detailed a comprehensive mixed-use development with approximately 6,000 residential units and a variety of entertainment offerings.

The plans for Lincoln Yards include a variety of commercial, residential, and retail real estate developments. Starting with the residential property plans the designs included the construction of thousands of residential units, ranging from apartments to condominiums and townhouses. These living spaces would cater to a mix of demographics, offering a variety of sizes, styles, and amenities to accommodate different lifestyles. Additionally, some commercial properties were planned in Lincoln Yards, which would feature substantial office space and serve as a hub for businesses across various sectors. Finally, Lincoln Yards real estate development plans included ample public spaces which would include public green spaces, parks, and recreational areas all working towards promoting outdoor activity, relaxation, and community gathering.

With an estimated budget of $6 billion for the large property, the developer Sterling Bay has finished 1 building at the southern end of the massive site. Named ALLY and situated at 1229 W. Concord Place, the building focuses on accommodating the life-sciences industry, providing 285,000 square feet of area and rising 144 feet in height. Nevertheless, it has faced challenges in attracting occupants which was not the promising start Sterling Bay may have hoped for.

Lincoln Yards New Investment Opportunities?

However, in the past few years, several holds have been made on the large-scale project over concern about the infrastructural issues and potential problems with transportation. Previously in 2022, there was hope for construction to start but those developments never came to Lincoln Yards. It seemed Sterling Bay, the project's developers, were at a stand-still with city officials. However, in recent news, new investors have stepped forward to join the large-scale project potentially.

In March 2024, Representatives of the Kayne Anderson investment firm met with city planning officials and executives from Sterling Spring to discuss potentially revamping the Lincoln Yards real estate project. If the LA-based firm does choose to join the project, this could be a major update for the future of Lincoln Yards and may refresh the project’s original designs. Among the advisors for Kayne Anderson included Darren Sloniger, formerly associated with Marquette Companies who engaged in discussions to serve as the primary financial backer for the project potentially. Last year, Sloniger stepped down as the CEO of the Naperville-based developer Marquette. Over the years Marquette has developed hundreds of apartment projects in the Fulton market with Sloniger at its head.

With such powerful names in the world of investment and real estate in the talks to acquire Lincoln Yards, the project may finally have a chance to move forward. The future looks promising for this massive Chicago real estate development project, and the potential for its expansion seems to be imminent in the next few months. Lincoln Yards aims to create a vibrant, sustainable, and inclusive urban community that integrates residential, commercial, retail, and recreational elements. By repurposing underutilized industrial land, the project seeks to transform the area into a dynamic and thriving neighborhood that enhances the quality of life for residents and contributes to the economic vitality of Chicago, and hopefully, these new potential investors will help that happen.

If you are interested in this investment opportunity or are looking for some consultation on an existing property, our team of commercial real estate veterans are here for you! Contact us today with the form below to talk to a commercial real estate expert at PRG Management!

Maximize Your ROI with a Chicago Investment Property Manager

How To Maximize Your Return on Investment with a PRG Investment Property Manager

In the heart of the Midwest, Chicago's real estate landscape is ripe with opportunities for investment properties. Navigating this landscape requires more than just ownership—it demands thoughtful management. This is where the expertise of a Chicago investment property manager becomes invaluable. By entrusting your property to seasoned Chicago property managers, you not only protect your investment but also significantly enhance your ROI.

An investment property manager serves as the guardian of your real estate assets. They handle everything from tenant relations to maintenance with the main goal of maximizing your property's profitability. These professionals are equipped with the essential local knowledge for navigating the city's diverse neighborhoods and complex (and ever-changing) regulations.

Benefits of Hiring a Chicago Investment Property Manager

Maximized Rental Income

Determining the right rental price in Chicago can be tricky, requiring an intimate understanding of the local market. Effective Chicago investment property managers regularly analyze local market reports to set rental rates that attract tenants while maximizing your income. Maximizing your investment property’s ROI also requires a proactive approach to minimizing vacancy periods between tenants. An experienced property manager minimizes the turnover period, ensuring no gap in your income stream.

Cost-Efficient Property Maintenance

Proactive preventative maintenance is pivotal in preserving the value of your investment for any property. Investment property managers work to establish relationships with a network of reliable contractors and vendors, ensuring maintenance issues are addressed promptly and affordably. Not only does this save money in the long run but it also keeps tenants satisfied, thus reducing turnover.

Rigorous Tenant Screening Process

The cornerstone of a successful investment property is a reliable tenant. Through a meticulous screening process, property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This thoroughness ensures your property is occupied by tenants who respect your property and fulfill their lease obligations. Effective Chicago property companies will work closely with reputable Chicago real estate firms like Pearson Realty Group to minimize vacancy rates.

Streamlined Rent Collection and Financial Management

The biggest threat to your ROI on an investment property is tenants not paying rent. Through a meticulous screening process, Chicago property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This vigorous process ensures your property is occupied only by tenants who respect your property and fulfill their lease obligations.

Knowledge of Local Laws and Regulations

Many landlords and investors don’t have the time to keep up with the ever-changing local laws and regulations surrounding property and tenants’ rights. Chicago's investment property managers are well-versed in local, state, and federal regulations, from fair housing laws to building codes. Their expertise safeguards property owners against legal issues, avoiding pitfalls that could cost you big time, offering peace of mind and protection from potential litigation.

Choosing the Right Investment Property Manager in Chicago

Selecting the right investment property manager is paramount for Chicago property owners looking to maximize their ROI. By leveraging the expertise of a seasoned investment property manager you can reduce stress, and ensure your property is a source of pride and profit. If you're ready to take your investment to the next level, PRG Management is here for you.

Request a FREE proposal of management services here or simply fill out the form below! With over a decade of experience maximizing the return of thousands of units across Chicagoland, our investment property management team is here to give you peace of mind.

Recoup Losses & Rent Payments During COVID-19

The coronavirus pandemic has caused a spike in Illinois unemployment as people experience unexpected job loss and furloughs. As a result, Chicago property owners' are faced with the unprecedented dilemma of coping with multiple tenants who can’t afford to pay rent at the same time. With limited options, landlords/owners are left wondering how they can collect rent payments and recoup losses during COVID-19.

Below is a list of guidelines and resources to help Chicago property owners navigate this unusual time. 

Can tenants be evicted for not paying rent?

• According to Gov. Pritzker, the state won’t allow evictions while under the stay-at-home order. 

  • Cook County extended its suspension of eviction cases through May 18.

  • Properties with a federally backed mortgage (Fannie Mae, Freddie Mac, and other situations): the federal CARES Act includes a moratorium on filing eviction cases until July 25 for non-payment of rent and prohibiting late fees

• Evictions can still be filed during the order.

  • Once the stay-at-home order is lifted, landlords will be able to move forward with eviction cases that were filed during the crisis.

  • If tenants are not currently paying rent, they may be locked out/evicted once the case goes through

For more tenant rights, please visit the Metropolitan Tenants Organization.

Offering Discounts or Deferring Rent Payments

In conjunction with tenants pleas, Mayor Lightfoot asked property owners to “give tenants some grace, whenever possible during these trying times.” To help, many landlords/owners are offering to discount or defer rent payments as tenants adjust to COVID-19.

Below are options for property owners who want to differ rent payments.

• Paying back deferred amount in equal parts

  • Offer tenants to sign a lease amendment that agrees to defer collection of the May rent & obligates the tenant to pay it back in equal parts over the remaining months. 

  • EX: Rent is $1200 per month and their lease is up in 3 months, the tenant could pay $0 May but would agree to pay a total of $1,600 in each of June, July & August

• Allowing the use of security deposits

  • Offer to refund the tenant’s security deposit on the condition that it’s used to pay May rent & would not receive it once they move out.

  • Include that any repair charges will be separate if there are damages upon the time of moveout.

• Allowing use of last month’s rent prepayment (if the lease required one)

  • Owners can offer tenants a lease amendment that allows the use of the initial pre-payment for May rent. 

Property owners have several ways to support tenants during this difficult time. Be sure to consult an attorney and document any rent relief effort with a lease amendment signed by both landlord and tenant.

How can property owners recoup losses?

During the Coronavirus pandemic, property owners may find financial relief through a variety of local programs. Landlords/owners who have allowed delayed or skipped payments on rent are even more likely to receive help. Every landlord operation is different, and each one should carefully consider which program is best for their needs.

SBA Paycheck Protection Program:

• The CARES Act federal relief package created a new SBA loan program called the Paycheck Protection Program.

• Funds can be used for mortgage payments, rent, utilities, and certain other existing debt obligations.  

• Multifamily owners may qualify as small businesses for the purpose of these loans.

Learn more about the Paycheck Protection Program on the SBA website.

SBA Economic Injury Disaster Loans & Loan Advances

• Loans are for business owners in Illinois suffering from temporary losses of revenue.

• Like all lenders, the SBA will evaluate the creditworthiness of your operation before extending funds.

• Multifamily owners may qualify as small businesses for the purpose of these loans.

The instructions and the forms required for loan applications can be found on the SBA’s website and more info on disaster relief funds are there as well.

Resiliency Fund

• The City of Chicago has launched the Chicago Small Business Resiliency Fund, which will help to provide small businesses with emergency cash flow.

• Multifamily owners may qualify as small businesses for the purposes of these loans. More information on eligibility is expected soon.

Learn more about the Resiliency Fund here

For assistance property management, please feel free to reach out to us and our team of experts.