How Your Rental Property Is Affected By Pets

Anyone that has a furry friend at home knows how big of a part they play in our daily lives by providing love, entertainment, companionship, and countless memories. According to a nationwide study from the American Veterinary Medical Association, a fair amount of people in the United States are pet owners. Nationally, 56% of people in the United States have at least one cat or dog in their homes, with Illinois coming in 48% of households with cats or dogs.

The owners of these furry friends know all too well the hurdles that come with apartment renting and cat/dog ownership. Pet owners that rent generally prioritize buildings and associations that accept their pets. This is the biggest factor in choosing a new place to live. When you do the simple math, it becomes very clear why as a property owner, it is more beneficial in the long run to accept pets in your building. However, what exactly should you weigh on when making the decision to accept or decline pets?

The benefits of allowing pets in rentals include:

• Larger Applicant Pool: this diversifies your potential renters with more applications to choose from

• Lower Vacancy Rates: stop revenue loss and achieve a higher profit margin with less vacancies

• Attracts Long-Term Tenants: secure quality residents that will occupy units for longer periods of time on average. Happy residents stay longer!

• Higher Profit: you can charge a higher monthly rent and/or charge a premium pet fee yielding higher profits with minimal effort

In contrast, some of the downsides of allowing pets in rentals include:

• Common Tenant Complaints: those without pets may be less sympathetic to excessive noise leading to more complaints

• Common Area Complaints: messes in hallways or elevators or barking at passerby residents can lead to a general degradation of the building's quality of life

• Potential Damage To Apartment: not just dogs, but most animals have the potential of causing damage to different aspects of the unit.

Our advice at the end of the day is to be flexible and be open to accepting tenants with pets. Don’t single out the possibility of pet rentals at your units when the benefits can greatly outweigh the costs. By accepting pets, you attract residents that are more likely to stay for longer periods of time which allows for more profit security in the long term. The downside to accepting pets is when you allow the wrong pets (or owners) in the unit by not properly screening them the potential for complaints and damages can increase. Every situation is different, and no dog, cat, or furry friend is the same - so take this advice on a case-by-case basis and do what’s most comfortable for you as a property owner.

If you feel as if you don’t have the manpower or resources to accept pets or manage your current units with pets then think about hiring a property management company to help. Take a look at our full list of property management services to see if we can help you today! Contact PRG Management today to get a FREE quote and learn more about the services we offer for owners like you!

Mistakes To Avoid When Selling Your Home That Could Cost You Thousands

6 Costly Mistakes To Avoid When Selling Your Home

Empty Nesters often face big lifestyle changes once children move out for college or start their own lives. Many homeowners begin thinking about downsizing, relocating, or preparing for retirement. While selling can be the right move, it’s easy to make costly mistakes that create financial or emotional stress.

Selling a home during a major life transition can be overwhelming, especially when timing, pricing, and emotional attachment all come into play. Many sellers underestimate how much strategy and preparation go into achieving the best outcome. Market conditions, neighborhood demand, and seasonal trends can significantly impact your final sale price and days on market. By taking a proactive approach and working with experienced professionals, homeowners can avoid common pitfalls, maximize their return, and move confidently into their next chapter. Read the full blog at PearsonRealtyGroup.com

At Pearson Realty Group and PRG Management, we guide Chicago homeowners through the selling process with strategies that protect equity and reduce stress. From pricing correctly and making repairs to staging and marketing, the right approach can make a major difference. Our property management team also helps clients transition to rentals, condos, or investment properties, depending on long-term goals.

PRG Management is Chicago’s #1 Property Manager. To request a free proposal of Chicagoland management services, simply fill out the form below to be connected to our business development team.

Chicago's 2022 March Market Update

2022 Market update ┃ Chicago Real Estate News

As we start to enter the busy spring season market, we decided to take a look at some of the most recent Chicago-based real estate and rental trends & statistics to help better understand the path ahead for the city. We analyzed local group studies, nationwide MLS stats, and some independent studies to get a better grasp on how inflation, fed rates, and other global/nationwide factors are affecting the housing market and what to expect moving forward. This includes examining how buyer demand is shifting across neighborhoods, how rental pricing is trending in key submarkets, and how changing economic conditions may impact inventory levels and investor confidence throughout the year. We’re also tracking how new construction, lending activity, and seasonal migration patterns are influencing market dynamics, helping buyers, sellers, and investors make more informed decisions in a rapidly evolving real estate landscape.

PRG Management is Chicago’s #1 Property Manager. To request a free proposal of Chicagoland management services, simply fill out the form below to be connected to our business development team.

Stay informed and read the full blog analyzing these stats at Pearson Realty Group.

New East Side Chicago Developments │ New Lakeshore East Condos

New East Side Developments In Chicago’s Lakeshore East Neighborhood

To a surprising number of Chicago residents, it’s a shock to find out that the city technically has an East Side. New East Side Chicago developments have been popping up all over the Lakeshore East neighborhood, located just north of Grant Park in Chicago’s Loop and just south of River North.

The past decade has seen an abundance of new construction projects that have continued success even through the Covid-19 pandemic. Easily accessible public transportation, shopping & food, and plenty of amenities make the Lakeshore East area one of the superior neighborhoods in the city.

New East Side Chicago buildings such as the Cirrus, Aqua, Shoreham & Tides, and The Parkshore are prime examples of the type of luxury condos you can find in this part of the city. Not only do you have the wonderful amenities in and around the building, but the welcoming community these buildings tend to attract as well. Just check out this video from the 47-story tall Cirrus Condos building showcasing their beautifully constructed skyline architecture and the surrounding area packed with life:

Cirrus Condominiums in Chicago from Cirrus Condominiums Chicago on Vimeo.

As you can tell from the promotional video, the courtyard-style park in the middle of all these highrise condos, appropriately named Lakeshore East Park, is a giant draw for these condo buildings. With the New East Side in such a densely populated area coupled with it being a high traffic area for tourists as well means privacy or a simple quiet walk are more highly sought after. Perfect for these residents this courtyard is surrounded on all sides by the condo buildings that have walkways and sidewalks directly from your building to the park. While many buildings will have a garden roof deck, for many a real quasi “private” park on the ground cannot be beaten.

One of the biggest challenges with these buildings is an obvious one, managing them. From regular & emergency maintenance, to negotiating with vendors, to simply collecting payments and much more in between; a lot of logistics and work go into managing just one of these amazing condo buildings. PRG Management specializes in working with Homeowner Associations at these types of buildings and has built up a reputation of one of the most trusted Property Management companies in Chicago, a rare feat. From the NEw East Side to the South Side and even the surrounding suburbs, we have an extensive track record of successfully managing buildings and helping them stay profitable.

Take a look at what services our property management contacts offer on the PRG Management Services page and contact us today to request your free management proposal today!

5 Best Chicago Neighborhoods For Commuting | The Most Transit Accessible Chicago Neighborhoods

5 Best Chicago Neighborhoods For Commuting | For Both Inbound & Outbound Commuters In 2022

Chicago’s famous grid-style layout and extensive transit system make it one of the most commuter-friendly cities in the U.S. With CTA trains, Metra lines, and major highways, many neighborhoods offer easy access to downtown, O’Hare, and suburban job centers. At Pearson Realty Group and PRG Management, we help homeowners, renters, and investors identify areas that combine convenience with long-term value.

Beyond the obvious time savings, commuter-friendly neighborhoods often benefit from stronger infrastructure, increased walkability, and thriving local businesses. Easy access to transit typically encourages more investment in surrounding retail, dining, and public spaces, which can enhance neighborhood character and long-term livability. These factors make certain areas of Chicago stand out not only for their convenience but also for their ability to sustain growth, making them prime choices for both personal and investment property strategies. Commuter-friendly neighborhoods not only improve quality of life for residents but also drive rental demand and investment growth.

PRG Management provides award-winning Chicago property management services for owners, landlords, condo associations, and investors, with expertise in rental management and HOA support. To request a free proposal of services, fill out the form below to get connected to our business development team.

To read the full blog and see the full list read the original article at Pearson Realty Group.

InfoSparks 2022 Real Estate Market Report

INFOSPARKS 2022 REAL ESTATE MARKET REPORT

Every year, InfoSparks, in collaboration with Midwest Real Estate Data (MRED), generates and publishes an annual market report on some important to know stats from the previous year. Analyzing trends locally and nationwide, they are able to provide the Chicago real estate world with an understanding of past trends as well as realistic expectations on what's to come.

2022 REAL ESTATE MARKET REPORT: HIGHLIGHT STATS 

• The inventory of homes for sale remained low, as home seller activity did not rise proportionally to meet this demand.

• The number of homes available for sale in 2021 was lower than in 2020 by 33.6%.

• On average, sellers received 98.5% of their original list price at sale, a 2.5% year-over-year increase.

• Detached Single-Family home prices were up 14.7% compared to the previous year. Attached Single-Family home prices were up 11.6%.

These kinds of year-end reports are essential for understanding how market forces are shaping real estate activity at every level, from individual buyers and sellers to large-scale investors and developers. By tracking long-term shifts in pricing, inventory, and demand, industry professionals can better anticipate market cycles, identify growth opportunities, and adjust strategies accordingly. For homeowners, this data provides insight into property value trends, while investors can use it to pinpoint neighborhoods and property types with the strongest performance potential.

Read the big takeaways on this new data and more at the Pearson Realty Group blog!

PRG Management is Chicago’s #1 Property Manager. To request a free proposal of Chicagoland management services, simply fill out the form below to be connected to our business development team.

Chicago First Time Home Buyer Tips

As we quickly approach the Spring, the time to plan for your new move is now. Our Chicago First Time Home Buyer Tips Guide is everything you need to get started with confidence.

Find The Right Agent

Finding the right agent for your needs is a crucial first step in our Chicago first time home buyer guide. When shopping for agents, you want an experienced realtor that can answer any first-time buyer questions you have and that you can get along with well. You want to look for an agent that is familiar with the areas you are searching in - some inside knowledge of certain neighborhoods is invaluable in the home search process. Going to some larger reality sites such as Zillow or Trulia will automatically match you with an agent based on your search - useful but very impersonal.

This is where having a trusted network or community of people you can turn to for recommendations will pay off. Having someone's trusted word on an agent's experience and more importantly, goodwill & ethics will be invaluable in this process for a Chicago first time home buyer. Facebook neighborhood groups are a great place to start if you don't have many contacts in the area you are looking into - many business leaders and community organizers discuss things here and can give some great recommendations.

Our expert team at Pearson Realty Group of over 80 Chicagoland agents on staff is ready to help you through every step of the home buying process. Search all properties for sale on our buyer's search page and feel free to call us anytime, we have agents involved in all neighborhoods of the city and can find your dream home today!

Don't Be Afraid To Ask Questions

There are no stupid questions, especially when it comes to purchasing your first home. Remember, this is your realtor's job - they studied the laws, they have the knowledge, and the know-how to get answers they don't have. When you're a Chicago first-time home buyer you can't be timid or nervous to ask redundant or simple questions, this is your hard-earned money and you deserve the best service when searching for such a serious purchase.

Put some time aside, write down a list of any questions that you think of, and make sure you are confident in the answers you receive. The Washington Post put together 8 important — and overlooked — questions to ask before buying a home, this is a great jumping-off point for brainstorming ideas for your specific property. Inquiring about the quality of schools, noise levels, monthly appliance/utility cost, traffic levels, are more than appropriate and expected behavior with serious buyers. 

A common complaint about bad agents is the inability or unwillingness to answer perceived "dumb" questions. This leads to confusion, distrust, and questioning the entire purchase process - an agent can either provide or take all the confidence in the deal for you. So very much like our advice to find the right agent, don't be afraid to leave an agent that isn't working out for you. While there are many red flags for dropping an agent, inability/refusal to provide properly requested information might be the largest one to look for.

Take Your Time

Excitement tends to take over many first-time home buyers when seeing properties in person. While these feelings are absolutely warranted, it's important to keep your composure and not rush into things. This applies equally to every part of the home buying process. Revisiting properties, getting second opinions, and evaluating your agent's performance are just a few things you should spend some time on before pulling the trigger on any home.

Pre-Approved Is Better Than Pre-Qualified

While both of these are beneficial in planning your expenses and financial expectations for your first home purchase, they are drastically different in practice. A pre-approved loan essentially acts as a realistic but hypothetical loan process - it is all potential not guaranteed. You are provided with a lender, a summary of your financials, and an estimate on what you could potentially borrow. This is usually not preferred by sellers as it does not give them as much confidence in comparison that you will be able to complete the purchase.

On the other hand, a pre-qualified loan is on the opposite end of the spectrum. This process ends in you having a definitive loan amount guaranteed by a future lender. This is done with a hard credit check, a deep look at your financials, and a more in-depth application that covers much more than a pre-approved loan. The clear advantage of a pre-approval loan is that you are able to begin your home search with more confidence and realistic expectations. Another big difference is that pre-approval takes significantly longer than pre-qualified, although doing so will save you an indefinite amount of time, effort, and stress in the future.

Here at Person Realty Group, we have built up relationships with some extremely trustworthy lenders and services that make this process easy on you. Contact us today to speak to someone about finding your dream home today!

Check out the FULL guide for Chicago First Time Home Buyers at our sister company Pearson Realty Group!

Apartment Renter Tips for Chicago Winters

From some basic quality of life for city winters as well as how to save money on utilities during cold spells, these are some essential apartment renter tips on how to thrive in your Chicago Winters rental.

We always recommended checking with your landlord or property manager to ensure any sort of "improvements" or "alterations" you do are performed properly. There may be a professional vendor that your property owner may prefer to any DIY repairs.

Re-caulk or Wrap Windows

One way cold seeps into your apartment during Chicago winters (especially in older buildings) is cracks & gaps in your windows forming over time. An easy fix is to purchase from caulk to re-seal any cold breezes coming through window gaps. Another method that is quite effective, but less visually pleasing/functional is to use a Shrink Film Insulator Kit. This can be particularly useful in some older homes that do not have modern energy-efficient windows. Making sure your landlord is okay with you sealing the windows is always a good idea, as they may have a professional(s) to perform the task.

Door Draft Stopper

Threading the same needle as window leaks, gaps in your doors can cause your heating bill to be larger by allowing heat to escape. This is much easier to determine compared to window leaks but has extremely similar solutions - to seal the gap. Draft stoppers are popular fixes and come in many styles whether they be plastic strips that stick to your door or weighted cloth insulators. It will take you longer to order than it will to install - a no-brainer energy-saving method.

Use Carpet or Rugs for Insulation

Many older apartments (especially two and four flats) in the city will primarily have wood flooring, which tends to retain the cold temperatures. Buying runner and area rugs go a long way in providing simple insulation for your apartment's overall temperature. You will find the heater running less and less when you have things like rugs that can retain a bit of 'heat'. This is will also insulate any noise you make (to a degree) so this is a great cheap, simple, no-brainer quality of life improvement for any apartment renter. 

Check out the full list of apartment renter tips for Chicago winters HERE!

A Property Manager's Tips Before Closing on an Investment Property

Closing on your first investment property but not sure what to review during due diligence period and before closing? Stay calm, we have interviewed a property manager to get an expert's tips on how to facilitate a smooth closing. 

Ask For A Tenant Estoppel 

Asking for tenant estoppel is a great way to cover your tracks, and avoid future dilemmas over a tenant's lease. One thing an estoppel does is provide proof of cash flow. More importantly, estoppel prohibits a tenant from going back on their lease and making an argument that their lease should be changed. Also, this will bring to light any issues or promises that the seller has with the tenant and make sure that you as the buyer are made aware before closing. 

Ask Seller For Actual Expenses

Many times the "projected" numbers are far off from the actual expenses that a property may have. Obviously, an owner may not be forthcoming with the actual numbers, however, it is still worth a shot. You never know the actual costs until you do thorough research. It may be wise to get to know the owner and figure out if you can trust him or not. This can help confirm if your initial underwriting (or investment analysis) is in-line

Complete a plumbing inspection 

Plumbing issues can be costly. Typically, an inspector's process does not include an inspection of the underground sewer system. One thing to ask your inspector is if they can complete any underground plumbing camera inspection. If not, no worries! We always recommend getting a specialist out there to make sure the entire sewer is not caved in, has breaks major clogs that could cause issues in the near future. 

Have Your Future Property Manager Go to the Property Before Closing 

Having a reliable property manager is a necessary investment, and figuring out who it is going to be is a very wise thing to do before closing. A solid property manager will know exactly what to look for in a property. They will find costs that will be incurred in the future, that you may not have realized on your own. Generally, an experienced property manager will have a great perspective on what can and can't be done to a building, and what problems will occur in the future.  Here at Pearson, we have excellent property management, and more information on this can be found here.

What to Know About the 2021 Illinois Rental Payment Program

The Illinois Development Authority will be accepting applications for the Illinois Rental Payment Program (ILRPP) on Monday, May 17 at 9 a.m. 

As an emergency rental assistance program, ILRPP is designed to help Illinois households that are unable to pay rent due to the COVID-19 pandemic. The program is funded by a $500 million grant that will help thousands of renters avoid eviction so they can remain safe during the pandemic.

Grant Information

The maximum grant amount is $25,000 per tenant and the approved amount will be given directly to the owner. Applicants are eligible for up to 15 months of assistance, paying up to 12 months of missed rent payments and up to three months of future rent payments. The coverage period is June 2020 through August 2021.

Application Process

The emergency rental assistance is free to tenants and owner/housing providers so there is no application cost. To receive funding, both the owner and tenant must submit a joint application and provide valid email addresses, a long with additional household information to apply. If the application is approved, the grant will be paid to the owner/housing provider in the form of a check.

Owners are highly encouraged to reach out to tenants to discuss the application process and begin preparing materials. Your property management company should also be able to assist in connecting with tenants. 

Additional Program Details

For additional information on the Illinois Rental Payment Program, including eligibility and documentation requirements, please visit www.ihda.org/ilrpp. All ILRPP applications must be submitted online at ILRPP.IHDA.org and will be accepted starting on Monday, May 17. 

Housing Provider Frequently Asked Questions: CLICK HERE
Tenant Frequently Asked Questions: CLICK HERE