Chicago’s commercial real estate market offers many unique opportunities. Not only can you find the property of your dreams, it’s also an easy way to break into the business of leasing. Owning and managing your own rental property can be a great long-term investment, bringing in extra income while simultaneously diversifying your assets and growing in value. With homeownership rates at a surprising low, our commercial real estate brokers in Chicago believe now may be the perfect time to capitalize on this opportunity.
The Market Is in Your Favor
Why are homeownership rates so low? Well, some shifting real estate tides are underway. Not only are millennials staying in the rental market well into their 30s, the baby boomer generation has also taken to leasing. The number of boomer renters has increased by 4.3 million in the past ten years, a stark contrast from the way things used to be. Renter households are growing at a faster pace than owner households, leaving landlords with the upper hand.
Make Some Passive Income
One of the best benefits of owning rental property is that it’s a passive source of income, requiring much less than a nine-to-five job to maintain. If you’re looking to make a little extra spending money on the side or just want some added financial security, this might be an attractive option for you. However, you’ll want to seriously evaluate the numbers before pulling the trigger. Make sure this is a profitable opportunity by assessing your cash flow and factoring in your expenses.
Property Value Appreciation
Nothing is better than an asset appreciating in value, which is exactly what your rental property is likely to do. By leasing out your property in the interim, you have the chance to bide your time and take advantage of positive market swings. Renting out real estate while making passive income allows you the freedom to sell when the moment is right.
Commercial Real Estate Brokers in Chicago
A beginner rental property owner’s key to success is understanding how to determine the value of properties, following market conditions, picking the best location, and finding the right renters. If you don’t think you can do this alone, don’t worry. The team at Frontline Real Estate Partners can help. Contact one of our commercial real estate brokers in Chicago for expert advice and assistance to make your property owner dreams a reality.