Chicago has its challenges, but it remains one of the best cities in the world for living and investing. If you own rental properties, you already know the hurdles—from tighter regulations to rising costs. The truth is, managing apartment buildings requires more than good intentions; it demands expertise, planning, and attention to detail.
If you’re managing more than 10 units, it might be time to rethink your approach. Every vacant unit is a drain on your revenue. For example, letting a unit sit empty for one month means you’ve lost 8.3% of that unit’s annual income. On a 10-unit property with an average rent of $1,200, just four vacant units across the year could result in a $4,800 loss in revenue. That’s not just money out of your pocket today. If you’re looking to refinance or sell, that $4,800 translates to $80,000 in lost property value at a 6% cap rate.
Avoiding Vacancies Starts with Renewals
The key to minimizing vacancies is being proactive about lease renewals. You should know well in advance if a tenant plans to move out. Waiting until the last minute leaves you scrambling and increases the likelihood of a gap between tenants. In Chicago, tenants who have lived in their unit for 3+ years need at least 120 days notice for renewals. Sending renewal notices early—and following up—gives you the time to secure commitments or plan for turnovers.
Ideally, tenants should confirm their plans 60 days before their lease ends. This gives you a clear timeline to prepare the unit, schedule resources, and line up the next tenant. Planning ahead is how you keep vacancies short and your revenue consistent.
Managing Turnover Efficiently
You might be wondering, how do you handle turnovers when move-outs and move-ins happen on the same day? The answer is simpler than you think. With over 20 years of experience, Drexel Properties has found that most tenants are flexible. In about 80% of cases, one party—either the outgoing or incoming tenant—can adjust their timeline by a few days. While “clown car” moves (where both happen on the same day) do occur, they’re rare. The key is communication. Knowing move-out and move-in dates in advance allows you to coordinate cleanings, repairs, and tenant transitions smoothly.
Why Work with Drexel Properties?
At Drexel Properties, we’ve been refining our processes for over two decades to help property owners maximize their investments. Here’s how we make your life easier:
- Proactive Leasing and Renewals: We ensure lease renewals are managed well in advance, minimizing the risk of vacancies.
- Efficient Turnover Management: Our team plans ahead to make tenant transitions seamless.
- Cost Savings: With our scale, we secure better rates for maintenance and repairs, saving you money.
- Legal Expertise: From compliance to tenant relations, we handle the details to keep you out of legal trouble.
- North Side Specialists: If you’re on the north side of Chicago, we know the market and can provide tailored solutions.
The bottom line? Hiring a professional property manager isn’t just about convenience; it’s about maximizing income, preserving property value, and reducing headaches.
Let’s Talk
If you’re ready to take your property management to the next level, contact Drexel Properties for a consultation. With our expertise and hands-on approach, we’ll help you grow your portfolio and achieve your investment goals.
Website: DrexelProperties.com
Email: Help@DrexelProperties.com
Phone: 773-667-9760
