Category: Renting

Despite New Tax Law Buying A Home In Chicago Area Still Better Than Renting

Despite New Tax Law Buying A Home In Chicago Area Still Better Than Renting
Back in February I posted on how the new tax law would affect the rent vs. buy decision. However, I got to thinking that it might be instructive to work through a real example rather than just pontificate from an ivory tower. I was actually a little surprised by the result. Before I dive into... Read more »

Tax Reform Hacks For Real Estate A Bit More Complicated

Tax Reform Hacks For Real Estate A Bit More Complicated
On Thursday I posted some ideas on how to retain the benefits of the mortgage interest and property tax deductions under the new tax law. But I think I oversimplified it a bit so I wanted to backtrack for a few minutes. Let me clarify a few things. First, I want to make sure that... Read more »

Real Estate Tax Reform Hacks: Renting, Buying, And Investing

Real Estate Tax Reform Hacks: Renting, Buying, And Investing
Last week I posted on how the new tax reform law has increased the attractiveness of renting a home vs. buying a home because of the increase in the standard deduction and the $10,000 limit on the deductibility of state and local taxes. As I pointed out in a November 2017 post the real problem... Read more »
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Renting A Home Suddenly Looks Better Under Tax Reform

Renting A Home Suddenly Looks Better Under Tax Reform
As people are working on their tax returns I suspect the reality of the new Tax Cuts and Jobs Act is starting to kick in – and I’m not talking about the withholding/ refund drivel that the media is obsessed with. The bigger issue is the $10,000 SALT (state and local tax) deduction limitation that... Read more »

Is Government Interference In The Real Estate Market Such A Bad Idea?

Is Government Interference In The Real Estate Market Such A Bad Idea?
It looks like real estate populism is alive and well in Chicago and Illinois with growing support for the government to step in and “fix” the real estate market here. You know…stop bad things like rising rents and high home prices through rent control and affordable housing requirements. Never mind that Chicago is probably already... Read more »

The Mystery Of Chicago's Condo Deconversion Boom

The Mystery Of Chicago's Condo Deconversion Boom
In case you haven’t noticed there has been a real flurry lately of buildings in Chicago deconverting from condos to apartments. According to an article on Chicago condo deconversions in Rebusiness Online “nearly 2,000 units deconverted at a combined market value of approximately $437 million since late 2016 in Chicago, according to data from CoStar... Read more »
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Chicago Voter Support For Rent Control A Huge Mistake

Chicago Voter Support For Rent Control A Huge Mistake
Last week 75% of Chicago voters who were given the chance to weigh in on Illinois’ current ban on rent control supported lifting the ban. I guess technically they didn’t actually support rent control – i.e. lifting the ban would merely give local governments the option of imposing rent control. However, I have a strong... Read more »

When Exactly Is Chicago's Apartment Rental Season?

When Exactly Is Chicago's Apartment Rental Season?
If you talk to longtime Chicago residents or landlords they will tell you that Chicago has a very specific apartment rental season and the implication is that if you miss it you are screwed – whether you are a landlord or a tenant. The only thing is that there is a lot of mythology floating... Read more »

Urban Housing Costs Take Big Bite Out Of Income - But Not In Chicago Area

Urban Housing Costs Take Big Bite Out Of Income - But Not In Chicago Area
Between rising home prices, rising mortgage rates, and rising rents housing costs are on the rise and have just hit some of the highest levels in recent years. Last week Zillow released their Analysis Of Mortgage And Rent Affordability which showed that, nationally, mortgage payments are taking up the largest share of income since June... Read more »
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Craigslist Chicago Rental Scam Alert

Craigslist Chicago Rental Scam Alert
There seems to be an upsurge in Craigslist rental scams in Chicago over the last few weeks or maybe it’s just that they’ve recently started to suck me into them (suck, not suckered) for the first time. In 9 years in the real estate business in Chicago I’ve never gotten a single call about one... Read more »