NewsNation reports that higher utility bills, insurance premiums, and property upkeep costs in the U.S. contributed to a 26% increase in homeownership costs from 2020 to 2024. As a result, homeowners must now spend over $18,100 yearly to own and maintain an average single-family home, up from around $14,400 in 2020.
As a Chicago rental property owner, you may spend even more than the above if you rarely perform rental property inspections.
But how often should you schedule these inspections?
Join us at Yellow Key Property Management as we share insights into the ideal property inspection schedule and timing frequency in Chicago, IL.
Monthly Drive-by Inspections
Implement landlord inspection guidelines for monthly drive-by assessments, whether your Chicago rental house is vacant or occupied. They can help you identify problems affecting your rental's exterior and curb appeal. You don't want them since they can affect your property's value and attractiveness.
Indeed, according to Bankrate, a University of Texas at Arlington study found that curb appeal accounts for about 7% of a property's value. So, if you let your property's exteriors go into disrepair, its value, including its rental appeal, can decrease.
During your monthly drive-by inspections, look for:
- Cracks, dirt, or peeling paint on external walls
- Dirty, broken windows
- Fence or gate hardware problems
- Overflowing gutters and roof damages
- Overgrown grass, shrubs, and trees
If you spot the issues above, have licensed Chicago contractors correct them before they worsen.
Before Tenants Move In
Chicago landlords and tenants must adhere to the city's Residential Landlord and Tenant Ordinance (RLTO). As a landlord, part of your responsibilities is to provide renters with a safe and habitable living environment. Regular and timely rental property maintenance and inspections can help you satisfy this duty.
So, before letting new renters move in, thoroughly inspect your property. Then, have any building or safety issues rectified pronto.
Quarterly or Semi-Quarterly During Tenancy
Under the RLTO, renters also have responsibilities such as:
- Keeping the rental dwelling clean
- Maintaining the rental and its facilities in good working order
- Not intentionally or knowingly damage any part of the rental
Furthermore, renters must allow their landlords to conduct property and tenant safety inspections. However, they still have the right to quiet enjoyment, so you must notify them and get their permission before you inspect your property.
Scheduling inspections while you have tenants is best done quarterly or at least twice yearly. Doing so can help you correct problems that may worsen over the changing seasons (e.g., plumbing pipes that may burst during Chicago's below-zero winter days).
Regular inspections also let you verify that your tenants comply with the lease agreement. Because if not, they may leave your rental in severe disrepair. You may have to shell out thousands to cover the cost of the damages unless you have landlord insurance.
Want to Simplify Rental Property Inspections?
As crucial as rental property inspections are to your rental's safety, habitability, and value, they can be time-consuming and tedious.
Luckily, you don't have to do things alone. Our full-service Chicago property management firm, Yellow Key Property Management, can take over your landlord duties. Our owners and brokers have many decades of service and work history in business, real estate, and property management, making them your ideal partners.
So, what are you waiting for? Reach out today for a free property consultation!
