With rents rising and prices down significantly in the past few years, more and more people are considering buying condos to rent out. However, finding condos that you can rent out takes a little more research than you might think.
Just because a condo currently has units that are rented out doesn’t mean that you can purchase a unit in that building and rent it out. 260 E Chestnut has rentals, but new condo owners are now prohibited from renting out their units. The Pinnacle Chicago has rentals, but when I checked earlier this year was at its limit for rentals.
Some buildings such as 860 & 880 N Lake Shore Drive (a co-op) limit rentals to a maximum of 2 years while you own the unit.
If you’re thinking of buying a condo in Chicago to rent out, call (773-793-4516) or email me. I can help you identify where there are condos for sale that meet your criteria and can be rented out.