Has Lincoln Yards Found New Potential Investors?

The state of Lincoln yards

The Lincoln Yards project is a major Chicago real estate development that planned to take over a former industrial site along the Chicago River on the city’s North Side. The project was announced in 2019 and its goal was to utilize 53 acres of industrial riverfront space to link several of Chicago's bustling neighborhoods, including Wicker Park and Lincoln Park. The vision for Lincoln Yards detailed a comprehensive mixed-use development with approximately 6,000 residential units and a variety of entertainment offerings.

The plans for Lincoln Yards include a variety of commercial, residential, and retail real estate developments. Starting with the residential property plans the designs included the construction of thousands of residential units, ranging from apartments to condominiums and townhouses. These living spaces would cater to a mix of demographics, offering a variety of sizes, styles, and amenities to accommodate different lifestyles. Additionally, some commercial properties were planned in Lincoln Yards, which would feature substantial office space and serve as a hub for businesses across various sectors. Finally, Lincoln Yards real estate development plans included ample public spaces which would include public green spaces, parks, and recreational areas all working towards promoting outdoor activity, relaxation, and community gathering.

With an estimated budget of $6 billion for the large property, the developer Sterling Bay has finished 1 building at the southern end of the massive site. Named ALLY and situated at 1229 W. Concord Place, the building focuses on accommodating the life-sciences industry, providing 285,000 square feet of area and rising 144 feet in height. Nevertheless, it has faced challenges in attracting occupants which was not the promising start Sterling Bay may have hoped for.

Lincoln Yards New Investment Opportunities?

However, in the past few years, several holds have been made on the large-scale project over concern about the infrastructural issues and potential problems with transportation. Previously in 2022, there was hope for construction to start but those developments never came to Lincoln Yards. It seemed Sterling Bay, the project's developers, were at a stand-still with city officials. However, in recent news, new investors have stepped forward to join the large-scale project potentially.

In March 2024, Representatives of the Kayne Anderson investment firm met with city planning officials and executives from Sterling Spring to discuss potentially revamping the Lincoln Yards real estate project. If the LA-based firm does choose to join the project, this could be a major update for the future of Lincoln Yards and may refresh the project’s original designs. Among the advisors for Kayne Anderson included Darren Sloniger, formerly associated with Marquette Companies who engaged in discussions to serve as the primary financial backer for the project potentially. Last year, Sloniger stepped down as the CEO of the Naperville-based developer Marquette. Over the years Marquette has developed hundreds of apartment projects in the Fulton market with Sloniger at its head.

With such powerful names in the world of investment and real estate in the talks to acquire Lincoln Yards, the project may finally have a chance to move forward. The future looks promising for this massive Chicago real estate development project, and the potential for its expansion seems to be imminent in the next few months. Lincoln Yards aims to create a vibrant, sustainable, and inclusive urban community that integrates residential, commercial, retail, and recreational elements. By repurposing underutilized industrial land, the project seeks to transform the area into a dynamic and thriving neighborhood that enhances the quality of life for residents and contributes to the economic vitality of Chicago, and hopefully, these new potential investors will help that happen.

If you are interested in this investment opportunity or are looking for some consultation on an existing property, our team of commercial real estate veterans are here for you! Contact us today with the form below to talk to a commercial real estate expert at PRG Management!

Upcoming 2024 Chicago Real Estate Developments

2024 Chicago Development Projects

Chicago’s real estate developments are rapidly expanding with some thrilling advancements. From combined commercial and residential property developments to new environmentally friendly apartment features, we have collected a few of the most exciting development projects to look for within the year. The following properties are revamping neighborhoods and adding to the architectural layout of the city, while also offering new opportunities to buyers/sellers.

CABRINI-GREEN DEVELOPMENT – CLYBOURN AND LARRABEE

The new chicago development of the Cabrini-Green apartment complex is projected to include 248 units available for rent. The development aims to provide affordable market rate apartments that serve as multifamily homes, and is currently in the planning stage of development. As of 12/27/23, initial details have been revealed, and the zoning application was filed by Chicago Housing Authority. This 2024 development is set to put an emphasis on accessibility by creating enjoyable housing for people with disabilities and will include many accessibility features.

Lincoln Square Apartments

The apartment plans for the 5035 N Lincoln Ave development are putting an emphasis on clean living, and will include bicycle spaces, electric vehicle chargers and a partial green roof. signaling a switch to green energy in the chicago-land area. The 2024 Chicago development will also feature five stories with 47 apartments. The current plans call for mixed commercial/live-in spaces, and will put a focus on having 15 affordable units . The NorthShore Development Group along with partner THNS LLC have recently requested a zoning change as of 12/8/23 signaling some potential changes to the property.

Clybourn Corridor

The new Chicago development of Clybourn Place shopping center includes a major redevelopment that includes a 520 feet apartment building. The apartment building is in the works of getting approved by the city, but would include 50-stories of residential housing. The plan would have 70,875 square feet of retail space and an enclosed and surface parking spaces. Additionally, the surrounding area of Lincoln park has been approved for towers as tall as 595 feet which shows promise for the Cybourn Place apartment development.

Thompson Center Google Renovations

The renovations of the famous Thompson Center in Chicago are in full swing before over 1,000 Google employees will join the building. Google previously announced in July 2022 that it would be taking over the Thompson Center, and now almost 2 years later renovations are in the works. On May 3rd, demolition of the exterior of the building started. The permits issued for the property allowed for metal and glass siding to be removed and will be replaced with a opaque glass exterior. Google has stated that the atrium will be left open to the public and the major company hopes to make it a midwest hub for Google once the construction is done.

400 Lake Shore Drive

Construction has began at 400 Lake Shore where a 2-tower residential development will be constructed. The first part of renovations will be a 72-story residential tower. The tower’s foundation of a concrete base was just poured earlier this month, and the tower is the tallest current tower under construction in all of chicago. The residential towers are set to house over 635 new apartments, and about 127 of those apartments are set to be affordable. Overall, the properties will provide hundreds will housing and are projected to be major real estate to look out for in 2024.

3951 North Wayne Avenue

Permits have officially been issued as of March 2024 for the new residential property in Lake View, Chicago. The new chicago real estate development has an official budget of over $9 million dollars, and will be four-stories high. Overall, there will be 31 units in the building and the apartment will offer a few different amenities including a deck and rooftop access. The general contractor for the project, Vivify Construction LLC, hopes to have a timely process, and the complex will hopefully be done in the next year.

Woodlawn Central Distict Renovations

The district of Woodlawn central is a 8 acre, 1 million square foot district that is being renovated to include a variety of housing, retail, commercial and corporate real estate developments. The large scale real estate development plans to prioritize development while trying to avoid displacement in the Woodlawn area. The property development also aims to be an equitable transit-oriented development, which would enhance the areas urban layout. The first phase of development and the development overall aims to be a new model for urban regeneration and is designed for and made by the Black community.

116 S.Paulina Mixed-Use Development

The Chicago Plan Commission approved the mixed-use development planned by the City Church Chicago. The sit is currently vacant, but the City Church has big plans for the space. The project is expected to be built in multiple phases. The first phase will build a 2 story building, which will include the Church’ s main worship space, retail spaces and a cafe. The second phase will expand the property to the north and will add young programming areas, business office spaces and conference rooms. Finally, the third phase will see the major real estate development of a 12-story residential tower, which would include 76 residential units.

If you are interested in any of these new investment opportunities or management opportunities within chicago real estate, our team at PRG management are here for you! Contact us today with the form below to talk to a management expert at Pearson Realty Group!

Now Managing: The Altgeld Club┃1350 W Fullerton Ave

PRG Management is excited to announce a new management assignment at 1350 W Fullerton Ave, also known as the Altgeld Club. Located just south of another recent assignment at 4000-4020 N Damen Ave, we look forward to serving the residents of this gorgeous red brick building.

Our management responsibilities encompass providing care for the tenants of the Altgeld Club, alongside maximizing profits for owners. The Altgeld Club finds a balance between essential and luxury features, which our management diligently maintains. Our end goal is to attend to the needs of both Altgeld tenants and the Altgeld Club property, which is achieved through comprehensive services from PRG Management. Through utilizing the Chicago leasing services at Pearson Realty Group, the Chicago property managers at PRG Management significantly reduce the turnover time for apartments, thus protecting the building’s profitability and owner ROI.

The Altgeld Club in Lincoln Park, Chicago, offers luxurious condos built in the late 1990s. Located at 1350 W. Fullerton, this development features 60 units, each providing ample living space and essential amenities for comfortable urban living. Units vary in size, averaging 950 square feet, and offer layouts with one to two bedrooms. The master bedrooms are typically spacious, and kitchens average 128 square feet, perfect for family meals or entertaining guests. Living rooms can be up to 600 square feet, ideal for gatherings or relaxing in privacy. The Altgeld Club combines necessary features with luxury, including a rooftop and other premium building services. Additionally, it is a pet-friendly community, welcoming all members of your family.

The Altgeld club DETAILS

• Address: 1350 W Fullerton Ave

• Neighborhood: Wrightwood Neighbors / Depaul

• Residential Units: 60 Luxury Condos

• Floors: 6 stories

• Year Built: 1998

Are you frustrated with the results of your current rental or HOA management? PRG Management is here to provide top-rated Chicago property management services for HOAs and rental buildings alike. Contact us today for a free quote and more information on our facilities management services. 

Now Managing: North Center 4000┃4000-4020 N Damen Ave

PRG Management is excited to announce our recent luxury management assignment at 4000-4020 N Damen for the North Center 4000 complex. This luxury residential building gets its name for finding itself right in the heart of Chicago’s North Center neighborhood. As seasoned veterans of this North Side community and its adjacent neighborhoods, this was an easy transition for our Chicago property managers.

Our management responsibilities cover both the boutique commercial retail spaces and the luxury apartments they are connected to. Our Chicago property managers find a balance between providing luxury rental & HOA management services to the residents while managing retail tenants such as Starbucks. From tenant to financial management our goal is to maximize profits for owners while maintaining a high standard of care for the tenants and the space itself. By utilizing the Chicago leasing services at Pearson Realty Group, the Chicago property managers at PRG Management drastically reduce the turnover time for apartments, thus protecting the building’s profit and owner ROI.

Located in the North Side of Chicago, the North Center neighborhood is a charming residential area approximately five miles away from downtown Chicago, extending westward from the North Branch of the Chicago River. This vibrant community offers a diverse range of living options, including trendy lofts, cozy apartments, spacious condos, and detached single-family homes, catering to various budgets and lifestyles. The commercial heart of North Center flows along Lincoln Avenue and Irving Park Road, where residents can explore a variety of shops, local brewpubs, pizzerias, and unique coffee shops.

North Central 4000 Details

• Address: 4000 N. Damen Ave. Chicago, IL

• Neighborhood: North Center

• Estimated value: $20M

• Residential Units: 32 Luxury Condos

• Commercial Space: 12,000 SqFt

• Year Built: 2002

Are you frustrated with the results of your current rental or HOA management? PRG Management is here to provide top-rated Chicago property management services for HOA and rental buildings alike. Contact us today for a free quote and more information on our facilities management services. 

The Benefits of Hiring a Chicago Facilities Manager

The Benefits of Hiring a Chicago Facilities Manager

In the world of commercial real estate, the efficiency and longevity of your investment heavily depend on effective management and maintenance of your property. This is where hiring a facilities manager can make a profound difference. Here at PRG Management, our comprehensive facilities management services present several compelling reasons why enlisting the aid of a seasoned Chicago facilities manager is crucial for your long-term success.

Increased Efficiency and Smoother Operations

Facilities managers play a vital role in streamlining your operations and ensuring that every aspect of property management runs smoothly. At PRG Management, this means integrating state-of-the-art technology to automate processes, which not only simplifies the client experience but also enhances the overall ROI of your commercial space. A facilities manager will save you time, money, and a lot of headaches.

Risk Reduction with Preventative Maintenance

A major benefit of hiring a Chicago facilities manager is the significant reduction in maintenance risks. Regular property inspections and scheduled preventative maintenance plans are a cornerstone of PRG Management’s services. These proactive actions ensure that potential issues are addressed before they escalate into costly repairs. This preserves your asset's value and ensures a safe environment for all tenants and visitors.

Optimized Lease Management

Navigating the complexities of lease negotiations, renewals, and management can be a daunting task. Facilities managers are equipped to handle these challenges for you, efficiently. PRG Management specializes in dealing with various types of assets—from retail/commercial and office spaces to industrial and medical facilities. They work tirelessly to make sure all lease agreements are favorable and meticulously managed, allowing for a more consistent ROI flow.

Quality Control and Construction Oversight

Maintaining high standards of interior and exterior quality is crucial for property appeal and longevity. Separate from preventative maintenance, facilities managers oversee regular quality assessments. They also manage build-outs, new construction, and project management negotiations. This oversight ensures that all modifications and repairs meet the highest standards and do not go over budget, which is crucial for maintaining the longevity of your investment.

Comprehensive Financial Reporting

Full transparency in financial dealings instills trust and facilitates easier property management. An efficient Chicago facilities manager ensures that all financial reporting is transparent and accessible on demand. This aspect of facilities management provides property owners with a clear understanding of their investment performance and aids in strategic decision-making.

Dynamic Technology and Security

With robust safeguards integrated into both technology and management protocols, a proper Chicago facilities management company protects your assets from various risks. This advanced approach includes everything from physical security enhancements to cybersecurity measures, providing peace of mind that your properties and digital assets are safe and well-managed.

Specialized Services Across Various Asset Types

At PRG Management, our Chicago facilities managers are not only versatile in the types of properties they manage but also experts in catering to the specific needs of various asset types, including:

• Retail Locations

• Office Spaces

• Commercial Buildings

• Industrial Facilities

• Medical Offices

• Restaurants

• Parking Facilities

Each type of property presents its own set of unique challenges, from the logistics of the space layout to the regulatory requirements they must fulfill. A facilities manager ensures all aspects are handled correctly and efficiently.

For more information on how PRG Management’s facilities management team can benefit your commercial real estate investments, simply fill out the form below. Don’t hesitate to reach out to our Chicago facilities managers with any questions you have.

Maximize Your ROI with a Chicago Investment Property Manager

How To Maximize Your Return on Investment with a PRG Investment Property Manager

In the heart of the Midwest, Chicago's real estate landscape is ripe with opportunities for investment properties. Navigating this landscape requires more than just ownership—it demands thoughtful management. This is where the expertise of a Chicago investment property manager becomes invaluable. By entrusting your property to seasoned Chicago property managers, you not only protect your investment but also significantly enhance your ROI.

An investment property manager serves as the guardian of your real estate assets. They handle everything from tenant relations to maintenance with the main goal of maximizing your property's profitability. These professionals are equipped with the essential local knowledge for navigating the city's diverse neighborhoods and complex (and ever-changing) regulations.

Benefits of Hiring a Chicago Investment Property Manager

Maximized Rental Income

Determining the right rental price in Chicago can be tricky, requiring an intimate understanding of the local market. Effective Chicago investment property managers regularly analyze local market reports to set rental rates that attract tenants while maximizing your income. Maximizing your investment property’s ROI also requires a proactive approach to minimizing vacancy periods between tenants. An experienced property manager minimizes the turnover period, ensuring no gap in your income stream.

Cost-Efficient Property Maintenance

Proactive preventative maintenance is pivotal in preserving the value of your investment for any property. Investment property managers work to establish relationships with a network of reliable contractors and vendors, ensuring maintenance issues are addressed promptly and affordably. Not only does this save money in the long run but it also keeps tenants satisfied, thus reducing turnover.

Rigorous Tenant Screening Process

The cornerstone of a successful investment property is a reliable tenant. Through a meticulous screening process, property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This thoroughness ensures your property is occupied by tenants who respect your property and fulfill their lease obligations. Effective Chicago property companies will work closely with reputable Chicago real estate firms like Pearson Realty Group to minimize vacancy rates.

Streamlined Rent Collection and Financial Management

The biggest threat to your ROI on an investment property is tenants not paying rent. Through a meticulous screening process, Chicago property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This vigorous process ensures your property is occupied only by tenants who respect your property and fulfill their lease obligations.

Knowledge of Local Laws and Regulations

Many landlords and investors don’t have the time to keep up with the ever-changing local laws and regulations surrounding property and tenants’ rights. Chicago's investment property managers are well-versed in local, state, and federal regulations, from fair housing laws to building codes. Their expertise safeguards property owners against legal issues, avoiding pitfalls that could cost you big time, offering peace of mind and protection from potential litigation.

Choosing the Right Investment Property Manager in Chicago

Selecting the right investment property manager is paramount for Chicago property owners looking to maximize their ROI. By leveraging the expertise of a seasoned investment property manager you can reduce stress, and ensure your property is a source of pride and profit. If you're ready to take your investment to the next level, PRG Management is here for you.

Request a FREE proposal of management services here or simply fill out the form below! With over a decade of experience maximizing the return of thousands of units across Chicagoland, our investment property management team is here to give you peace of mind.

The Move-Out Procedure for Tenants in Chicago

The Ultimate Guide to a Smooth Move-Out Procedure for Tenants in Chicago

Moving out can be a stressful and overwhelming experience for tenants in Chicago. From packing up all your belongings to dealing with the logistics of the move, there are many tasks to manage. However, with the right knowledge and preparation, you can make the move-out procedure as smooth as possible.

In this guide, we will walk you through a step-by-step process to ensure a stress-free and organized move-out. From giving notice to your landlord to cleaning and repairs, we will cover everything you need to know to leave your rental property in good condition and receive your security deposit back.

Don't let the hassle of moving out weigh you down. Follow our ultimate guide to make your move-out experience in Chicago a breeze.

Understanding Your Lease Agreement and Move-Out Requirements

Before the move-out procedure for tenants starts, it’s important to review your lease agreement and understand the move-out requirements set by your landlord or property manager. The lease agreement will outline the notice period you need to give before moving out, any specific cleaning or repair obligations, and other important details.

It is crucial to abide by the terms of your lease agreement to avoid any financial disputes or penalties. Take the time to read through the documentation carefully and make note of any specific move-out procedures mentioned. For example, some buildings have specific timeframes and days of the week that allow moving in or out.

If you have any questions or concerns about the lease agreement or move-out requirements, don't hesitate to reach out to your landlord or property management company. Clear communication is key to ensuring a smooth move-out process.

Preparing for the Move-Out Process

Once you have a clear understanding of the lease agreement and move-out requirements, it's time to start preparing for the move itself. Some planning and organization will go a long way in making the entire move-out procedure less stressful.

Create a timeline and checklist to keep track of all the tasks you need to complete before the move-out date. This will help you stay organized and ensure you don't forget any smaller tasks that could fall by the wayside.

Start by decluttering and packing up your belongings. Sort through your items and decide what you want to keep, donate, or throw away. Group like belongings together by room, use, or how fragile they are to make the unpacking process easier as well.

Consider hiring professional movers if you have a lot of furniture or heavy items to transport. Shop for quotes and book the services well in advance to secure your preferred date and time, especially if you’re moving during a busy time of year.

Cleaning and Repairing the Rental Unit

Once everything is packed away and moved, if your lease agreement has cleaning requirements, now is the time to knock this task out. Your goal should be to leave the property in the same condition as when you moved in.

Start by thoroughly cleaning every room, including floors, walls, windows, and appliances. Check for any damages or repairs that need to be addressed. This includes fixing holes in the walls, repairing broken fixtures, and replacing any damaged items. If you are unsure about how to handle certain repairs, consult your landlord or property management company for guidance.

Keep in mind that failing to clean or repair the rental unit properly can result in deductions from your security deposit. Take the time to do a final walkthrough and address any issues before handing over the keys.

Addressing Security Deposit Issues

In Chicago, landlords are required to return the security deposit within 45 days of a tenant moving out. If there are any deductions from the deposit (like repairs), the landlord must provide a written itemized statement explaining the deductions.

Many landlords will forfeit this requirement and ask for an additional month of rent when moving in. In contrast to a security deposit, there is no expectation of receiving these funds back from your landlord or property manager.

However, if you did make a security deposit and you believe that the deductions are unfair or unjustified, you have the right to dispute them. Contact your landlord or property management company to discuss the deductions and provide any evidence or documentation to support your case.

Familiarize yourself with the local laws and regulations regarding security deposits to ensure you understand your rights as a tenant.

Forwarding Mail and Updating Address

An often neglected part of the move-out process, it is crucial to forward your mail and update your address. This will ensure that you continue to receive important mail and avoid any potential issues with your bills or subscriptions.

Contact your local post office or visit their website to set up a mail forwarding service. This will redirect your mail to your new address for a specified period. Update your address with any banks, credit card companies, utility providers, and other essential services to ensure a smooth transition. Be sure to check the little things like your monthly entertainment subscriptions to services (Spotify, Netflix, etc.) as well.

Canceling Utilities and Services

In addition to forwarding mail and updating your address, don't forget to cancel any utilities and services associated with your rental property. This includes electricity, gas, water, internet, and cable services.

Contact each utility provider to schedule the cancellation or change of service address. Settle any outstanding bills and inquire about any refunds or adjustments that may be due.

By canceling utilities and services promptly, you can avoid unnecessary charges and ensure a seamless transition to your new location.

Checklist For a Stress-Free Chicago Move-Out Experience

Moving out can be a stressful experience, but with the right approach, you can make it as smooth and hassle-free as possible. Here is a checklist to help you have a stress-free move-out experience in Chicago:

1. Start planning and preparing well in advance to avoid last-minute stress.

2. Keep a checklist and timeline to stay organized and ensure you don't miss any important tasks.

3. Declutter and pack up your belongings early to create a cleaner and more organized living space.

4. Hire professional movers or rent a moving truck if needed.

5. Clean and repair the rental unit thoroughly to avoid deductions from your security deposit.

6. Schedule the final walkthrough with your landlord and document the property's condition.

7. Address any security deposit issues promptly and dispute any unfair deductions.

8. Forward your mail and update your address with all relevant parties.

9. Cancel utilities and services associated with your rental property to avoid unnecessary charges.

10. Stay positive and remember that moving out is a fresh start and an opportunity for new beginnings.

The Ultimate Guide to a Smooth Move-Out Procedure for Tenants in Chicago

Following a proper move-out procedure is essential for all tenants in Chicago. By understanding your lease agreement, preparing for the move-out process, addressing security deposit issues, and taking care of other important tasks, you can ensure a smooth and stress-free move-out experience.

Remember to clearly communicate with your landlord or property management company, stay organized, and seek professional advice if necessary. If you follow our guide, you will be well-equipped to navigate the move-out process in Chicago and leave your rental property in good condition.

At PRG Management, we understand the unique potential challenges in dealing with tenant and unit turnover. If you find managing these aspects of your building overwhelming, PRG Management is here for you. Our dedicated Chicago property managers are experienced in dealing with all types of tenants and properties.

If you are a landlord or property owner who wants to reduce your daily stress while increasing your ROI you need to request a free proposal of management services today!

A Guide To Choosing the Right Chicago Property Manager: 2024 Checklist

When searching for the best Chicago property manager for your investment, you want to look for management companies that have proven experience in the market and a wide array of services for you to utilize. It can be overwhelming knowing where to begin so we compiled a simple guide and checklist to cover the top items to look for when hiring a Chicago property management company.

Experience and Knowledge of the Local Market

The Chicagoland real estate market is diverse and dynamic. A Chicago property manager must have an in-depth understanding of local laws, regulations, and local market trends to navigate successfully. They should be adept at setting competitive rent prices and understanding neighborhood dynamics.

PRG Management's nuanced understanding of Chicago's neighborhoods positions them as a valuable partner in managing your property effectively. Our ability to provide unique insight into the market comes from years of working with thousands of clients in Chicago and allows us to position your property competitively in the market.

Comprehensive Services Offered

A Chicago property manager should not only collect rent and handle maintenance requests but also offer strategic services that enhance the value of your property. This includes local market analysis, comprehensive financial reporting, and strategic planning to ensure your property's profitability and sustainability in the competitive Chicago market.

PRG Management offers a full spectrum of management services, including commercial and residential management. We ensure properties are managed efficiently, reducing owner headaches and maximizing asset profitability. Our broad service range is designed to handle every aspect of managing your property, emphasizing the ability to increase the value and profitability of your assets.

Technology and Security Expertise

In today's digital age, property management goes beyond physical upkeep and tenant relations. It requires utilizing various technologies for efficient operations. From digital lease signage and online rent payments to providing security, the modern world of property management is constantly evolving. The right technology when managed correctly, can make not only a property owner’s life easier but tenants as well, ensuring quality tenants will stay longer.

PRG Management's commitment to cutting-edge technology ensures that properties are marketed effectively and managed efficiently. By approaching each property with a different dynamic technological approach, we can streamline operations, enhance tenant satisfaction, and ensure your property stays profitable in the long run.

Transparent Communication & Customer Service

Effective property management relies on open lines of communication as well as detailed, regular reporting on financial performance, maintenance issues, and tenant relations. This transparency is crucial for building trust with both clients and tenants and enables you to make informed decisions about your property.

Chicago property managers at PRG Management are dedicated to the highest levels of service, ensuring that clients are always in the loop and satisfied with the management of their properties. This commitment fosters a transparent and trustworthy relationship between property owners and the management team.

Legal & Compliance Expertise

In Chicago, where real estate laws and regulations can be at times complex and ever-changing, it's crucial that your property manager not only understands these laws but can also ensure that your property remains in compliance at all times. This includes adherence to local, state, and federal regulations, understanding tenant rights, and being prepared for any legal issues that may arise.

PRG Management's training puts a heavy emphasis on ensuring legal and regulatory compliance across all properties we manage. Our comprehensive approach and commitment to staying informed on management regulations and laws ensure that no property owners will face unexpected legal challenges when working with us.

Quality Tenant Screening

The right Chicago property manager employs a rigorous tenant screening process to ensure reliable, responsible tenants occupy your property. This includes credit checks, employment verification, and previous rental history reviews to minimize risks and ensure a stable rental income.

With a top-tier tenant screening process, PRG Management ensures that only the most qualified prospects are considered for your property. Our extensive screening process is designed to minimize vacancies and ensure a high caliber of tenancy, ensuring the long-term success and stability of your investment.

Emergency & Maintenance Network

Effective property management includes regular maintenance and prompt responses to repairs, ensuring the property remains in top condition and retains its value over time. This includes having a reliable network of contractors, a maintenance request system, and vetted service providers to address maintenance issues efficiently.

PRG Management's proactive approach to repairs and emergencies is a crucial part of the full-service offering you provide for all property owners. This ensures that all properties under our management are well-maintained, which is crucial for tenant satisfaction and property valuation.

PRG Management’s Guarantee

PRG Management’s 30-day cancellation guarantee emphasizes our commitment to the highest service levels, ensuring that clients are always in the loop and satisfied with the management of their properties. We are home to home to a team of reliable and accomplished brokers, distinguished Chicago property managers, and incredible support staff that allow us to provide an unmatched level of service to our property owners. If you are having difficulty finding quality tenants or simply don’t want the headache of managing a building, request a FREE proposal of service today!

New 2024 Chicago Lease

Every year the city of Chicago along with the Chicago Association of Realtors (CAR) releases a new lease, and the 2024 Chicago Lease is now available! As always in these cases, we recommend an additional addendum to further protect clients.

If you’re interested in additional assistance with leasing, vetting tenants, and/or managing your leases or building we are here to help. Please visit our Rental Management Services page for more information.

To receive a digital copy of the 2024 Chicago Lease, please fill out the form below!