U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-29-2009, 04:27 PM
 
2 posts, read 4,033 times
Reputation: 10

Advertisements

I am looking at acquiring rental property near Great Lakes Naval Station and I am looking for some advice on the rental environment of Waukegan or North Chicago.

1. What kind of tenants/leases should I be expecting? Month to month? Section 8? 1 year leases?

2. What kind of vacancy rates are typical in the region?

3. How stable is the rental market? I have assumed that since the area is near a naval station there should be a fairly steady demand at the price of greater turn over.

Any info or tidbits would be helpful.
Reply With Quote Quick reply to this message

 
Old 11-30-2009, 10:11 AM
 
28,394 posts, read 68,461,188 times
Reputation: 18235
The "profile" of the Great Lakes Naval Training Center is considerably different than other Bases as it is dominated by the fact that it is the ONLY center for new recruits -- while other bases have a mix of semi-long term personnel assigned to a functional role and give live off base, the vast majority of people at Great Lakes are recruits in barracks. They cannot live off base. Off course the instructors can, but as a percentage of personnel it is pretty small...

Waukegan's demographics are a challenge -- large numbers of manufacturing jobs were lost over the past three decades and the remaining population is overwhelmingly low income and minority, with little sign of that changing. If you do not have experience as a landlord in that sort of circumstance the hurdles could be high -- language and culture can lead to many misunderstandings.
Reply With Quote Quick reply to this message
 
Old 11-30-2009, 01:38 PM
 
179 posts, read 421,659 times
Reputation: 103
Short version: don't do it.
Reply With Quote Quick reply to this message
 
Old 11-30-2009, 08:48 PM
 
2 posts, read 4,033 times
Reputation: 10
Thanks for the tips. I will stick to more stable areas...I saw such a huge glut of flats and other rental properties on redfin in that area so I figured as much.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top