One of the awesome things about writing a real estate blog is that I have an excuse to look up all kinds of awesome statistics and play around with charting software. You guys seem to like it too - my surveys of Bedroom sizes in Chicago Apartments and Pet Rent Rates in Chicago Apartments are the most popular posts in this blog to date.
Towards the end of last year I was getting a lot of questions from landlords about how to best renovate their rental properties to maximize their income. So I did a bunch of research. (They didn't have to twist my arm too hard.) I've expanded the results for you here.
The difference in price when you add a bedroom was - pretty much as expected - rent went up at a consistent rate for each additional bedroom.
It was when I went to investigate the difference in price for extra bathrooms that my jaw hit the floor. (more…)