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As the foreclosure crisis enters its seventh year, a growing number of single-family homes in the Chicago metropolitan area – some already foreclosed, some in the process of foreclosure – are being rented. Some are being rented by people who have lost their homes, while others are being rented by lenders or investors who have taken title to foreclosed properties. Two things are evident: The demand for quality rental homes has risen sharply and communities must adapt to rapidly increasing numbers of single-family rental homes. In addition, many investors are new to the market and lack the experience managing rental properties.
Both municipalities and investors have urgent questions about how best to manage single-family rental homes so that this growing segment of our region’s housing stock is a benefit, not a burden. This paper provides some answers.