Chicago, IL Property Management: Top 5 Options

The Chicago real estate market continues to be a great place to invest in rental properties in 2023. Being one of the most populous US cities and hosting one of the strongest economies nationwide, Chicago attracts newcomers, many of which prefer to rent rather than buy a home. At the same time, the multiple tourist attractions bring short-term visitors year-round. This results in strong demand for both long-term and short-term Chicago rental properties. Combined with the affordable property prices below the national median level, Chicago offers excellent opportunities for local and remote real estate investors.

Let Awning find the best property manager for your rental property. Simply fill out the form and Awning will find a property manager that provides the best rates and services for your property.

The 5 best property management companies in Chicago are:

• HomeRiver Group: Best Overall Property Management Company in Chicago
• Medallion Property Management: Best for Single-Family Homes
• Paragon Property Management Group: Best for Apartments
• GC Realty & Development, LLC: Best for Different Property Types
• Keyrenter Property Management - Chicago Metro, Chicago North, and Northwest Chicago: Best Large-Scale Property Manager

How We Selected the Best Property Management Companies in Chicago

In our ranking of the best property management companies in the Chicago market, we emphasized the following factors and criteria:

• Property management services: We looked for rental property management companies that provide truly comprehensive services at high quality so that owners can enjoy optimized passive income.
• Property management fees and costs: We searched for Chicago property managers that charge competitive rates and have clear pricing structures with no hidden fees and costs.
• Location coverage: We focused on companies that can operate across the entire Chicago real estate market and neighboring areas.
• Property type coverage: We selected property managers working with short-term and long-term rentals, including both single-family and multifamily homes, to meet the needs of all Chicago residential real estate investors.
• Company size and markets: We included small, local property managers as well as big, nationwide companies. Each model brings its own pros and cons, so property owners should be able to choose between the two.
• Technology vs human interventions: We analyzed whether companies make use of the latest real estate technology to provide superior services at good prices. We also checked if local teams retain the human element that is valued by both landlords and tenants.
• Third-party website reviews: We took into consideration the overall ratings of selected companies on third-party review websites in addition to reading through individual reviews.
• Value for money: We ranked the 6 Chicago property management companies that bring the best value for money to property owners.

HomeRiver Group: Best Overall Property Management Company in Chicago

HomeRiver Group is the largest third-party property management company in the US market, with a strong presence in Chicago. John Hirschfeld, Andrew Propst, Doug Dale, and Joshua Bangert established the company in 2016, with headquarters in New York, NY. HomeRiver Group has reached nationwide operations by acquiring the best local property managers in each location and turning them into partners. At the moment, the company manages 40,000+ rental homes and 32,000+ units within HOA communities. HomeRiver Group is the best property management company in Chicago because it provides full-service management at competitive prices.

HomeRiver Group Property Management Services

As a full-service property manager, HomeRiver Group Chicago delivers the following:

• Expert market analysis to maximize ROI
• Property marketing
• Extensive tenant screening including valid identification, residency verification, employment verification, and criminal history
• Rent collection
• Routine inspections
• 24/7 emergency response
• Preventive maintenance
• Prompt handling of repairs and maintenance work
• Detailed financial reporting
• Eviction protection

HomeRiver Group Property Management Locations

HomeRiver Group operates in the following areas of the Chicago market:

• Albany Park
• Aurora
• Avondale
• Belmont Cragin
• Berwyn
• Bolingbrook
• Bucktown
• Chicago
• Chicago Heights
• Cicero
• Cook County
• Country Club Hills
• Downers Grove
• Dunning
• DuPage County
• Edgewater
• Edison Park
• Forest Glen
• Gold Coast
• Hermosa
• Homewood
• Irving Park
• Jefferson Park
• Joliet
• Lakeview
• Lansing
• Lincoln Park
• Lincoln Square
• Logan Square
• Lombard
• Loop
• Matteson
• Montclare
• Naperville
• Near North Side
• Near South Side
• North Center
• North Park
• Norwood Park
• Oak Lawn
• Oak Park
• O’Hare
• Old Town
• Orland Park
• Portage Park
• Rogers Park
• Roscoe Village
• South Holland
• South Loop
• Uptown
• West Ridge
• Wheaton

HomeRiver Group Property Types

The Chicago office of HomeRiver Group works with single-family homes, townhouses, condos, apartment complexes, 2-4 unit buildings, and 5-50 multifamily buildings rented out on a long-term basis.

HomeRiver Group Property Management Costs

The website of HomeRiver Group Chicago does not specify the property management fees. In other US cities, the company charges both flat fees and percentages of monthly rent, in line with trends in the local market. In all cases, rates are competitive, especially taking into consideration the comprehensive services provided by HomeRiver Group. That’s why this is the best property manager for long-term rentals in Chicago as well as throughout the rest of the US market.

Besides the monthly management fee, property owners can expect to pay a leasing fee, a lease renewal fee, and biannual inspection fees ($50/inspection) as well as some optional services.

HomeRiver Group Property Management Terms

HomeRiver Group Chicago does not provide a copy of the property management contract on the company website. In most cases, HomeRiver Group asks landlords to sign an initial agreement for 6 or 12 months, after which month-to-month contracts become available too.

HomeRiver Group Property Management Reviews

More than 600 real estate investors and renters have written online reviews of the Chicago office of HomeRiver Group on third-party websites. These reviews show generally positive experiences.

You can find HomeRiver Group reviews focused on their Chicago property management services on:

• Google: Currently 4.5/5 stars based on 251 reviews
• Birdeye: Currently 3.7/5 stars based on 148 reviews
• TrustAnalytica: Currently 4.4/5 stars based on 100 reviews

Satisfied landlords and tenants highlight the amazing experiences, the perfect repair works, the dedication and care of team members, the professional and always available staff, and the excellent customer service. Dissatisfied customers talk about major delays in the implementation of maintenance requests, complacent attitude, incompetent staff, and poor communication.

How to Get Started with HomeRiver Group Property Management

To get started with the best overall property management company real estate investors can submit an online form via HomeRiver Group or call 415-610-7867.

Medallion Property Management: Best for Single-Family Homes

Medallion Property Management is a local, full-service residential property management company working in the South and West sides of Chicago. Ari Cohen and Jake Counne founded the company in 2013, with headquarters in Chicago, IL. While Medallion Property Management works with different types of residential properties, they embrace Section 8 housing too. This is the best property management company for single-family homes in Chicago as most other local managers focus on apartment buildings and other large multifamily properties.

Medallion Property Management Services

Medallion Property Management offers full-service long-term rental management including:

• Establishing a reliable rental value
• Online marketing and advertising across dozens of platforms
• Tenant screening including credit history, eviction records, criminal history, income verification, and rental history check
• Move-in and move-out inspections
• Rent collection
• Tenant customer services
• Lease agreement terms compliance
• Bills payment
• Semiannual analysis and review
• Tax appeals
• Insurance audit
• Consistent inspections
• Gutter cleaning
• Turnover
• Property maintenance
• Accounting
• Overseeing renovations and rehab

Medallion Property Management Locations

Medallion Property Management operates in the West and South sides of Chicago.

Medallion Property Management Property Types

Medallion Property Management focuses on single-family homes rented out on a long-term basis. The company also works with some residential multifamily buildings.

Medallion Property Management Costs

The monthly management fees charged by Medallion Property Management vary between 8% and 10% of monthly rent. The exact price depends on the location, the amount of work needed to make the property turn-key, and the vacancies. Interested landlords need to contact the company to get an exact quote based on their specific case.

Medallion Property Management Terms

Medallion Property Management does not provide a copy of the management agreement that owners need to sign prior to onboarding. Thus, investors need to get in touch with the office and ask for the contract that they can review to decide if this is the best Chicago property manager for their needs.

Medallion Property Management Reviews

There are 200+ online reviews of Medallion Property Management which reveal positive experiences.

You can find Medallion Property Management reviews on:

• Birdeye: Currently 4.2/5 stars based on 139 reviews
• Google: Currently 4.0/5 stars based on 104 reviews
• Yelp: Currently 1.0/5 stars based on 2 reviews

Satisfied property owners and tenants praise the courteous services, the great experiences, the prompt solutions to maintenance issues, the friendly and helpful staff, and the respectful and caring team members. Dissatisfied customers complain about poor experiences, excessive property problems including mold, and maintenance requests being ignored.

How to Get Started with Medallion Property Management

To get started with the best property management company in Chicago for single-family homes, rental property owners can fill in an online form on the Medallion Property Management website or call 847-674-5472.

Paragon Property Management Group: Best for Apartments

Paragon Property Management Group is a Chicago-based property management company. The company was established in 2010, with headquarters in Chicago, IL. The team focuses on building strong business systems and processes in order to make property management successful for owners. Paragon Property Management specializes in apartment buildings, currently managing 200+ apartment units. This is the best property manager for long-term rental apartments in the Chicago market.

Paragon Property Management Group Services

Paragon Property Management delivers comprehensive services to Chicago landlords including:

• Rental rate optimization
• Advertising on online platforms and via banners and signs
• Property showings
• Tenant screening including employment verification, credit history, criminal background check, and eviction check
• Lease signing coordination
• Tenant onboarding
• Move-in condition report
• Deposits collection
• Rent collection
• 24/7 tenant and maintenance emergencies
• Legal compliance
• Operating expenses payment
• Maintaining records
• Turnover coordination
• Regular property inspections
• Routine maintenance of major equipment
• Property maintenance and repairs implemented by in-house handymen or specialized contractors
• Monthly financial statements and reports
• Evictions including working with specialized attorneys and process servers and attending court dates

Paragon Property Management Group Locations

The Paragon Property Management services are available across the city of Chicago.

Paragon Property Management Group Property Types

Paragon Property Management works exclusively with apartment buildings.

Paragon Property Management Group Costs

The monthly fees charged by Paragon Property Management start at 7% of monthly rent. This is comparable to the pricing of the other best property management companies in the Chicago rental market.

Paragon Property Management Group Terms

Paragon Property Management does not explain the terms of the property management contract that Chicago landlords need to sign. They need to contact the office and ask for a copy that they can review before making a decision.

Paragon Property Management Group Reviews

Around 70 landlords and tenants have written online reviews of Paragon Property Management Group. These reviews reveal very high average ratings.

You can find Paragon Property Management reviews on:

• Birdeye: Currently 4.4/5 stars based on 37 reviews
• Google: Currently 4.6/5 stars based on 31 reviews
• Facebook: Currently 5.0/5 stars based on 7 reviews
• Yelp: Currently 4.5/5 stars based on 6 reviews

Positive reviews focus on the beautiful apartments, the fairly priced rentals, the easy processes, the quick handling of maintenance requests, the great maintenance services, and the timely communication. Negative reviews discuss numerous property issues, the lack of emergency maintenance work, and rude customer service representatives.

How to Get Started with Paragon Property Management Group

To get started with the best property management company in Chicago for apartments, real estate investors can submit an online form via the Paragon Property Management Group website or call 773-913-2031.

GC Realty & Development, LLC: Best for Different Property Types

GC Realty & Development, LLC (GCR&D) is a local, full-service property management company operating across the Chicago area market. Bryan Sonn and Mark Ainley founded the company in 2003, with headquarters in Roselle, IL. GCR&D brands themselves as Chicago’s Responsive Property Manager as responsiveness is at the core of the services that they provide to Chicago rental property owners. They work with various single-family and multifamily homes, which makes them the best property management company for different types of properties in Chicago.

GC Realty & Development, LLC Property Management Services

GCR&D offers full-service property management which includes:

• Rental analysis
• Online marketing on the MLS and 100+ real estate websites including quality interior and exterior photos and optimized property descriptions
• Showings
• Tenant screening including thorough credit, background, and eviction reports
• Pet screening
• Lease signing
• Rent collection
• 24/7 maintenance line
• Preventive maintenance work
• Day-to-day work orders for tenant maintenance requests
• Third-party coordination of qualified vendors
• Evictions
• Capital improvement supervision

GC Realty & Development, LLC Property Management Locations

GC Realty & Development manages long-term rentals in the following areas in and around Chicago:

• Addison
• Algonquin
• Arlington Heights
• Aurora
• Avondale
• Barrington
• Bartlett
• Batavia
• Bensenville
• Berwyn
• Bloomingdale
• Buffalo Grove
• Burlington
• Carol Stream
• Cary
• Chicago
• Cook County
• Crystal Lake
• Des Plaines
• Edgewater
• Elgin
• Elk Grove
• Elmhurst
• Evanston
• Geneva
• Gilberts
• Glen Ellyn
• Glendale Heights
• Itasca
• Hanover Park
• Hoffman Estates
• Huntley
• Lagrange
• Lakeview
• Lincoln Park
• Logan Square
• Lombard
• Mount Prospect
• Naperville
• North Aurora
• North Park
• Oak Brook
• Old Town
• Palatine
• Rolling Meadows
• Roselle
• Schaumburg
• South Elgin
• St. Charles
• Streamwood
• Uptown
• Villa Park
• West Chicago
• Wheaton
• Wicker Park
• Winfield

GC Realty & Development, LLC Property Types

GCR&D manages single-family homes, condos, and apartments. This diverse portfolio makes them the best Chicago property manager for different rental property types.

GC Realty & Development, LLC Property Management Costs

GCR&D charges a monthly management fee ranging between 7% and 10% of gross rent. The exact fees are quoted on a case by case basis. Landlords don’t pay anything when their property is vacant.

GC Realty & Development, LLC Property Management Terms

GCR&D does not provide a copy of the management agreement that property owners need to sign. Investors should ask for it and review it carefully in order to know how easy or not it is to cancel property management services.

GC Realty & Development, LLC Property Management Reviews

There are over 1,500 online reviews of the services provided by GCR&D. They reveal extremely positive experiences.

You can find GC Realty & Development reviews on:

• Birdeye: Currently 4.6/5 stars based on 800 reviews
• Google: Currently 4.6/5 stars based on 552 reviews
• TrustAnalytica: Currently 4.6/5 stars based on 99 reviews
• Yelp: Currently 4.5/5 stars based on 70 reviews
• BBB.org: Currently 4.5/5 stars based on 32 reviews

Happy property owners and tenants praise the outstanding services, the great experiences, the improved performance of rentals, the commitment to transparency and communication, the helpful and pleasant-to-work-with team members, and the professionalism and knowledge of the staff. Unhappy customers mention dirty and unsafe properties, rental problems, sluggish responses to maintenance requests, and fraudulent practices.

How to Get Started with GC Realty & Development, LLC Property Management

To get started with the best property management company in Chicago for different property types, landlords can submit an online form via the GC Realty & Development, LLC website or call 864-210-4508.

Keyrenter Property Management - Chicago Metro, Chicago North, and Northwest Chicago: Best Large-Scale Property Manager

Keyrenter Property Management is a nationwide property management company operating through a network of local independent franchises. Aaron Marshall and Nate Tew founded the company in 2007, with headquarters in Midvale, UT. There are 3 branches of the company that work in the Chicago market: Keyrenter Chicago Metro, Keyrenter Chicago North, and Keyrenter Northwest Chicago. Keyrenter delivers full-service management of long-term rentals at competitive prices. This makes them the best large-scale property management company in Chicago.

Keyrenter Property Management Services

All Chicago offices of Keyrenter provide comprehensive property management services including:

• Property marketing
• 14-step tenant screening including credit history, employment history, income verification, and background checks
• Foolproof lease agreement
• Move-in and move-out inspections
• Online rent collection
• Tenant management
• Regular inspections
• 24/7 emergency maintenance response
• Accounting services
• Financial statements
• Year-end tax filing
• Eviction Guard

Keyrenter Property Management - Chicago Metro, Chicago North, and Northwest Chicago Locations

The 3 Chicago-based offices of Keyrenter Property Management operate in:

• Chicago Metro: Berwyn, Brookfield, Chicago, Chicago Metropolitan Area, Downers Grove, Forest Park, Hinsdale, LaGrange, Oak Brook, Oak Park, River Forest, and Riverside
• Chicago North: Chicago, Des Plaines, Elk Grove Village, Evanston, Glenview, Lincolnwood, Morton Grove, Niles, Northbrook, Park Ridge, Rosemont, and Skokie
• Northwest Chicago: Algonquin, Arlington Heights, Barrington, Cook County, Crystal Lake, DuPage County, Elgin, Hoffman Estates, Kane County, Lake County, McHenry County, Palatine, and Schaumburg

Keyrenter Property Management Property Types

In the Chicago real estate market, Keyrenter works with different property types including single-family homes, townhouses, condos, and apartments.

Keyrenter Property Management Costs

Each Chicago office of Keyrenter has a different pricing structure. Property owners can expect the following property management fees:

Chicago Metro

Full Service

• Monthly management fee: 7%-10% of monthly rent
• Leasing commission: One month’s rent
• Lease renewal commission: $250
• Biannual inspections with filter change: $95/inspection (optional)
• Move-out inspection and report: $95/inspection (optional)
• Preventive maintenance items: Priced separately (optional)

Chicago North

Lease Only

• Leasing commission: One month’s rent

Full Management

• Monthly management fee: 5%-10% of  monthly rent

Full Management Plus: This plan includes everything in Full Management plus Eviction Guard, 2 additional inspections, and other optional services.

• Monthly management fee: 11% of  monthly rent

Northwest Chicago

Tenant Placement: Unbundled

• Leasing commission: $1,595 or one month’s rent, whichever is greater

Tenant Placement: Bundled

• Leasing commission: 75% of one month’s rent for a minimum of $1,300

Monthly Management

• 1 property: 9% of monthly rent for a minimum of $160 and maximum of $350
• 2 properties: 8.5% of monthly rent for a minimum of $135/property
• 3-4 properties: 8% of monthly rent for a minimum of $135/property
• 5+ properties: 7.5% of monthly rent for a minimum of $135/property

Where the percentage varies, the exact percent depends on the monthly rent and the number of properties managed.

Keyrenter Property Management Terms

Keyrenter does not provide information about the property management agreement that landlords need to sign. So, interested property owners should contact the local office and ask for a copy which they can review in detail before deciding whether they should hire this Chicago property manager.

Keyrenter Property Management Reviews

There are over 60 online reviews of the property management services provided by the Chicago offices of Keyrenter. They show generally positive experiences.

You can find Keyrenter Property Management Chicago reviews on:

• Birdeye: Currently 4.3/5 stars based on 20 reviews
• Google: Currently 4.4/5 stars based on 17 reviews
• ChamberofCommerce.com: Currently 4.4/5 stars based on 17 reviews
• Facebook: Currently 5.0/5 stars based on 9 reviews
• Yelp: Currently 3.5/5 stars based on 2 reviews

Satisfied landlords and renters highlight the comprehensive services, the easy and smooth processes, the attention to detail, the quality tenants, and the prompt communication. Dissatisfied customers complain about unexpected rent increases, withholding of security deposits, poor management of common areas, and rude team members.

How to Get Started with Keyrenter Property Management

To get started with the best large-scale property management company in Chicago, property owners can:

• Schedule a call via the website of Keyrenter Chicago Metro or call 708-435-2900.
• Schedule a call via the website of Keyrenter Chicago North or call 312-967-3111.
• Schedule a call via the website of Keyrenter Northwest Chicago or call 847-407-1212.

Takeaway

These are the 6 best property management companies in Chicago. The top long-term and short-term rental property managers are HomeRiver Group and Awning, respectively, as they provide comprehensive services at competitive prices. Investors working with single-family homes and apartments can consider Medallion Property Management and Paragon Property Management Group, respectively. Investors with diverse portfolios can check out GC Realty & Development, LLC, while those who prefer to hire a large, national company can contact Keyrenter Property Management.