REMINDER: MARKET ANALYSIS AND COMPARABLES
Before submitting a rent increase request or Request for Tenancy Approval (RTA) packet, it is vital that property owners have a clear understanding of the market, including comparable units in the area, and use this to determine the 'Requested Rent' or 'Asking Rent' amount.
Remember, the best comparable units are:
- Within a 1-mile radius of the property (the closer, the better).
- Unsubsidized (i.e., market rate) and leased within the last year.
- The same property type (single-family, duplex, high rise, etc.).
- The same unit size (number of bedrooms).
- The same utility responsibilities.
If you have comparable unit data that you want CHA to consider during the rent determination process, it must be submitted to AffordableHousing.com prior to or at the same time as the rent increase request or RTA packet submission.
Click here for a tutorial on how to add comparable units to AffordableHousing.com.
Note: CHA will review all viable comparables; however, there is no guarantee that what you submit will be used in determining the Contract Rent amount for the unit.
HCV HEALTH AND WELLNESS PROGRAM
The Chicago Housing Authority's HCV Health and Wellness Program aims to help HCV participants and their household members focus on their overall health and well-being with personalized services such as case management, care coordination, individual and family therapy and access to community-based resources. In addition, the program offers general resources and information on how HCV property owners and managers can provide support to their tenants who may be experiencing challenges.
For more information, including who to contact to refer an HCV participant to the HCV Health and Wellness Program team, see the HCV Health and Wellness Program Flyer.