What's the minimum association size you manage?

We work with associations from 12 to 250 units. Our sweet spot is 12–250+ units, where the operational complexity justifies senior-level management. For associations under 12 units, we refer to specialist firms better suited to that scale.

How does your Finance-Only tier work?

Finance-Only is a productized tier for self-managing boards that need professional financial oversight. It includes dues collection, AR/AP, monthly financial statements, board portal access, annual budget preparation, and 1099 prep. Operations remain with your board. It is a clean entry point with a clear upgrade path to Full-Service.

How do you handle the transition from our current management company?

We handle the entire transition — document collection, financial cutover, vendor introductions, and resident notification. Most transitions complete in 30–60 days with zero gap in service. Your board does not manage the transition; we do.

What credentials does your team hold?

Our senior property managers hold Illinois real estate licenses. We are active members of the Community Associations Institute (CAI) and the National Association of Residential Property Managers (NARPM). Our team participates in ongoing education on Illinois condo law, the Chicago RLTO, and reserve study methodology.

How quickly will we hear back when we contact you?

Every inbound communication receives a substantive response within 4 business hours — not an auto-reply, a real answer from a real person. For after-hours emergencies, our 24/7 line is staffed by Angel, our receptionist, with immediate escalation to the on-call team.

What does Maintenance-Only service include?

Maintenance-Only includes 24/7 inbound tenant maintenance calls, work order dispatch, vendor coordination, repair documentation, and owner notifications. You keep control of leasing, rent collection, and tenant relationships. It is designed for self-managing landlords who want to eliminate the maintenance burden without giving up full control.

Do I have to pay management fees if my unit is vacant?

No. Our Full-Service rental management fees are based on collected rent. If a unit is vacant and not generating rent, you do not pay a management fee for that unit. We align our incentives with yours.

How quickly do you respond to tenant maintenance requests?

Angel handles all inbound maintenance calls 24/7. Routine requests are dispatched within one business day. Emergency requests — no heat, flooding, gas leak — are escalated immediately to the on-call team and our sister company, My Handyman Chicago.

What does your free rental analysis include?

A market-driven rental estimate for any Chicago property — comparable units currently on the market, recent lease comps, neighborhood trend data, and our recommendations on pricing and positioning. No sales call required. We send a written report, not a verbal estimate.

How is Altus different from other Chicago property managers?

Three things: we serve both associations and rental owners under one roof with equally deep expertise; we have a tiered service model (Finance-Only, Maintenance-Only) that no competitor offers in productized form; and our sister company, My Handyman Chicago, gives every client access to integrated maintenance without vendor markups. We are also investor-led — our principals own investment property, so we manage yours the way we manage ours.

What factors influence HOA and condo management fees in Chicago?

HOA and condo management fees in Chicago are influenced by several factors, including the size of the association (number of units), the scope of services provided (e.g., full-service vs. finance-only), the age and condition of the property, amenities offered (pool, gym, doorman), and the complexity of the association's finances. Urban properties often have higher fees due to increased operational costs and density.

What is the typical range for per-unit HOA management fees in Chicago?

Per-unit HOA management fees in Chicago can vary significantly, typically ranging from $30 to $100+ per unit per month. This range depends heavily on the level of service. Basic financial management might be at the lower end, while comprehensive full-service management for a luxury building with extensive amenities will be at the higher end. Smaller associations may also pay more per unit due to less economies of scale.

What is the difference between Finance-Only and Full-Service HOA management?

Finance-Only management typically covers essential financial tasks like budgeting, dues collection, bill payment, and financial reporting. Full-Service management, on the other hand, includes all financial services plus administrative support, vendor management, maintenance coordination, covenant enforcement, and often 24/7 emergency response. Full-service is more expensive but offloads significant operational burden from the board.

Does the Illinois Condominium Property Act regulate management fees?

The Illinois Condominium Property Act (765 ILCS 605) primarily governs the creation, operation, and termination of condominium associations. While it mandates certain financial disclosures and responsibilities for boards, it does not directly regulate the specific amounts or structure of management fees. These are typically determined by the association's board of directors and the terms of their management contract, subject to the association's bylaws.

What services are typically included in a full-service HOA management contract?

A full-service HOA management contract usually includes financial management (budgeting, collections, reporting), administrative support (meeting coordination, record-keeping, communication), property maintenance oversight (vendor selection, repair coordination, preventative maintenance schedules), covenant enforcement, and often a dedicated property manager. Some contracts may also include legal liaison services and emergency response.

How can an HOA board reduce management fees without sacrificing quality?

HOA boards can explore several strategies to reduce management fees. These include negotiating contracts with multiple management companies, clearly defining the scope of services to avoid unnecessary costs, leveraging technology for communication and record-keeping, and taking on some administrative tasks internally if the board has the capacity. Regular review of contracts and performance is also crucial.

Are there any hidden costs associated with HOA management fees?

While a reputable management company will provide a transparent fee structure, some potential 'hidden' costs can arise. These might include extra charges for specific projects, excessive administrative fees for copies or mailings, fees for attending additional board meetings beyond the contracted amount, or markups on vendor services. Boards should carefully review contracts for all potential charges and ask for clarification on anything unclear.

What should an HOA board look for when hiring a new management company in Chicago?

When hiring a new HOA management company in Chicago, boards should prioritize experience with similar property types, strong financial transparency, clear communication protocols, a proven track record of vendor management, and knowledge of local regulations like the Chicago Condominium Ordinance. Checking references and reviewing sample contracts are also essential steps to ensure a good fit.

How often should an HOA board review its management contract?

An HOA board should ideally review its management contract annually, or at least every two to three years. This regular review allows the board to assess the management company's performance, ensure the services provided still align with the association's needs, and negotiate terms or fees if necessary. It also provides an opportunity to solicit bids from other companies to ensure competitive pricing and service quality.

Guide · Updated 2026

HOA & Condo Management Fees in Chicago: A Comprehensive Guide

Understand the factors driving HOA and condo association management fees in Chicago, including per-unit pricing, service tiers, and the impact of the Illinois Condominium Property Act.

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$30 - $100+

Typical Range (per unit)

Service Scope

Key Cost Driver

IL Condo Act

Legal Framework

15%

Altus Avg. Savings

Disclaimer: This guide provides general pricing information and context for HOA and condo management fees in Chicago. It is not financial or legal advice. For specific guidance tailored to your association, consult with a qualified financial advisor or legal professional.

Understanding HOA and Condo Management Fees in Chicago

For condominium and homeowners associations in Chicago, professional management is often a necessity to ensure smooth operations, financial stability, and property value preservation. Management fees represent the cost of these essential services, covering everything from financial administration to maintenance oversight. Understanding how these fees are structured and what drives their variation is crucial for board members and unit owners alike.

Chicago's diverse housing market, ranging from historic brownstones to modern high-rises, means that management needs and associated costs can differ significantly. Factors such as building size, age, amenities, and the specific demands of the community all play a role in determining the final price tag for professional HOA management.

Association Size: Larger associations often benefit from economies of scale, potentially leading to lower per-unit costs.
Property Age & Condition: Older buildings may require more extensive maintenance and capital planning, increasing management workload.
Amenities: Pools, gyms, doormen, and other luxury amenities demand more intensive management and staffing.
Service Scope: The level of service, from basic financial management to comprehensive full-service, is the primary determinant of cost.

Finance-Only vs. Full-Service: Choosing the Right Tier

HOA management services typically fall into two broad categories: Finance-Only and Full-Service. The choice between these tiers significantly impacts both the cost and the level of support an association receives. It's essential for boards to assess their needs and resources before committing to a particular service level.

Finance-Only Management

This tier focuses exclusively on the financial health of the association. It's often suitable for smaller, self-managed associations with active board members who can handle day-to-day operations and maintenance coordination.

Dues collection and delinquency tracking
Accounts payable and vendor bill payment
Budget preparation and financial reporting
Bank account reconciliation

Full-Service Management

Full-service management provides comprehensive support, offloading most operational burdens from the board. This is ideal for larger associations, properties with extensive amenities, or boards seeking a hands-off approach.

All finance-only services
Regular property inspections and maintenance coordination
Vendor contract negotiation and oversight
Communication with residents and covenant enforcement
24/7 emergency response

The Illinois Condominium Property Act and Management Fees

While the Illinois Condominium Property Act (ICPA, 765 ILCS 605) does not directly dictate management fee amounts, it significantly impacts the operational requirements and financial transparency expected of condominium associations. Compliance with the ICPA often necessitates professional expertise, which is reflected in management costs.

Key aspects of the ICPA that influence management responsibilities include requirements for detailed financial records, annual budgets, reserve studies, and proper meeting procedures. A competent management company ensures the association remains compliant, mitigating legal risks and fostering good governance. For example, Section 18(a)(8) of the ICPA requires associations to maintain adequate reserves for capital expenditures, a task often managed by professional firms.

Financial Transparency: ICPA mandates clear financial reporting, a core service of management companies.
Reserve Studies: Professional managers often assist with or oversee the completion of required reserve studies.
Meeting Protocols: Ensuring proper notice and minutes for board and owner meetings aligns with ICPA guidelines.
Contractual Obligations: Management agreements must comply with the general principles of contract law and association bylaws, which are themselves governed by the ICPA.

Frequently Asked Questions About HOA Management Fees

Optimize Your HOA's Financial Health

Ready to streamline your association's finances and enhance property management efficiency? Altus Property Partners offers tailored solutions for Chicago HOAs and condos.

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HOA & Condo Management Fees in Chicago: A Comprehensive Guide

Understanding HOA and Condo Management Fees in Chicago

Finance-Only vs. Full-Service: Choosing the Right Tier

Finance-Only Management

Full-Service Management

The Illinois Condominium Property Act and Management Fees

Frequently Asked Questions About HOA Management Fees

Optimize Your HOA's Financial Health

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