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 is the typical property management fee in Chicago?

In Chicago, property management fees typically range from 8% to 12% of the monthly gross rental income. This percentage can vary based on the property type (single-family home, multi-unit, condo), the number of units managed, and the scope of services included. Some companies offer flat fees, especially for higher-rent properties, but percentage-based fees are more common.

Are there additional fees beyond the monthly management percentage?

Yes, beyond the monthly management fee, landlords often encounter additional charges. These can include leasing fees (typically 50-100% of one month's rent), lease renewal fees, maintenance markups (often 10-20% on vendor invoices), and fees for evictions, property inspections, or vacant unit management. It's crucial to review the management contract for a comprehensive list of all potential fees.

How do leasing fees work in Chicago property management?

Leasing fees cover the costs associated with finding and placing a new tenant. In Chicago, this usually involves marketing the property, screening applicants (credit, background, eviction checks), showing the unit, and drafting the lease agreement. These fees are commonly structured as a percentage of the first month's rent (e.g., 50-100%) or a flat fee. Some agreements may include a guarantee period for the tenant placed.

What are maintenance markups, and are they standard practice?

Maintenance markups are additional charges applied by property managers to the cost of repairs and maintenance services. These typically range from 10% to 20% of the vendor's invoice. While common, transparency is key; a reputable property manager will clearly outline these markups in their contract. They cover the manager's time and effort in coordinating repairs, vetting vendors, and overseeing work.

How much does HOA management cost in Chicago?

Homeowners Association (HOA) management fees in Chicago can vary significantly. They are often calculated per unit per month, ranging from $20 to $50 or more, depending on the size of the association, the amenities offered, and the level of service required. Services typically include financial management, common area maintenance oversight, and enforcement of bylaws. Larger, more complex HOAs generally incur higher per-unit fees.

What should I look for in a property management contract regarding fees?

When reviewing a property management contract, pay close attention to the fee structure. Ensure all fees are clearly itemized, including monthly management fees, leasing fees, renewal fees, maintenance markups, and any termination clauses. Look for transparency regarding how maintenance costs are handled and if there are any hidden charges. A clear, comprehensive contract protects both the landlord and the property manager.

Can I negotiate property management fees in Chicago?

Negotiating property management fees is often possible, especially if you have multiple properties or a high-value rental. You might be able to negotiate a lower percentage for monthly management, reduced leasing fees, or a cap on maintenance markups. It's always worth discussing your needs and budget with potential property managers to see if they can offer a customized fee structure that aligns with your investment goals.

Are there different fee structures for different types of properties (e.g., condos vs. multi-units)?

Yes, property management fee structures can differ based on property type. For single-family homes or condos, a percentage-based fee is common, but flat fees might be offered for higher-rent units. Multi-unit buildings often benefit from economies of scale, potentially leading to slightly lower percentage fees per unit, or a tiered structure where the per-unit cost decreases as the number of units increases. Commercial properties typically have different fee models altogether.

Pricing Guide · Updated 2026

Property Management Fees in Chicago: A Comprehensive Guide

Demystifying the costs of professional property management in Chicago. Explore typical fee structures, hidden charges, and how to get the best value for your investment.

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8-12%

Typical Monthly Fee

50-100%

Leasing Fee Range

10-20%

Maintenance Markup

$20-50+

HOA Fees (per unit)

Understanding the Landscape of Chicago Property Management Fees

Navigating property management fees in Chicago can be complex, as costs vary widely based on the services provided, the type of property, and the management company\'s pricing model. Generally, landlords can expect a combination of recurring monthly fees and one-time charges for specific services like tenant placement or maintenance coordination. Understanding these different components is crucial for budgeting and ensuring you\'re getting value for your investment.

While the goal is to minimize expenses, choosing the cheapest option isn\'t always the best strategy. A reputable property manager can save you money in the long run by reducing vacancies, optimizing rental income, and efficiently handling maintenance and legal compliance, especially with Chicago\'s stringent Residential Landlord and Tenant Ordinance (RLTO).

A Detailed Look at Property Management Cost Components

Monthly Management Fees: This is the most common fee, typically 8-12% of the gross monthly rent collected. It covers day-to-day operations like rent collection, tenant communication, and routine property oversight. Some managers offer flat fees, which can be advantageous for high-rent properties.

Leasing or Tenant Placement Fees: Charged when a new tenant is placed, these fees cover marketing, showings, tenant screening (credit, background, eviction history), and lease preparation. They often range from 50% to 100% of the first month's rent, or a flat fee. Ensure the contract specifies what's included and any guarantee periods.

Maintenance Markups: Many property managers add a markup (usually 10-20%) to third-party vendor invoices for maintenance and repairs. This covers their time in coordinating and overseeing the work. Transparency is key; ensure these markups are clearly stated in your agreement.

Lease Renewal Fees: A fee charged when an existing tenant renews their lease. This can be a flat fee (e.g., $100-$300) or a small percentage of one month's rent. It compensates the manager for negotiating new terms and preparing renewal documents.

Eviction Fees: If an eviction becomes necessary, property managers may charge a separate fee for handling the complex legal process, including court appearances and coordination with attorneys. These fees can range from a few hundred to over a thousand dollars, depending on the complexity and duration of the eviction.

Vacancy Fees: Some contracts include a fee for managing vacant properties, especially if the vacancy extends beyond a certain period. This covers property checks, utility management, and continued marketing efforts during unoccupied periods.

HOA Management Rates in the Chicago Metropolitan Area

For condominium associations and homeowners associations in Chicago, management fees are structured differently than for individual rental properties. HOA management typically involves overseeing common areas, financial reporting, budget preparation, vendor management, and ensuring compliance with association bylaws and state regulations (e.g., Illinois Condominium Property Act, 765 ILCS 605). These services are critical for maintaining property values and community harmony.

HOA management fees are usually calculated on a per-unit basis, often ranging from $20 to $50+ per unit per month. Factors influencing these rates include the total number of units, the age and condition of the property, the extent of common amenities (pools, gyms, security), and the specific services requested by the board. Comprehensive financial management, legal liaison, and extensive maintenance coordination will naturally lead to higher fees.

Frequently Asked Questions About Chicago Property Management Fees

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Don\'t let complex fee structures deter you from professional property management. Altus Property Partners offers transparent, competitive pricing and unparalleled service for landlords and HOAs across Chicago. Get a clear breakdown of costs and maximize your rental income.

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