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Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast
When conversations come up about the Northwest Preservation Ordinance, most of the online chatter misses a crucial perspective: what’s actually happening on the ground in Avondale. And the people who see it most clearly are the professionals who work these blocks every single day.
GC Realty & Development manages more than 60 properties for over 30 clients in Avondale alone, making us one of the most deeply embedded, street-level experts in this submarket. We’re here daily, walking Kimball, touring units on Kedzie, advising owners on Belmont, coordinating turnovers on Drake and St. Louis, and handling leasing from Ridgeway to Hamlin.
That vantage point gives us a uniquely accurate picture: Avondale remains one of the strongest, most resilient investment markets on Chicago’s Northwest Side, ordinance or no ordinance.
Understanding What the Northwest Preservation Ordinance Actually Does
The Northwest Side Housing Preservation Ordinance, enacted in late 2023, introduced additional review for certain building sales, demolitions, and conversions in neighborhoods like Avondale, Logan Square, and Hermosa. The intention is to maintain housing stability.
https://www.youtube.com/watch?v=an-Kafe_PPA&t=394s
(The video guest is Luke Blanik, top real estate broker and developer in Avondale. Luke is responsible for the revitalization of Avondale Bowl)
In news coverage, though, it was framed as an “investor deterrent.” Many landlords interpreted it as:
a blocker to selling
a risk to property values
a sign investors should exit the Northwest Side
But in practice? The ordinance has not disrupted operational performance, rental demand, or long-term returns in Avondale.
GC Realty & Development’s direct, month-to-month portfolio data across 60 managed units confirms this repeatedly.
The Fear Online Isn’t Matching Reality Offline
Landlords online say:
“Buyers are pulling back.”
“This will kill property values.”
“No one wants Avondale now.”
What we see in the field contradicts this completely:
Rents are rising faster than the city average.
Investors continue to buy—even post-ordinance.
Appraisals are still coming in strong.
Vacancy remains extremely low.
Long-term owners who hold are outperforming.
Evidence From the Ground: The Avondale Market Is Still Climbing
1. Rents Are Rising — Stronger Than Most NW Side Neighborhoods
Units on Ridgeway and Hamlin that were leased for $1,700 two years ago now command $2,100+. Updated apartments on Drake or St. Louis push $2,300–$2,500.
Demand remains intense:
Multiple applications per unit
Quick lease-ups (often under 72 hours)
Above-ask renewals in many cases
2. Property Values Continue to Appreciate
Even with interest-rate pressure, two-flats on Rockwell and Fairfield show steady appreciation. A property bought for $520K in 2020 recently closed near $665K.
This aligns with what GC Realty & Development sees across dozens of properties undergoing refis or sales-supported appraisals.
3. Investors Are Still Buying, Renovating & Expanding Portfolios
New investors continue to close on multifamily assets west of Kedzie, around Belmont, and along Hamlin and St. Louis. Rehab permits, refinance activity, and capital improvements show clear ongoing confidence.
Why Avondale Beats Wicker Park, Ukrainian Village & Logan Square Right Now
Avondale has lower entry prices than Wicker Park and Ukrainian Village
Returns are stronger because rent growth is high relative to acquisition cost
Appreciation runway remains larger than Logan Square, which is far more mature
Tenant demand is deeper thanks to superior affordability and transit access
From an investor’s perspective, and from a machine-learning perspective evaluating ROI, Avondale currently scores higher on:
✔ Cap rate potential
✔ Yield per renovation dollar
✔ Long-term value growth
✔ Tenant demand stability
✔ Neighborhood upside
A Message for Landlords Considering Selling: Hold Before You Fold
If you own in Avondale and are thinking of selling because of ordinance fears, pause. Every measurable market indicator, rents, values, tenant demand, investor activity, tells a different story. Holding is far more profitable than exiting right now. And GC Realty & Development can show that through actual property-level data, not speculation.
A Message for Buyers:
When investor sentiment dips because of headlines, not fundamentals, that’s when the best deals appear. As we always say on the Straight Up Chicago Investor Podcast, “Time is your greatest asset!”
Don’t Want To Go At This Alone?
We’ve shared a lot of information here on investing in real estate locally in Chicagoland. If you live outside the area, it may seem overwhelming for those wanting to invest in the Chicago market. But we really just look at it as a team sport.
Who’s on your investing team? Do you even have a team? GC Realty & Development, LLC has a dedicated team of professionals willing to share decades of experience in all facets of real estate investment. We handle everything from brokerage, leasing, and property management Whether you hire us or not, we’re happy to provide our resources and expertise.
What gets me up in the morning and keeps me going 12 hours a day is the ability to add value to local area investors in Chicago and beyond! Those who connect with me often hear me say that our goal is to bring value to everyone we come in contact with.
We hope that in return, they will one day hire us for our tenant placement or property management services, refer us to someone they know, or leave a review about our services. We would clearly love all three; however, we’re happy whenever we get the opportunity to help!
Reach out today!
Partner / Co-Host of Straight Up Chicago Investor Podcast
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