Guide to Apartment Renting in Chicago

Are you planning to move or looking out to rent an apartment in Chicago? Before you make a decision, it’s important to walk through the entire procedure and have enough information beforehand. At the end of the day, you need to consider this decision both qualitatively and quantitatively. Settling down in Chicago has multiple factors involved that are more or less based on variables such as location, available facilities, time of the year, etc. At the same time, the pricing tends to have a significant impact on the overall net value. 

• Washer/dryer in-unit are premium features and frequently one of the easiest indicators for cost evaluation that will take the budget above $2,000. To have a comfortable laundry room, you are required to stretch your budget a little more. 

• Managed buildings with full-time availability of door staff and other facilities will cost you more.

• The age of the building and quality of finishes are among the major factors indicating the overall cost. For instance, a newly constructed building with advanced technology features and luxury finishes cost higher. Chicago has a broad range of Class A buildings outer the downtown neighborhoods and the rates vary primarily depending on the above-listed factors. 

Flexibility 

One of the reasons to rent a living in Chicago is having financial flexibility especially if you are looking forward to changing a job or moving to a new corporate sector. It’s important to consider your time horizon. If it is for limited years, you would love to enjoy the flexibility when it comes to making a change. At the same time, financial flexibility is something you will appreciate allowing you to better do budgeting. 

Save Up 

Suppose you want to invest a certain percentage in paying the down payment for making a purchase. That means you will need to save a lot of money to get there. It’s a smart option to rent a place and save money side by side. It will cost you cheaper than buying an apartment.

Avoid Taxes 

It is no surprise that the taxes on real estate in Chicago neighborhoods are comparatively high. It is more likely to increase in the upcoming years. For instance, a general 2 bed / 2 bath apartment comes with real estate taxes above $10,000 a year. If you are not committed to paying those taxes, we recommend renting as a better option. 

Living in Chicago

If you are looking forward to starting a living in the Chicago metro area, it’s convenient to find and use public transportation. Families can even walk to nearby grocery stores without any vehicles. With numerous facilities located closely, it significantly minimizes the carbon footprint. You can find plenty of local businesses and activities within a few mile’s walk. What else can be more refreshing than having parks, museums, and other recreational spots within walking distance! 

When we talk about activities, the increasing demand for public services and the availability of public spaces, the more secure and popular these places become. The city of Chicago comes with dynamic municipal programs along with subsidized events. You will find never-ending clubs, cultural activities, and community festivals to keep yourself and the family engaged. There are numerous opportunities to get out and interact with people nearby. You will be more than happy when playing an active role in the community. 

One of the major concerns frequently associated with urban renewal is redevelopment. A few driving factors behind this are the luxury apartments for the wealthiest families. Fortunately, the city has many untouched yet modern buildings offering multiple facilities. This avoids the major cost associated with rebuilding eventually making the rental quite reasonable. 

While shortlisting your search to certain neighborhoods, it takes a lot to agree on the dotted line. Here are some of the ways to help you make an informed decision.

Set a Budget

When finding apartments for rent in Chicago, setting a budget is the foremost and most important step that must not be overlooked in any way. While Chicago may sound cheaper compared to San Francisco and Manhattan, still it is ranked among the top five most expensive cities in the country. The average rent of a one-bedroom apartment is approximately $1,800 per month and goes up to $2,500 for two-bedroom apartments. We recommend you to consult a real estate agent regarding the recent most prices of the apartments as per your requirements. They will further let you know about the utility costs and whether you require a security deposit or move-in fee.

Choose a Neighborhood

It may be surprising for you to know that Chicago is home to about 77 recognized community areas. Choosing one for a living will absolutely play an important role in contributing to the quality of life. With the immense transit network, you are more likely to enjoy flexibility when it comes to choosing an area. At the same time, it is important to understand carefully what amount you are expected to pay in every neighborhood and whether it fits your budget. Remember, the difference can be extreme so make sure to invest adequate time in figuring out the right neighborhood.

Best Time to Rent

The rental prices in Chicago are more likely to increase between September and October while the lowest ones are observed in March and April. If you don’t mind waiting for some time, you can get a great deal in early spring or late winter. Moreover, there has been a major decline among rental units on the Northwest Side such as Avondale, Jefferson Park, Portage Park, and Logan Square. Besides, many luxury rental buildings often offer exclusive incentives such as free rent for one month or discounted rates. Searching for studio apartments for rent in Chicago is not as challenging as in New York. You will come across a market trend and of course the less costly end of the spectrum. It is best to follow the trend, observe the prices carefully, and make up your mind as soon as you find the decline in cost.

Get Your Documents Ready

When it comes to renting an apartment, you shouldn’t be pressured with the relevant concerns or reservations by the landlord. Remember, there is always a probability of having other people interested in the same property. The best approach is to be prepared with all the essential documentation on hand such as a photo identification card, the contact information of references, money order, latest pay stubs, credit checks, deposits, etc. By having every important document ready, it improves your credibility and you will be able to rent the property of your choice in no time.

Conclusion

Renting a property in Chicago involves multiple factors from searching the right neighborhood to considering other community facilities, finance, and more. Make sure not to hurry since the process needs to be followed carefully and step by step. From gathering all the relevant information online and contacting recognized real estate agents, you should visit the rental property one or more times. Finally, don’t forget to know your rights as a tenant. For any further queries, feel free to write to us in the comment section below.