Monday, October 14th, 2024
Finding an apartment in downtown Chicago can be a daunting task given the city’s fast paced housing market. Understanding the nuances of the Chicago apartment landscape can help make your experience easier. With areas like the Gold Coast and River North commanding average one-bedroom rents of $2,811 , and the South Loop offering a slightly more affordable average of $2,498, knowing key strategies such as timing your search, the benefits of high rises versus walk-up rentals, and the perks of working with a broker can make all the difference on scoring a deal and finding the perfect place.
If you’re looking at renting a high-rise apartment in downtown Chicago, one perk people are usually pleasantly surprised to find out about is that most high rises don’t require a security deposit. A lot of buildings typically opt for a move-in fee instead. Move in or admin fees are usually a one-time $300-600 charge and can often be credited back toward your rent if you apply within a certain amount of time of first touring the unit. Specials like that are building-specific so you’ll want to check first. Rental brokers keep tabs on specials like these at each building, so that’s definitely one of the advantages of working with a broker to find your rental in Chicago.
In downtown Chicago, brokers serve as invaluable allies in the apartment hunting process, and renters benefit from their expertise without having to pay a broker fee for finding a rental. This is because landlords typically shoulder the broker’s fee, making their services essentially free for tenants. Brokers offer extensive knowledge of the local market and can provide access to a wider range of listings that might not be easily found through online searches alone. Their professional connections and insights can save you both time and effort, ensuring you don’t miss out on any potential opportunities.
Their familiarity with different buildings and neighborhoods can also help match your lifestyle and preferences with the perfect apartment. For newcomers to the city, having a broker’s expertise can be particularly beneficial in understanding the nuances of different areas and finding the most suitable location.
Although most buildings in downtown Chicago are pet friendly, they often have breed, weight, or pet count restrictions, or certain floors or units that are designated pet friendly. This is another thing your broker should be knowledgable on and help you navigate.
Using a broker can streamline your apartment search, offering a personalized experience tailored to your needs and budget. Your broker can schedule tours and even go to each place and FaceTime you if you’re too busy or not in town to visit in person. Whether you’re seeking luxury amenities or specific neighborhood vibes, brokers can narrow down the options and arrange viewings, making the entire process more efficient and less stressful.
Starting your apartment search 45 days before your intended move-in date is the sweet spot for finding the best high-rise deals and optimal availability in downtown Chicago. This period offers a balance between availability and urgency, ensuring you have a solid selection of units to consider. Many buildings announce specials or rent reductions for vacant units within that timeframe, giving you the chance to secure attractive offers that might not be available if you start too early or too late. High rises tend to ask for renewals from current tenants about 60-90 days out, so if you look further out than 60-90 days buildings may not know their availability yet. The one exception is new construction. Since new construction units are all vacant and there are no current tenants they’re waiting on renewals from, new construction rental buildings in Chicago can typically offer much more flexibility in move date, as well as availability much further out.
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