The Chicago rental market is currently on the rise. What does this mean, exactly? Basically that rental units are going quickly and the market is becoming more competitive. Buildings that have previously been abandoned or worksites that weren’t finished during the recession are now being renovated, built and leased to meet the high demand for apartments in the city. In accordance with this demand, rents are going up. You have to be willing to pay to be in an apartment that has a lot to offer, because there is likely a line waiting of people waiting.
Here are a few tips for surviving the growing Chicago rental market:
- Know your price point. Don’t look online at average prices and expect to go into a neighborhood like the Gold Coast and find an unbelievable deal. Yes, deals exist, but if you want to be competitive in the rental market, you have to be realistic with how much you are willing to spend. Know your price point before you go looking so you don’t set yourself up to fall in love with a place that is WAY out of your price range.
- Have all the necessary paperwork ready. In today’s market units can go within 24-48 hours of being on the market. If you don’t have your paperwork, check and information ready you could lose out on a place. It’s important that if you’re seriously looking at apartments to be ready to sign the same day you view the apartment because chances are if you don’t have your paperwork, the person after you does.
- Explore the neighborhood. You may find the perfect apartment, but maybe the location isn’t perfect. Make sure to explore the neighborhood before making a decision so that you feel completely comfortable.
- THE MOST IMPORTANT TIP: contact PPM to see just how easy, affordable, and accommodating renting can be. With buildings in many of Chicago’s best neighborhoods, a wide range of price points, and agents that can walk you through the paperwork process, renting in Chicago becomes a lot less intimidating and a lot more fun.