Chicago Renters’ Market

Posted by Ted Guarnero admin on Wednesday, August 10th, 2011 at 11:41am.

A Tip for Chicago Renters

Given the current economic conditions within the Chicago real estate market, it seems that sellers are awaiting the “perfect bait” when the topics of either leasing or selling a property are concerned.  However, what comprises “perfect bait” status and what can a prospective renter do to make sure a seller will budge?  Perhaps this boils down to only a few requirements: the renter must have good credit, readily available funds, and the ability to move in without asking for the walls to be painted.

I have observed that if the renter is not ready to pull the trigger, then he/she should not even consider looking for a property!  For example, a client of mine was ready and able to move into a junior 1-bdrm. place given his good credit rating and availability to move in within 2 weeks.  The client’s only request was that the carpets be cleaned prior to the move-in date.  This client was then denied by the sellers due to the fact that, according to them, it had just become rented.

Had this place located within the River North Chicago neighborhood actually become rented?  It seemed doubtful since we noticed that after 2 days, the same listing was available.  When the sellers were questioned, they informed us that they received 12 offers but were still waiting to make a decision. 

The bottom line, then, is this: If you are not ready to move into a place and accept it “as-is”, then do not even bother taking the time to look.  By the time you propose a special request, the place will be gone!  Given the high-demand for rental units within the Chicago renters’ market, renters are losing out on great properties and deals when they ask for pretty much anything in this current market!

Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales.  Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !

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