Navigating Chicago's HOT Rental Market

Posted by Ted Guarnero admin on Friday, April 20th, 2012 at 1:38pm.

How to Secure a Downtown Chicago Apartment

The Chicago rental market is HOT! By now, this isn’t news to most people working in the real estate business or who have already moved in the last year or two. But if you’re just now facing the dreaded dilemma of having to search for a new apartment in downtown Chicago, it’s vital to be as prepared as possible if you want any chance at all in securing your first or second choice home.

Downtown Chicago Apartments For RentI know you’re probably thinking that I’m just exaggerating and only say this because I want a fast and smooth transaction, but the reality when it comes to today’s rental market in Chicago is that you only have a VERY small window of  opportunity before an apartment with hardwood floors, outdoor space, and parking included rents within 1-2 days.

I received so many phone calls about my previous two luxury rental deals in Streeterville that I had to schedule a large group-showing for each, something I ordinarily don’t do. People were so anxious to view this rental property, that I was forced to schedule the showing at 6 a.m.; also something I don’t ordinarily do for obvious reasons.

With people lining up to see all the best Chicago properties and rentals with all the greatest living amenities and interior features being snatched up so quickly, how can you ensure you’ll have success in such a crazy apartment market?

Easy! Just follow these simple steps and you’ll always be one step ahead of the rest:

1)      Have your credit report ready! Landlords will always want to see your credit report before renting you an apartment. So why delay the process when you know you’ll have to present this information? Bring your credit report to the showing!

2)      Either have the application already filled out or be ready to fill it out on the spot! Don’t think other people won’t be ready to move on apartment right away, so it’s imperative you have the same approach.

3)      Also bring a clean copy of your driver’s license. This is also something you will have to submit to a landlord or property management company, so don’t waste time copying you identification at a later time.

4)      Know the pet policy up-front. If you have a pet, then you already know many buildings in downtown Chicago often have pet policies relating to dog breed, weight, etc. Don’t waste your time and the agent’s time if you apply for an apartment and later find out your pet fails to meet the requirements of the building. This only further delays finding a rental that ultimately suites all your living needs!

5)      Bring your check book. You’re going to have to spend the money on first month’s rent and the deposit anyway, so why not just get it over with? Again, this is a time-saver that can sometimes mean the difference between securing an apartment or losing out on an apartment!

Until Chicago’s rental market cools off, going the extra mile when trying to rent a place is no longer an option. If you want a great apartment in Chicago, following the above steps is mandatory. And if you don’t believe me, it won’t be long until you eventually miss out on your first-choice apartment and I’ll be right there to say “I told ya so”! 

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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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