Chicago Apartments For Rent
Chicago apartments for rent can be found by going to many sources like newspapers, signs on windows in the neighborhood or to your local real estate agency. The question would be, why would you want to look for a Chicago apartment for rent when you can rent a Chicago condo instead?
There are thousands of Chicago apartments for rent but the same is true with Chicago condos. There are nearly the same amount of condos for rent as Chicago apartments. What’s the difference? The difference is huge.
Chicago apartments are owned by normally one landlord. Occasionally they will have a professional property management company run the apartment complex, but more often than not, the owner, the landlord will run the building. When it comes to running an apartment building, there is only one person along with the city the apartment is in that will dictate how the apartment complex in Chicago is being cared for. What it comes down to is the amount of cash that normally comes from running an apartment complex is not enough to fix up the complex to a level like a condo association can. This is a big deal when you think through this. Landlords can fix the apartment complex up little by little from the monthly cash flow, but it’s typically not enough to really renovate an apartment building the right way.
Chicago condo complexes for rent are different. The entire condo association pitches in each month through what is called an association fee. This condo association fee is used every single month to take care of expenses and continue maintaining and repairing loose ends in the complex. After a few short years you can see how different an apartment complex in Chicago can differ from a condo complex in Chicago would be. Every month there is cash flow in the condo complex to do repairs and improvements.
What about the price for rent in a Chicago apartment? Chicago apartments for rent and Chicago condos for rent are virtually the same believe it or not. You can rent an apartment in Chicago for $1,000 and that same size condo in the same area is going to rent for the same. So why rent a Chicago apartment when you can rent a condo?
You can find both Chicago apartments for rent and condos by going online. Real Estate companies can also help you with listing in both these categories
Chicago Rental Condos
Are you looking to rent a condo? There are a tremendous amount of Chicago Rental Condos available in all areas of Chicago. Typically condos will rent for an amount slightly higher than in an apartment complex because there are a number of benefits to a condo complex versus an apartment complex.
Rental condos have several advantages over apartments. In a condo complex, the majority of people that live in the units are owners of those units versus tenants. Of course, owners are naturally going to keep up the property better than people that do not own. This has a tremendous trickle effect. The outside is usually kept up nicer, the laundry room, the hallways, less parties, etc.Â
In a condo complex, the association normally has a budget for repairs, renovations and maintenance already built in. Most condo complexes are able to upgrade the major components of the property faster than landlords of apartment buildings. This is one of the reasons you see so many condo conversions. The landlord of the apartment building doesn’t have the funds to do the necessary renovations to keep up with the times. Properties that were built in the 1960’s and 1970’s need just about everything remodeled. The cash flow operating an apartment building isn’t enough to handle all the major changes needed.Â
When looking for Chicago rental condos, be cautious that the property is not an apartment complex. Many look very similar. When you approach the leasing office, ask if the complex is an apartment building or a condo building. If it is a condo building, and you feel comfortable with the surroundings, make sure to do a thorough inspection of all the amenities. Is the pool kept clean all the time? How does the laundry room appear? How often are the hallways cleaned? It’s your right as a future tenant to know all these things. Ask as many questions as possible.
If the property is being converted to condos, there may be a chance that you can be a renter, but also be put on a program called rent-to-own, This allows you to rent the unit and use a portion of your rent for a down payment to actually own your unit in the future. This is a great way to get into ownership if you don’t have the money today. Some condo owners, that are currently renting their unit, would be happy to set this program up with you because it also is a nice way for them to get the unit sold. It creates a win-win for both parties.Â
One way or another, you’ll find a huge array of Chicago Rental condos to choose from. Do your due diligence and you come out on top.
Apartments in Chicago for sale
Many people refer to condos as apartments, because many times, they are similar in size. But apartments in Chicago for sale and condos in Chicago for sale are very different.Â
You can buy an apartment, otherwise known as cooperatives or co-ops. This form of ownership is where you have a percentage of ownership in the entire building rather than in the apartment itself. This form of ownership is very rare in Chicago but very popular in New York. Many times, to be able to purchase into a co-op situation, you need to get approved by a panel of owners in the building. They meet regularly to vote approval or disapproval of a new potential buyer of the building.
You’ve heard of Madonna or Jerry Seinfeld buying an apartment in New York. This is an example of buying into ownership of the building based on the size of your apartment. If the apartment was a two bedroom and it had a total of 2,000 square feet and the building’s total square footage was 100,000 square feet, you would be purchasing an ownership interest of 2% in the entire building.
The apartments for sale in Chicago also bring on a meaning of the apartments that have been converted to condominiums. Folks like to use the expression “apartments†but many times they are legally converted from apartments to condominiums to then sell separately to the tenants of the units and to the general public. This enhances the value of the complex turning it from a rental community with one owner, the landlord, to a community of several condo owners that live in the units.Â
Chicago condominium conversions were very popular from 2000-2005 during the real estate boom. Today there are still several developments that can be purchased from at a substantial discount because of the amount of inventory available. There are over 35,000 Chicago condos available today with many of these units from developers that started converting an apartment building to condos literally three or more years ago. The developers are anxious to move on and will be willing to sell for just about any price.
This is one of the best times in history to buy Chicago real estate. The deals are everywhere in every area of the city. The average price for a Chicago condo in 2008 was $387,000. In the Chicago suburbs it was $202,000. As we enter 2009, no one knows exactly what will happen, but the deals are substantial. Short sales, auctions, foreclosures and people in distress that need to sell have taken prices of condos significantly down, bringing upon one of the best buying times in history.
