If Renting Makes Sense, We Can Help
By Anthony Caciopo
Real estate agents are fond of saying “Own, don’t rent.” And in many, many situations, ownership of one’s living space is more advantageous than renting, for a variety of reasons.
But there’s no denying that for some people, renting is simply the better option. Again, for a variety of reasons, renting may make more sense based on personal circumstances, the market and the prices/incentives available at any given time.
The condo specialist Realtors® at OwnACondo.com understand this and are ready to help. The rental market in many areas has an abundance of units, which generally means lower prices and/or incentives that are very attractive. Add the current challenging housing market and the result is many people opt for renting---at least for the time being.
In the Chicago area, for example, the homeownership rate in the first quarter of 2011 was 67.7%, down from a peak of 71.2% in 2066, right before the housing market deflated. The reasons include foreclosures, difficulty in obtaining mortgage financing and the general reluctance many potential buyers have for making a purchase with housing values in flux.
In the past, renting almost always meant “apartment,” but these days it can mean condos, townhomes and houses, too. Many property owners seek renters because the depressed real estate market makes it more difficult to sell after the owners have moved on. Rather than have the property sit vacant, owners seek renters to help cover their costs.
And, of course, there are developments of apartments and condos for rent in many locations that offer incentives such as an initial reduced rent, free or discounted parking as well as other amenities.
Contact OwnACondo.com if you’d like to rent an apartment, condo, townhome or house. Rent-to-own options are available, too. Our specialists will get to work for you and find what you’re looking for in your favorite communities. Call 866-696-2266 toll free or drop a line to info@ownacondo.com.
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
Condos for Rent
The condos for rent in today’s market can be extraordinary in value if you think about the possibility of a rent to own program. Ultimately it would be nice to own a condo in the long run, but if you’re not able to afford one today, renting a condo with the option of buying it somewhere down the road may be the next best thing.
Condos for rent can be found just about anywhere but if you’re looking for “rent-to-own condos†you may need to search through your condo specialist. There are many real estate brokers that sell real estate but there are very few that just specialize in condominiums. OwnACondo.com is such a brokerage. OwnACondo.com focuses on renting, selling financing, insuring and managing condos. They can help with every aspect of the condo process which can greatly cut down the time and the hassle of looking for several companies do to all these things.
Condos for rent that allow you to also purchase them over time are called “rent to own†condos. Most rent to own programs allow for you to put a portion of your rent toward the down payment. This can greatly increase the ability to own a condominium. There are so many young couples that are not able to save the down payment for a condo but they have enough for the monthly expense. This allows the couple to slowly save each month eventually saving enough so that they can close a year or so down the road.
Condos for rent can also be a great move just simply to live in a condo versus an apartment. Condos can be much better kept up and attract a better maintenance schedule because the association religiously pays for the upkeep month after month. There are several landlords of apartment buildings that are unable to keep up with the building like a condo association can. There are also incidences of landlords having the ability to keep the place clean but just simply choose not to. Associations are mandated to keep the condo complex up to par.
Condos for rent can be a great thing if you work on making the right choices and make sure you take your time looking at everything that’s out there. There’s a huge upside to the rent to own condo because you can then control and do whatever you’d like with the condo down the road.
Rent to Own Condos
How do I get involved in “rent-to-own†Chicago condo programs? Rent to own condos are available more than ever right now because the sellers have been having a hard time selling for more than three years. Imagine sitting with your condo for three years and not being able to sell it. If the condo is vacant and the seller has moved out of the city, the seller most likely would be in a position of having two mortgages. This is horrible for so many sellers of condos because they’re not able to afford the two mortgages. Many of them are now going into foreclosure or selling the condo short.
What’s the next alternative? Rent to own condos help both sides; the seller and the buyer of the condominium. The seller gets a renter immediately. They have some sort of rent coming in helping pay that second mortgage. The second good thing for the seller is the chance that the buyer will close on the unit six to twenty four months down the road.
Rent to own condos are great for the buyer as well. The great thing about a rent to own condo program is the ability to softly get into ownership. The first step is picking your Chicago condo. This step is so critical. You want to make sure you’re in an area that you like and that you can live in for quite some time. After you’ve zeroed in on an area, the next step is negotiation. There are primarily four things that will be negotiated; price of the unit, rent on the unit per month, how long will the rent to own program go for and lastly, how much of the rent will go toward the down payment.
Now your in your Chicago rent to own condo. You’re paying $1,200 a month and you’re going to live there for twelve months before you have to make the decision to exercise your option of buying the condominium. The great thing about this is having the chance to evaluate the premises before making a commitment like buying a condominium. You’ll be able to sort of test drive the condo before actually buying it. You can get to know your neighbors, you’ll be able to really get to know the premises to see if there are any leaks in the roof, etc.Â
Rent to own condos can be great for all parties involved and there are hundreds of them in the market place today.
Chicago Condos For Rent
Chicago condos for rent can be found by going to the website OwnACondo.com. Click on “rent a condo†on the tool bar and you’ll be abler to access all the condos for rent in the Chicago area.
The nice thing about renting a condo in Chicago versus the Chicago apartment is the condo complexes are usually more kept up. This isn’t always the case, but there’s a higher percentage on condominium complexes in nicer condition than apartment communities. Why is this?
The apartment community is owned normally by one entity called the landlord. He or she owns the entire property. If they do not want to improve their property, they really don’t have to. They can run the property to that edge where they are still legally conforming to all the guidelines of Illinois housing laws but at the same time is close enough to have the facility look like a garbage dump.Â
Chicago condos for rent in condominium complexes should be much different. In condo complexes there is a condo board made up of five people. There’s the president, secretary, treasurer and two members that own condos in the complex. They oversee the entire management process. This is much different than one owner. These five people are put in place to represent the entire condo complex. Their sole role is to help the condo complex run efficiently.
Because you have a staff of five this isn’t the only ingredient that helps rental condos flourish over apartment rentals in Chicago, it’s also the monthly association fees. There’s a budget in place to constantly improve the condo complex with everyone’s participation. Each condo owner has to pay monthly fees to continue living there. This helps with not only the overall costs for upkeep, but improvements as well. Back to the apartment side of the game, there are no reserves for this. It’s all out of the landlord’s pocket. If he doesn’t have money, it doesn’t get fixed.
Chicago condos for rent can vary in price and size. Call your local OwnACondo.com real estate agent for more information on condo rentals in your area.
Rent A Condo Chicago
To rent a condo in Chicago, one of the first places to start would be a condo real estate brokerage. They will have everything you’ll need to get the process started. The rental condo market is hot in Chicago with a number of people looking to rent, now that they have been foreclosed on. There are record numbers of people looking, making the supply scarcer.
Though there are a number of people looking for condo rentals, they over built condos in the early 2000’s and with the amount of condo product unsold, the developers have to turn to renting the condos. This opens up more than enough inventory for anyone looking to rent a condo. Chicago condo rentals are very similar to apartment rentals with the exception of having one landlord per unit opposed to one landlord for the whole complex. When renting a Chicago condo, you will be dealing with the owner of that particular unit. They may have bought the unit primarily for investment purposes and are now looking for renters. They make their money by renting the condo out and, as time goes forward, hopefully the unit will appreciate in value giving them a return on investment.
To rent a condo in Chicago, start with finding the area that is going to be a place you want to live for the next few years minimally. Many times you think that it will be a short stay, but life takes over, and that one year stay ended up being five years. Make sure the choice is the right one the first time around. For those of you that like the downtown loop area, the River North, loop, South Loop and West Loop rental condo market might be what you are looking for. There are studio condos that rent for as low as $600 and as far up as four bedroom penthouse condos for over $3,000. The choice is yours and  the amenities are abundant.Â
Condo living is different than apartment living in that most people that occupy the condo units are actually owners of those units. This means the owners are usually going to take care of the property that much more than apartment dwellers. Renting a condo can be very easy as long as you work with the right condo professional. The process can be fun and quick if you know what you’re looking for. Make sure you do your homework and choose an area that you’re going to want to live in for the next five years or so. This is probably the most critical of all the choices.
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.
Rent to own a condo
There are over nine million people in the Chicagoland area, and of those, more than 35% are renters. Just think of that. Over three million people rent in the Chicago area. It''''s OwnACondo.com''''s mission to change that one renter at a time.Â
It starts with educaton. Many condo renters have the ability to qualify to own a condo but have not been educated enough about how to go through the process of owning. OwnACondo.com has set up seminars that allow tenants to learn about the condo buying process from start to finish. They have rent-to-own seminars, one-on-one counseling and a website full of tips and question and answer sections to help any first time buyer.
If you really want to own, you can. If you''re credit challenged, that can be resolved. If you do not have a down payment, that can be worked through. No job? Bring in a co-signer or a roommate. There are endless solutions. You have to want to own first.Â
OwnACondo.com can take you through all the steps to buying your first condo. It starts with you. Pick up the phone and let one of their condo specialists take you through the steps. It''''s easier than you think and all of it is at no cost to you. Call them today at 866-696-2266 and get started to owning your first Chicago condo.
