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17Aug/100

Apartment Rentals

People considering buying apartment buildings as an investment will be encouraged to hear that while sales of condos and other real estate slowed due to the downturn in the economy, apartment rentals are showing signs of recovery, despite the spike in unemployment and other factors.   

That could explain why people are looking for rental condos too. For instance, the analytic firm of MFP Research found that the number of occupied apartments increased by 215,000 in 64 major U.S. markets in the first six months of the year, according to analytic firm MFP Research. That is almost twice the number of occupancies added in all of 2009.

The National Multi-Housing Council, a trade group for the nation's largest landlords, agrees that vacancy levels are improving. Its most recent quarterly index of occupancies is the highest it has been in four years.

Chicago-area landlords also are doing well, according to statistics that show the suburban vacancy rate remaining about 5.5 percent, and about 6 percent in the city. This is an improvement from 9 percent vacancy rates several years ago, and both sectors of apartment rentals are low enough to be considered a balanced market, according to many observers.

Ordinarily, when unemployment levels are as high as they are, apartment rentals would be expected to decrease because college graduates and other young people looking for jobs are not in a position to move away from home and get their first apartment. But there are other economic factors contributing to the evident uptick in renters. These include the fact that people do not feel secure enough to invest in a condo or house due to the state of the market, so they continue renting. Also, people who have experienced a home foreclosure or short sale have now returned to renting condos and apartments.   

The fact that on average, monthly rents being charged have not increased too much in recent years, and have even remained level in many areas, also encourages more people to rent rather than buy. Then the supply issue must be taken into consideration also. In Chicago, the number of new rental units has increased only slightly in recent years, according to industry observers, who say that practically no new apartment buildings have been built in the Chicago suburbs.

Because apartment rentals have been going up, this might be a good time to invest in apartment buildings. And anyone who wants to use renting as a steppingstone to ownership can look for rent-to-own programs, which many condo owners offer.

19Jul/100

Owning vs. Renting

There are pros and cons of owning vs. renting condos, but many people agree that in the end, owning a condo is more beneficial, mainly because you are building up equity rather than just turning over money to a landlord.

But depending on your circumstances, renting a condo or apartment can be the right way to go too. For instance, people who are new to an area, having just relocated for a job, might favor renting because they are not sure how long they will be there or they haven’t determined which neighborhood they want to settle down in.

Also, you might just happen upon an apartment or condo for rent that has all the space and amenities you are looking for, perhaps a pool, fitness center, and a great location to boot, and decide you would rather rent than buy. Some people who have made comparisons contend that apartments in downtown Chicago and other popular areas are much roomier than the condos available for sale in the same areas. In other cities, such as New York, co-ops, in which people buy shares in a building rather than the individual unit they live in, are another popular option.

The one thing that often holds many people back from owning vs. renting a home of any kind is the need to come up with a substantial down payment. Most people can come up with the monthly rent, or mortgage payment, but even a 10 percent down payment is very difficult for a lot of prospective buyers. The days of buying a home without putting down any down payment may be gone now, following the national financial crisis, and plethora of foreclosures in recent years.

But even if you don’t initially have enough money for a down payment, and still want a there is no need to lose hope that you will never own your own home. There are many rent-to-own condos available, which allow the renter to put some of his or her rent toward a down payment. The rent-to-own agreement usually lasts a year or even two, depending on what the parties decide. They can then revisit the situation at the end of the set time period, and perhaps take out a mortgage agreement. That usually gives the renter enough time to get his or her financial situation enough to qualify for a mortgage.

Because there are so many different situations, there will always be people who prefer owning vs. renting, or visa-versa, and it is good that there are options available to suit every need.

19Feb/100

Condos in Miami

Condos in Miami
The most difficult part about shopping for condos in Miami is narrowing down the search, because the city and Miami-Dade County in general have some of the best condos in the United States, when it comes to location and amenities.
Of course, price and location are always among the most important issues to considering when shopping for a condo. But there are condos available in nearly every neighborhood and price range. In the past 20 years, the skyline of Downtown Miami has been transformed by the numerous high-rise condo towers have sprouted up, and the same has occurred in communities throughout the county. The pace of construction has slowed somewhat in recent years because of the downturn in the economy, but there are more than enough to choose from. And the upside to a bad economy for buyers is that real estate costs have come down considerably across the board.
If living amid the hustle and bustle of Downtown Miami doesn’t interest you, there are many other neighborhoods to choose from too, including Brickell and Coconut Grove, and numerous other attractive communities throughout Miami-Dade County, including Aventura, Sunny Isles Beach, Miami Beach and others.
Of course, beachfront condos are among the most sought after, and usually the most expensive, but the great thing about condos in Miami, or Miami-Dade County in general is that no matter where you live, you are never too far from the beach.

The same can be said for shopping and dining opportunities, and the vibrant nightlife and culture of the area is always within easy reach too. Some of the most upscale condos in Miami are in resort-like communities such as Miami Beach and Sunny Isles Beach, both located on barrier islands just minutes from Miami, but far enough away to feel like an escape from the city.

 Sunny Isles Beach is in northeast Miami-Dade County, between Miami and Fort Lauderdale, on an island between the Intercoastal Waterway and the Atlantic Ocean. Such well known developers as Donald Trump have built fantastic high-rises along the main street of Collins Avenue, within steps of ocean beaches and sheltered marinas.

Collins Avenue also runs south through Sunny Isles to the nearby island community of Miami Beach, situated between Biscayne Bayand the Atlantic Ocean. Most of the condos there are within sight of its world-famous South Beach.

If you are not ready to buy condos in Miami just yet, either as a primary residence or as investment property, there are other options. Many condo developments, including the most upscale, have condos for rent, either on a short- or long-term basis.

12Oct/09Off

Chicago Vacation Condos

When you are thinking about your vacation there are several things that need to be considered.  Is your vacation site someplace that you may visit many times over the years?  What is the cost to vacation in this location with all the amenities you want?  Is there enough space if you intend to bring your entire family and have some privacy?  If where you go is Chicago, then think about Chicago vacation condos  There are some nice aspects of staying in a hotel or apartment but there are reasons to book a condo.

Normally you spend only your evening hours in an apartment or hotel so why pay a higher cost.  In some cases a condo could be 10-20% less expensive. 

Dining can be one of the most expensive costs for your vacation, especially if you are feeding your whole family.  Children are accustomed to foods they enjoy at home and if you are dining in your own condo then it is much easier to prepare the foods they like.  Another nice thing is that you have the option to dine in or out which can be a enormous cost reduction and please everyone by offering choices.

Peace and quiet is another advantage to a condo if you are looking for a romantic vacation without the kids.  Condos are built to keep noise to a minimum.  Hotels with elevator bells, loud late-night guests, and children running up and down halls are not very conducive to that romantic getaway.  Being in a Chicago vacation condos means that you can sleep in and you will not get that hotel employee knocking at your door when you are trying to relax.

Comfort and more space are considerations when booking your vacation in a condo rather than a hotel.  For the dollar value you get much more space in a Chicago condo than any hotel or apartment.  More space means more privacy especially if the kids came along.  Condos come with separate kitchens, living rooms, bedrooms, and sometimes even family rooms which translates into a more comfortable, stress free vacation for everyone.

One other major advantage to a vacation condo is that it is yours.  You can rent it out if you desire when you are not using it which helps in paying the costs.  Additionally, if you decide to sell you could realize a nice profit.

All of these things and more are the reason you should consider a Chicago vacation condos if Chicago is your primary vacation destination.

8Oct/09Off

Condo Rentals in Illinois

Condo rentals are a means to many different types of ends.  Condo rentals in Illinois can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.

Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle.  The jazz clubs in which Chicago is well known for will delight music lovers.  If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city.  Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field.  Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl's Children's Museum known for its hands-on learning laboratory.  But that's not all for the kids!  The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time.  A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and "the bean" where reflections of the city makes incredible photos to take home to their friends.  Last but not least is Lake Michigan which is always fun when it is sunny and warm out.  If this doesn't sound appealing to you yet then perhaps you are wondering about how affordable condo rentals in Illinois can be.  Don't worry, you can definitely find cheap accommodations whether it is a weekly rental or one night accommodations.

What if you are not looking for a vacation rental?  Condo rentals in Illinois are also an excellent source to find a place to live.  You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today's real estate market.  Either way finding a condo in Chicago is just a click away but there are several things you show know. 

  • All rental agreements are not alike - a lease us for a definite period of time, generally one year.  A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
  • Rental agreements do not have to be in writing, they can oral.  However, a lease for more than a year generally must in writing.
  • You have rights!  The law says that your apartment must be livable.  You must have hot and cold running water, heat, and electrical lighting in good working order.

Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.

1Sep/09Off

Condo Rentals

Condo rentals are a means to many different types of ends.  Condo rentals can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.

Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle.  The jazz clubs in which Chicago is well known for will delight music lovers.  If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city.  Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field.  Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl's Children's Museum known for it's hands on learning laboratory.  But that's not all for the kids!  The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time.  A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and "the bean" where reflections of the city makes incredible photos to take home to their friends.  Last but not least is Lake Michigan which is always fun when it is sunny and warm out.  If this doesn't sound appealing to you yet then perhaps you are wondering about how affordable condo rentals can be.  Don't worry, you can definitely find cheap accommodations whether it is a weekly rental or one night accommodations.

What if you are not looking for a vacation rental?  Condo rentals are also an excellent source to find a place to live.  You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today's real estate market.  Either way finding a condo in Chicago is just a click away but there are several things you show know. 

  • All rental agreements are not alike - a lease us for a definite period of time, generally one year.  A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
  • Rental agreements do not have to be in writing, they can oral.  However, a lease for more than a year generally must in writing.
  • You have rights!  The law says that your apartment must be livable.  You must have hot and cold running water, heat, and electrical lighting in good working order.

Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.

18Aug/09Off

Condo Rentals

Condo rentals are a means to many different types of ends.  Condo rentals can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.

Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle.  The jazz clubs in which Chicago is well known for will delight music lovers.  If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city.  Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field.  Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl's Children's Museum known for it's hands on learning laboratory.  But that's not all for the kids!  The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time.  A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and "the bean" where reflections of the city makes incredible photos to take home to their friends.  Last but not least is Lake Michigan which is always fun when it is sunny and warm out.  If this doesn't sound appealing to you yet then perhaps you are wondering about how affordable condo rentals can be.  Don't worry, you can definitely find cheap accommodations whether it is a weekly rental or one night accommodations.

What if you are not looking for a vacation rental?  Condo rentals are also an excellent source to find a place to live.  You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today's real estate market.  Either way finding a condo in Chicago is just a click away but there are several things you show know. 

  • All rental agreements are not alike - a lease us for a definite period of time, generally one year.  A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
  • Rental agreements do not have to be in writing, they can oral.  However, a lease for more than a year generally must in writing.
  • You have rights!  The law says that your apartment must be livable.  You must have hot and cold running water, heat, and electrical lighting in good working order.

Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.

30Jun/09Off

Chicago Condos for Rent

The idea of moving to an urban area and tapping into the excitement and cultural opportunities of a big city is taking hold for many Americans.  Chicago condos for rent are exactly what many potential urban dwellers are looking and one classic style that is available today is the loft.  Are you one of those people who like wide open floor plans in which there are no preset rooms or immovable walls?  Do you prefer floor to ceiling windows revealing a panoramic view where high ceilings, worn wooden floors exposed building elements such as, brick, beams, duct work are the norm?  Then loft living is what you are looking for and Chicago condos for rent is where it's at!  A classic loft style condo is one large space with average living areas of 1000 to 2000 square feet with cavernous spaces beyond the reach of the average resident.  It is these aspects which lure many condo buyers to the city-life, industrial chic lifestyle. Most classic loft apartments or condos were converted from old manufacturing or warehouse buildings and more contractors are meeting this growing demand by creating these buildings from the ground up.  The new reproductions are referred to as "hybrids".  Many loft apartments or condos come in different shapes and attributes, with or without fireplaces or other amenities.  Secured video entry, in house fitness centers, and pools are just a few of the luxury items which can come with your loft or condo.  Today urban dwellers are finding loft living offer the location and opportunities of city life with more space than the average condo.

One of the things you may want to think about when looking for Chicago condos for rent is a rent to own program.  What is rent to own and what kind of agreements are needed?  Rent to own is in its simplest form is renting a home or condo with the opportunity to purchase at a later date.  The lease to own or lease-option agreement is both a lease that allows you to occupy the home and an option that allows you to purchase the condo in the future at an agreed upon price.  The typical agreement may offer a part of the rent to go toward down-payment or closing costs.  For example, $200 a month may be applied toward the down-payment where at the end of the year $2400 has been accumulated towards the purchase.

When you are looking for a Chicago condo for rent finding the right condo or apartment can be time consuming.  The best advice I can give is to go online or check the Yellow Pages for rental and real estate agencies.

11Jun/09Off

Rent A Condo

Why rent a condo?  Condo rentals are everywhere nowadays because people are having a hard time selling condos.  The question you have to ask yourself is why rent a condo when you can buy a condo?  Condos are cheaper than ever and can greatly appreciate if you pick them up at the right price.  The prices have dipped so significantly that I’ve seen deals literally at thirty and forty cents on the dollar.

Renting a condo starts with the inspection.  Make sure the condo meets all your needs.  It’s not only the space between the four walls that’s important, but the environment itself.  I always like going to the condo complex at several different times of the day and different times of the week.  Visit it at night on a Wednesday and then during the day on a Saturday.  There’s always a different crowd and you’ll begin to see the people and soon you’ll know if the complex is right for you.

Renting a condo in Chicago?  Renting a condo in New York?  You’ll need a condo specialist.  Make sure you choose a Realtor that knows the area.  They always have the best deals.  Tap off of their experience.  They get paid by the landlord, so their services a re free to you.  There are specific rental real estate agents that do nothing but condo rentals.  Once you’ve found the condo you want to rent, make sure you really read every line of the lease.  My recommendation is to get an attorney for the condo lease, but if you’re unable to afford one, please take the time to read every line of it.  Condo leases are usually pretty standard, but many condo landlords throw in amendments.  Watch for these.

Once you’ve rented a condo, you’ll find that your new home needs upgrading.  There are usually several maintenance guys and rehabbers that service several of the complexes throughout the condominium complex.  Ask the manager of the condo association for names and numbers.  Ask for references as well.  See if your neighbors used them and what they think about things.

Renting a condo can be awesome if you use the right people and take the time to carefully make your selections.  It’s all about focus.  Don’t take this lightly because you’ll be in your condo a long time.  Take the time now so you won’t suffer later by not choosing the right condominium to rent or choosing the right condo complex to live in.

1Jun/09Off

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.