Rent Increases? (Chicago, Lincoln, Oregon: apartments, for rent, mortgage)

[Eradik]

Hi everyone, I just got done reading an article on MSNBC about rising rent costs every year (studios increasing as much as $300 every year/few years). This example was in San Fransisco, which I know costs a lot more than Chicago. I have been lurking, reading these forums as I plan to move to Chicago from Oregon sometime in the next year. I found some great apartments ranging from 600-750 per month (through Chicago Apartments - Realty & Mortgage Co. - Over 6,000 Apartments for Rent throughout the Chicago area), which I could easily afford. However, how often do prices surge? I couldn't afford much more than 800 per month. I'd hate to move, get settled in, only to have rent raise so much I'd have to move back home. In a nutshell, how much and how often do studio apartments go up? I'm planning the north side, Lincoln Park area. Any help is appreciated. Thank you. And sorry in advance if it has been discussed, i did do a search to no avail.

[jessiegirl_98]

It depends. For instance, I lived in a 2 bedroom where rent didn't increase at all over 2 years, and I lived in a 3 bedroom that increased from $1500-1850 in one year! I can tell you that prices are steadily increasing, but many landlords keep the rent increase very reasonable because they just want to keep good tenants.
I would also try to branch out from Lincoln Park with that price range, as it is a pricer area of the city. What you will find for under $800 there is probably not going to be the most livable place in the world (although there are sometimes some good deals). You can get a lot more for your money in other neighborhoods!

[Eradik]

Thank you for your reply.

I am still branching out and looking in other areas, got a lot of neighborhoods to research. I just know that LP/LV area is fairly safe, has people my age (i'm 21), and has Boystown (I am gay).

I don't mind the size of my apartment, as long as its livable (no roaches and rats and stuff) and is close to transit (my work would be several miles from LP/LV and I don't want a car). But if you say its not livable, I just might have to branch out a little bit more.

I'll be traveling to Chicago sometime in the next few months, travel around and see the city and apartments.


Thanks for the information jessiegirl!

[jessiegirl_98]

Originally Posted by Eradik

Thank you for your reply.

I am still branching out and looking in other areas, got a lot of neighborhoods to research. I just know that LP/LV area is fairly safe, has people my age (i'm 21), and has Boystown (I am gay).

I don't mind the size of my apartment, as long as its livable (no roaches and rats and stuff) and is close to transit (my work would be several miles from LP/LV and I don't want a car). But if you say its not livable, I just might have to branch out a little bit more.

I'll be traveling to Chicago sometime in the next few months, travel around and see the city and apartments.


Thanks for the information jessiegirl!

Actually, boystown is in lakeview. I would look in that area in that price range (it's cheaper than lincoln park) and just keep your eyes out. It is a bit low for those areas, but you can find places! If you don't mind smaller places, I'm sure you can find something small in those areas. Also, check out Andersonville. Very gay friendly, cheaper, on the red line, and a LOT going on!

[Eradik]

Originally Posted by jessiegirl_98

Actually, boystown is in lakeview. I would look in that area in that price range (it's cheaper than lincoln park) and just keep your eyes out. It is a bit low for those areas, but you can find places! If you don't mind smaller places, I'm sure you can find something small in those areas. Also, check out Andersonville. Very gay friendly, cheaper, on the red line, and a LOT going on!

Awesome, thank you very much for that bit of info! Very helpful :-)

[jessiegirl_98]

Originally Posted by Eradik

Awesome, thank you very much for that bit of info! Very helpful :-)

No problem! There is one great place with karokee every Wednesday in Andersonville that will lead to you make about 10 new friends! Good luck!

[NYrules]

I've heard that in IL by law landlords can only raise the rent so much per year. I think I heard it is somewhere around 7-8% a year? I'm not too sure though.

[Eradik]

Originally Posted by NYrules

I've heard that in IL by law landlords can only raise the rent so much per year. I think I heard it is somewhere around 7-8% a year? I'm not too sure though.

This opened my eyes wide, but upon some research I found that there is no such law. I wish there was. Thanks tho


As for karokee.... hehe I've tried it before, I'm no good. But I would defentally check it out the scene and enjoy the music! :P

[Eradik]

Originally Posted by jessiegirl_98

Actually, boystown is in lakeview. I would look in that area in that price range (it's cheaper than lincoln park) and just keep your eyes out. It is a bit low for those areas, but you can find places! If you don't mind smaller places, I'm sure you can find something small in those areas. Also, check out Andersonville. Very gay friendly, cheaper, on the red line, and a LOT going on!

THANK YOU for the tip on Andersonville. I found some great looking places on Rent.Com for less than I was looking at $$ wise in Lincoln Park, yet bigger and more Amenities! Not to mention the places on rent.com are ALWAYS more expensive, so I'm sure I can find some better deals in the paper.

It gives me a place to start looking, so thank you very much!!!!

[jessiegirl_98]

Also, check out craiglist and try to use some apartment search services (45-60 days before moving). Apartment People are OK, there are apartment guys, apartment finders, homestead group..... I'm sure searching this site will give you a few more names. You give them criteria and they take you around to find places. Oh, also the chicago reader comes out with new listings I believe every Tuesday.