Lease almost up - what would you do? (neighborhood, construction)

[pidgeon92]

Originally Posted by Jgor

This is the cost of renting an apartment for 6 months?

No, this is what it will cost per month for a 6-month lease.

[personone]

Mathematically, it seems like the 6 month lease would be the way to go. As someone mentioned, the new construction is going to be very pricey; much more so than your current $1300/month. That's one thing people don't realize about Chicago; while it is very affordable in general, when it comes to new construction the prices sky rocket (although there are lots of amenities that come along with new construction). I'm assuming that you've already budgeted for the increase though.

[snowfree]

Is it a studio you're renting now?

Originally Posted by chicagoguy91

I live in the Gold Coast currently. I pay 1300/ month
I REALLY want to move to the new complex currently under construction "State and Chestnut" but it won't open until June 2015.
My lease of my current place ends February 1, 2015.

I have the option to move to Lakeshore east for free for a couple of months, as my parents own a unit and are nice enough to let me stay a few months.

Dilemma is that if I move out of GC and into LSE, and the new building I want to live in ends being more than I can afford, I am stuck. LSE is a beautiful neighborhood by all means, but GC is most convenient for work and play. I love being in the middle of everything.

OR I could also renew @ GC, then sublease the remainder, should I decide I am able to move, but there's a risk of not being able to find someone to sublease to.

What would you suggest?

[ChicagoMeO]

Why dont you just stay at one apartment for a year, and then after the new building is done, you will see the rents, then when your lease is up you can move there or not.

[Chicago60614]

I was going to say, I assume you're looking at a studio in the new place, but I would hardly think it would be around $1,300. Probably much more than that.

[chicagoguy91]

Yeah it's a studio that I rent now. I am also looking at a studio (or a convertible) in the new place.

I am just thinking that if I sign before the building is finished, I would get a better price than usual. Knowing the current market value of studios in the Gold Coast, I feel like I can afford it, but being so nice and new, and also in the Gold Coast, you never know.

I was talking to a realtor who estimated studios to go for 1800

[ChicagoMeO]

If you sign before the building is finished, you might not want to do that. Someone on City Data was talking about this other Flats apartments that they were having to much problems with them. If im not mistaken, if my memory serves me right, some of them signed before the apartments were ready and they were sorry.

Now, your apartment you want might be new construction, and not have that problem but you dont know what your getting into.

I guess the advantage to what you want is that it might get filled up by the time you are ready, and then you wont get a place.

so if you stay at your folks' house, if you get two months free rent, the savings in rent will probably wash out any apartment you take for a 6 months lease. so it might be worth it since this is what you want - go live somewhere for 6 months and then you will be free.

Why not live at one of the Planned Property buildings, for 6 months, they have a lot of them in the GC.

1100 N Dearborn has some shorty leases.

Actually just go to Apartments.com and put in the zip code 60610 (or whatever) and check each one. Scroll down to Lease Length.

[emathias]

Originally Posted by ChicagoMeO

If you sign before the building is finished, you might not want to do that. Someone on City Data was talking about this other Flats apartments that they were having to much problems with them. If im not mistaken, if my memory serves me right, some of them signed before the apartments were ready and they were sorry.

Now, your apartment you want might be new construction, and not have that problem but you dont know what your getting into.
...

Yes, people assume "new construction" means better quality and fewer problems and quirks, but that isn't always the case. With existing apartments you already know what the quirks are and what's gone wrong and can have a more reasonable estimation of what other things might happen. With new construction, you really have no idea. This is a bigger consideration for buying, but can be annoying for rentals, too.

[YoChicago]

I'm biased since a number of the new high-rises are advertising clients (including the one at 845 State).

All of the new high-rises are very quality-conscious and service oriented. It's a highly competitive market, and they have to be. You can fairly confidently sign a lease in a new high-rise building before it's complete.

[chicagobear]

Given the low rate for a year lease, I'd probably renew and try to sub-lease if it became necessary.