apartments chicago (leases, houses, safe area)

[personone]

Originally Posted by BRU67

Anecdotally, my cheaper apartments are getting a lot more interest. I've had several apartment hunters seeking to move from gentrified areas to lower their rent. I think people are going to be much more cost sensitive now. What's the point of paying to live around all these amenities when a lot of them probably aren't even going to survive?

I was thinking about that too. Especially the amenity of a close CTA stop. Not just in Chicago, but in every major city. Apartment complexes up-charge an extra couple hundred per month for that amenity. Hearing how many people are afraid to take public transportation jam-packed with people frequently coughing in the winter, contaminated surfaces, etc. The extra benefit of close public transportation that people used to be willing to pay big money for, may not be such an amenity anymore.

[BRU67]

I think it's going to be a few years before things go back to normal. Many bars and restaurants are not going to survive this. And the longer the shut down goes, the fewer there will be. New ones will open in their places but that'll happen gradually over a number of years.

So the value of apartments which depended on a neighborhood's amenities are going to decline, at least in the short term. I feel bad for those who paid huge money for rental properties in places like Logan Square, Andersonville, Lakeview and so on. If you think landlords up charge for the amenity, wait until you see what they've been paying for the properties. Many are still taking a loss in hopes of future appreciation and increase. It's going to be a rough next few years.

[dtcbnd03]

I do not see tenants downgrading from a gentrified hood to a fringe hood. Rather people are hunkering down, negotiating cheaper rates with fall in demand, rising unemployment/fear, etc. Rising Demand and prices push higher income tenants to fringe hoods creating gentrification. We're seeing the opposite right now.

[Kmanshouse]

We just renewed, rent was flat. Next door neighbor just put her house on the market. Looking around, rents seem high still in my area (Lincoln Square).

[chicagodude.1984]

From what I have seen in the car business lately due to the shutdown, It truly has become a buyers market. Most folks aren't spending money on anything but basic life necessitates. And it looks like it'll be that way for a long time to come !!!

[Master Jay]

Kmanshouse, HOW can I move there, if it's still high in the Square? ;(

[Kmanshouse]

Keep looking Jay. You never know.

[emathias]

For downtown, most of the people living there work in professional services or tech, the sorts of jobs that can be done remotely and so probably haven't suffered as much from unemployment as areas where you have a lot of people who work in jobs that can't be done remotely. Aon has announced a 20% cut in payroll, more or less across the board except for people at the lowest end but it remains to be seen if other companies will follow suit. The problem with that is that you tend to lose your best employees as soon as hiring at other companies resumes so most companies will likely try to avoid that, choosing to lay off people over doing pay cuts. Pay freezes and reduced it eliminated bonuses will likely be the norm, though.

And then there the question of commuting. Living within walking distance of the Loop will gain even more attraction as people realize it allows them to avoid public transit and the inherent risks that now carries.

And some portion of people who do lose jobs would normally move home with their parents, but the idea of perhaps increasing their parents risk of catching the virus may (maybe) reduce that effect somewhat. Similarly people will probably try to live alone longer than they might in times without a contagious virus to worry about, as roommate's increase risk.

So while I think there will be some instability downtown, I think downtown prices are less likely that other neighborhoods to have big declines in rent. If enough people realize they can avoid transit by living downtown, process might even slightly rise.

Other neighborhoods, however, will almost certainly see rent reductions.

[chitown202020]

I do not want to start a new thread but if someone reads this is the area on lawrence between the river and kedzie Safe? I have a female friend that is looking for apartment and they are cheaper over there and says Lincoln square on listing but I am not sure about west of river? Would it be safe for female walking home at night?

[chitown202020]

has anyone that is looking for apartment in chicago/ chicago land noticed any trends yet? I feel the prices seem the same but I am seeing a lot of specials. I was planning on moving this summer but I ownder if I could negotioate a lower rent with management? I still am not sure what the demand is for apartments this summer and how desperate landlords are or if they have the upper hand.




DOes anyone know if you should add anything to a lease when you sign or release in regards to cornoavrus? like a clause if you get the virus or lose income can there be a clause that you can break lease for example.