Chicago rental market (apartment, condos, how much)

[cd771]

Anyone know how the rental market is doing in Chicago? We currently live in Bucktown and want to rent out our place but our very nervous about doing so during the winter. Also its a 3 bedroom and I think I read the market is saturated with them because of all the condos for rent. Anyone know anything about the Chicago rental market? Especially this time of year?

[aragx6]

I know two bedrooms are still renting within days of being listed in WP/B-Town. There was a two-bedroom on my street that had a line around the block to see it. I'm not sure if 3BRs are the same way.

How much are you looking to rent it for?

[cd771]

Really when was this and do you know how much they were asking? Did they have signs up? We are going to ask $2000. I think that's what puts us in competition with condos and makes it more difficult to rent. It is a big place though. The realtor we talked to said $2200 - $2400 but due to time of year we think we want to ask less.

[BJT83]

I think that's a VERY fair price. How many bathrooms?

[aragx6]

The apartment on my street went up for rent about 2 weeks ago, but I'm not sure what they were renting it for (or for that matter what condition its in) My guess, given what little I know about the place and seeing the curb appeal (it's clearly "rental quality" not condo quality) I'd say they probably rented it for $1100-1300.

I suspect you're right about competing with condos, but maybe it's not as bad as you think. On just a quick perusal of Craigslist, it seems that most 3/2 "condo quality" units in the heart of Bucktown are renting in the $2000-2600 range.

How big of a hurry are you in to rent it? If you're not in a huge rush, I'd list it at $2200 for two weeks, see if you get any bites and if not you could always lower it a bit.

[cd771]

I guess it would be 1.5 bathrooms. Upstairs by the bedrooms is a full bathroom with jet tub or whatever those are called. Main floor is a bathroom and steam shower.

We bought a place so will be moving. Would like to rent it for Oct 1 because we think winter will be very difficult time to rent.

[cd771]

and thanks for your help and for responding. We are pretty nervous about it so I feel better after reading the posts. It isn't actually a condo. It's a two flat. We rented the bottom unit easily but that was May 1st which is prime rental time.

[cd771]

One more question. When you are looking for apts where do you usually look? Do you walk around a neighborhood, craig's list, the reader, etc?

[BJT83]

I and most younger people I know (the types who would live in BT/WP) primarily use craigslist. Walking around a neighborhood is fun, but often you can't find any details about the place.

[jessiegirl_98]

I always use craigslist, but I would definitely still post a sign in front. As other posters suggested, I would list the place as the "ideal" price and then you can always lower it if it doesn't rent out.