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Old 03-10-2011, 01:26 PM
 
67 posts, read 169,612 times
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I've heard the traditional "apartment time" is October.

I'm currently looking at a renovated, 2nd floor 1-bedroom for $700 in Old Irving Park. A friend was telling me that come summer, there will be better "deals" on rentals.

I always thought rentals are harder to find by summer in many areas due to students moving in and out, and the nicer weather in general....
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Old 03-10-2011, 03:13 PM
 
Location: Berwyn, IL
2,419 posts, read 5,801,925 times
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Prime rental season is May 1st through September. The good thing is that a lot of good stuff becomes available then since that's the most common turnover time.

The downside is that landlords know this, and they jack up the prices. A very lovely Lincoln Square 1BR I had been watching since about November went from $825 to $900. I'm going to look at it in a few weeks anyhow and see if there is any room for negotiation.

The best deals are always to be had from the end of September through about late February/ early March.

For the place you're looking at, that sounds like a fair price if the place is nice.

So, as for what your friend says - there will be more available on the market, but there will not be better deals, money wise.
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Old 03-10-2011, 11:34 PM
 
Location: Chicago
4,091 posts, read 3,863,426 times
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Quote:
Originally Posted by Rewind4 View Post
A friend was telling me that come summer, there will be better "deals" on rentals.
Not from my experience.
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Old 03-11-2011, 01:50 PM
 
Location: Alameda, CA
25 posts, read 67,811 times
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As an assistant community manager, I can tell you that the spring/summer you may "find" more locations available, but you will be hard pressed to find a "deal" on an apartment - comparatively between seasons.

In the industry, prices will go up across the board during the prime rental season (March/April - September) then drop during the off season (October - Feb/March). Its like gas during the travel dependent holidays. You should simply think about what set of dice you wish to cast. Lower price but less possible apt options or more apt options and a likely higher price.

I have seen locations raise prices upwards of $100 or more when transitioning into the "rental season" of the spring/summer. Also in the fall/winter, you will find more "No App Fee" or "Waived Security Deposit" deals than you will in the spring/summer as well.

Just my two cents. Hope that helps.
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Old 03-17-2011, 01:56 AM
 
Location: Chicago
4 posts, read 28,586 times
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Default Downtown Chicago Apartments: 2 Myths

greetings,

believe it or not, there is no such thing as a "better time to rent" regarding downtown Chicago apartments. here is the reality:

(1) if you are renting from a corporate rental building the price is anywhere between $1.80-$2.85/square foot. AQUA being the highest priced corporate rental building i have seen thus far. parking is an additional $150-$250/space. Corporate owned rental buildings legally cannot negotiate with individual tenants - they must offer the same price to all their prospects.

when they say 1 month free on a 12 month lease, do the math, guaranteed it's not free. Corporate rental buildings will be priced at the higher end of that range. If they are "pet friendly" - expect to pay initial one time $350 per cat fee and between $450-$700 per dog fee depending on the building. "Pet friendly" buildings will have breed and weight restrictions. Not all buildings are pet friendly.

(2) Renting from private owners. Depending on area, Expect to be between $1.45-$2.20/square foot (figure parking separately - if they include parking, then subtract $150 from the rent and recalculate your number to get actual apartment cost). Before one starts congratulating themselves on getting a good or bad deal, keep in mind that in the 3rd quarter of last year 18% of homes were underwater. Currently, it is 22% of homes are underwater. A 4% increase in less than 1/2 year.

In simple terms, if your private landlord is in foreclosure - you probably will not know it until it's too late. The private owners in this market that are not "underwater" are many instances investors. In this market, over 30% of the buying is taking place by investors - who in most instances are paying cash. Therefore, if you rent from a buoyant owner with money, you may have an opportunity to get an advantage if you sign a 2 year lease.

I have not seen a private owner get the same price/square foot in a given area when compared to a corporate rental in the same area. Each time i see a private owner trying to match a corporate rentals price/square foot - that owner has a very long market time (well over 90 days to rent their property).

Don't get caught up in winter, summer, spring Myths. The rental prices have been the same range in Chicago for years. Expect to pay a bit less in private individually owned apartments (with some risk); expect to pay more in corporate owned high rises and etc..(knowing you will not have to unexpectedly move out)

kind regards,
harry
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Old 03-17-2011, 06:54 AM
 
Location: Berwyn, IL
2,419 posts, read 5,801,925 times
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So far, I'm not liking what is out there and available for 5/1 move in. My move in is 4-6 weeks, depending on what pops up out there. A lot of places I call are "tentatively" available apartments - as in the current person has yet to re-sign a lease, but there is a good chance they may do so. I looked at one apartment, but since the tenant has been there 3 years, the place will need some repairs and it won't be available until 5-15.

I've still got plenty of time, but I thought the 5-1 inventory would be better.
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