Rent is way DOWN (Chicago: foreclosed, mortgages, bad credit)

[Humboldt1]

I am now charging higher rents. Just increased everyone $50 per unit and they seem okay with it. I told them 6 months in advance.

[MannheimMadman]

Originally Posted by WhaThe

Not for long according to this article. I can't tell rather its talking about just downtown or the whole Chicago area.

Chicago apartments: Rent increases planned - chicagotribune.com

I think that article is mostly referring to apartments downtown, as it specifically noted three times. However, I think the usual suspects (Lake View, Lincoln Park) will probably see rent increases as well.

I've been watching rentals very closely for some time now (anxious to get out of my place) and it seems like a lot of the prices have been pretty flat. My wing of the courtyard building I live in is pretty vacant. There is me and the domestic disputing couple above me, and that's it; there are 4 units in my wing alone that are available. They even dropped to rent to entice people, but no such luck.

I noticed this one management company in Lincoln Square has been advertising a couple units for almost 9 months now. Maybe they think their units are great.

I like how the article mentions group fox, and how the guy was "willing to negotiate." I would hope so; they manage a building off of Lincoln and Wilson in which they are asking $1100 for a one bedroom that isn't even all that great. I should hope you are willing to negotiate rather than commit highway robbery.

[xavier xerxes]

Originally Posted by MannheimMadman

I think that article is mostly referring to apartments downtown, as it specifically noted three times. However, I think the usual suspects (Lake View, Lincoln Park) will probably see rent increases as well.

I've been watching rentals very closely for some time now (anxious to get out of my place) and it seems like a lot of the prices have been pretty flat. My wing of the courtyard building I live in is pretty vacant. There is me and the domestic disputing couple above me, and that's it; there are 4 units in my wing alone that are available. They even dropped to rent to entice people, but no such luck.

I noticed this one management company in Lincoln Square has been advertising a couple units for almost 9 months now. Maybe they think their units are great.

I like how the article mentions group fox, and how the guy was "willing to negotiate." I would hope so; they manage a building off of Lincoln and Wilson in which they are asking $1100 for a one bedroom that isn't even all that great. I should hope you are willing to negotiate rather than commit highway robbery.

I hope you are calling the cops if the dosmetic disputing gets loud or it sounds like someone is hitting someone. There is no reason to tolerate that.

[MannheimMadman]

Originally Posted by xavier xerxes

I hope you are calling the cops if the dosmetic disputing gets loud or it sounds like someone is hitting someone. There is no reason to tolerate that.

Oh believe me, I do. I wish the police could do something, or maybe someone could press charges. Over the summer, the cops were here once a week. If I heard my buzzer go off, I knew who it was. And it turns out that what I thought was a bum passing out in my vestibule all drunk and stuff is actually the guy - his girlfriend/wife would lock him out and he would sleep or be passed out in the vestibule. Sadly, in my case, the cops didn't care.

[andrew61]

Originally Posted by MannheimMadman

I think that article is mostly referring to apartments downtown, as it specifically noted three times. However, I think the usual suspects (Lake View, Lincoln Park) will probably see rent increases as well.

I've been watching rentals very closely for some time now (anxious to get out of my place) and it seems like a lot of the prices have been pretty flat. My wing of the courtyard building I live in is pretty vacant. There is me and the domestic disputing couple above me, and that's it; there are 4 units in my wing alone that are available. They even dropped to rent to entice people, but no such luck.

I noticed this one management company in Lincoln Square has been advertising a couple units for almost 9 months now. Maybe they think their units are great.

I like how the article mentions group fox, and how the guy was "willing to negotiate." I would hope so; they manage a building off of Lincoln and Wilson in which they are asking $1100 for a one bedroom that isn't even all that great. I should hope you are willing to negotiate rather than commit highway robbery.

I also noted that the article made a distinction between rental apartment complexes (like Presidential Towers) and condos owned by individuals who rent them out. The article referred to the condo rentals as a "shadow market" and pointed out that some renters are fearful of renting condos thinking the owner might go into foreclosure. That hints to me that the condo rental market might be a bit softer, meaning it might be easier to find better deals there.

[tonythetuna]

Originally Posted by MannheimMadman

Oh believe me, I do. I wish the police could do something, or maybe someone could press charges. Over the summer, the cops were here once a week. If I heard my buzzer go off, I knew who it was. And it turns out that what I thought was a bum passing out in my vestibule all drunk and stuff is actually the guy - his girlfriend/wife would lock him out and he would sleep or be passed out in the vestibule. Sadly, in my case, the cops didn't care.

Ouch.

[tonythetuna]

Originally Posted by Humboldt1

I am now charging higher rents. Just increased everyone $50 per unit and they seem okay with it. I told them 6 months in advance.

What are the size of them and what is the total rent? What part of Humboldt Park are they in?

[Humboldt1]

3 bedroom, 950
2 bedroom, 800
1 bedroom, 650

Near north avenue, a few blocks east of pulaski. Quarter mile south of logan square.

[tonythetuna]

Originally Posted by Humboldt1

3 bedroom, 950
2 bedroom, 800
1 bedroom, 650

Near north avenue, a few blocks east of pulaski. Quarter mile south of logan square.

Do they include heat at least?

[Savoir Faire]

Originally Posted by Humboldt1

3 bedroom, 950
2 bedroom, 800
1 bedroom, 650

Near north avenue, a few blocks east of pulaski. Quarter mile south of logan square.

Almost a grand for an apartment by Pulaski and North? No way!! I thought rents were going down?