Is it easy to rent an apartment in Chicago? (compared to NYC) (for sale)

[maryp3177]

Greetings, Everyone,

My husband and I are planning a move to Chicago in a few months and I have some questions about renting.

We will be moving to Chicago without jobs, although, we will have 6 months rent in the bank. We had been trying to relocate to NYC, however, we were stopped/stunned by the fact that a majority of the landlords/property mgt companies require that one make at least 40 times the monthly rent. Most mgt companies told us that we had to either (1) have an employment offer letter in hand, or (2) have 6 months to 1 year of rent put into an escrow account.

We have done some research on rental rates in Chicago and it appears that Chicago would definitely be a place we could afford to live while in graduate school.

Also, NYC calls their well constructed buildings 'pre-war.' We would like to live in a building, if possible, where we rarely hear stomping (I know, don't give me too hard of a time, please) as my husband is sensitive to noisy neighbors. Are there any particular neighborhoods we should limit ourselves to in order to possibly achieve said goal of a well constructed building? We currently reside in New Mexico where apartments are constructed of sheet rock and a few pieces of wood...it's awful.

If anyone has any recommendations for specific buildings or the names of ethical property mgt. companies, please feel free to send me a private message.

We are excited at the prospect of living in such a wonderful city as Chicago!

Thanks everyone.

[Drover]

The "no stomping" issue is easy to solve: live on the top floor. And given the number of two- and three-flats in this town, that should be pretty easy to do.

The closer you are to the lake, the higher the percentage of pre-war housing stock. It's mostly out in the fringes of town that you start seeing 50s ranches and 70s-fab apartment complexes. That said, a lot of new "gentrification" condo buildings have been mixed in with the old housing stock, but they're easy to spot with the naked eye.

[UnderTheLiveOaks]

Renting in Chicago is worlds easier than renting in NYC. None of that broker nonsense that you find in NYC. There are leasing agents/companies, but you can just as easily find an apartment on your own.

I've never had to do anything more than pay a security deposit (1 mo. rent) and submit to a credit check.

And, as Drover said, with all the lovely 2 and 3-flats, noise isn't much of an issue.

[soulful]

The other nice thing about Chicago rental agencies, if you choose to use one, is that they charge the landlord the fee. I've never encountered one that charged the tenant a fee (other than to pull credit, etc). The landlord signs an agreement with the agency and in most cases the agency gets one months rent (although that varies).

I know many NYC agencies charge a fee to the tenant. So much easier in Chicago.

Check out craigslist classifieds: jobs, housing, personals, for sale, services, community, events, forums (http://www.chicago.craigslist.com - broken link) and Chicago Reader to find rentals on your own.

[andrew61]

Ditto what Drover said about living on the top floor. And since most "pre-war" buildings in Chicago are only two to four stories tall, you stand a very good chance of being able to find a top-floor apartment.

Also, you should find it much easier to rent in Chicago compared to NYC. I rented my last two apartments (very nice upgraded condos, actually) without a job and had no problem. In my case, however, I was willing to show prospective landlords that I had enough savings to live on for at least a year or two "in lieu of" income.

My advice: Try to deal with individual owners instead of agencies or management companies. You can talk with the owner face to face, explain your situation to them, and, hopefully, develop a rapport with them and get them to trust you. Whereas with management companies it's more cold and impersonal -- the person who will approve (or deny) your rental application is someone sitting in an office somewhere who's never met you and is only going by a piece of paper in front of them.

You will likely have to pass a credit check and possibly a background check.

Right now it should be easier than usual to find a good rental in Chicago... due to the economy, the rental market is softer than it normally is and the vacancy rate is higher than usual.

[JanuaryGirl]

I don't know how it compares to NYC (my guess is Chicago is better), but I will warn you that many property management companies WILL require proof of income and require that rent isn't more than, say, 30% of what you make in a month.

It's sounds drastic to say that you have to "make 40 times what rent costs", but it's actually somewhat reasonable. If rent is $1000, then you need to make 40K a year. With total rent of 12K at that income, rent is 30% of what you make.... that's pretty standard, most "experts" say rent shouldn't exceed that.

Most apartments I lived in/spent time in were "vintage" (usually from the 20s I think) and noise from neighbors wasn't much of a problem. For us, the street noise was a bigger problem, make sure you visit at night on a Fri/Sat.

We rented through Krenger Management in Lakeview and thought they were great landlords! However, I do remember them having some sort of income requirement.... may be able to waive it if you pay a couple months up front.

[Banx]

Apartments will not be your issue in Chicago. There's always some landlord out there in every neighborhood who really doesn't care and will really even just take cash (like my situation). But the job market will... if you're not already hooked up with something, I'd think twice. Just being realistic.

[maryp3177]

Wow! This information is extremely helpful and uplifting. Thank you everyone for taking the time to respond.