City Cast Chicago How to Find an Apartment in Chicago
Mar 11, 2024
Learn how to navigate the competitive rental market in Chicago with tips from real estate broker Andy Svalesen. Discover insights on rising rental prices, neighborhood variations, and the impact of property taxes. Find out how to choose the ideal Chicago neighborhood and hunt for apartments effectively in a high-demand market.
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Competitive Rental Market
- Chicago's rental market is currently extremely competitive, similar to New York or Los Angeles.
- Bidding wars and stringent rental requirements are becoming increasingly common.
Influx of New Residents
- Chicago's rental market is booming due to a positive public image and an influx of new residents.
- This high demand combined with a housing shortage has created a very competitive market.
Benchmark Price
- Use $2 per square foot as a benchmark to evaluate rental prices in Chicago.
- A 600-square-foot apartment for $1200/month is a good deal.