Frequently Asked Questions - Landlords

When you're searching for spots to live in Chicago, your choices are endless! Especially for those of us looking for apartments in downtown Chicago because we want to be close to work!

With more than seventy neighborhoods all with their own interesting personality, you will find the right place for you and your lifestyle, we promise!

Do you want to live in the affluent area of the Gold Coast? Or possibly overspend on a fancy night out in River North? Are you looking for an artist collective to help you with creating an expressive community? Or looking for nights of stand-up comedy every day of the week?

Whatever your interests, there is a home for you in Chicago. Lakeview is a lively area located right on the lake and has fairly reasonable prices for properties for those looking for downtown Chicago apartments under $1000.

London park is also another top pick, as it is one of the oldest areas in Chicago with a beautiful history and culture! It also has reasonable prices for condos for rent in downtown Chicago.

The West Loop and Logan Square are a few other areas with great value and spirit for those looking to work downtown and live nearby! Whatever your interest Chicago has a beautiful neighborhood for you to enjoy!

Chicago keeps on being a famous destination within the US, particularly in the Midwest. Home to more than 2.7 million individuals, inhabitants of the Windy City love the transcending high rises, Chicago-style pizza, and the different parks including Grant and Millennium Park.

Renting apartments in downtown Chicago can be reasonable or very expensive. It really depends on the part of town where you are living and what you are after!

We decided to do some research to learn more about the cost to live downtown in Chicago.

Home prices have increased about 10% in the last year with a price per square good downtown being about $243. Renting downtown is another option. You can rent a 2 bedroom apartment in downtown Chicago for an average of $2,500 per month.

Utilities are another important consideration. You will be looking to spend around $40 on internet and $121 on water, electricity, and garbage costs. Keep in mind that Chicago is not one of the top 10 most expensive cities in the US and offers lots of great value, no matter what you are looking for!

Over the last decade, we have seen an increase in new apartment types. These new types of apartments are a response to the market demand for varied homes for digital Nomads, minimalists who have few possessions. Besidest that, compulsive travelers or professionals who travel often for work and need a small home base are also the perfect demographic for these new apartment types.

The most common of these new and minimalist apartment types is the efficiency apartment. We took some time to look into efficiency rentals in Chicago and have found that, in general, these apartments are slightly smaller than studios for rent, have a more streamlined layout, and have less storage space.

They are ideal for Adventures Nomads and minimalists. While there are many cheap studio apartments for rent, these efficiency apartments are even more competitively priced and often a good fit for students. Happy hunting and keep in mind; the best apartment is one that matches your lifestyle choices and momentum!

In terms of condo insurance, whether you are looking for a condo in the suburbs or the best apartments in the South Loop of Chicago, you should expect condo insurance to start around $400-500 per year, for a one-bedroom unit. Depending on how much protection for interior items (jewelry, appliances, etc) and the overall value of your property, the annual price can be more. It’s all about reading the fine print and knowing what you need!

Condo insurance (aka H0-6 policy) covers your condo unit above and beyond where your condo association insurance stops. Your association usually insures the physical structure/building and other common areas.

However, condo owners are generally responsible for the interior of their units. Things like your floors, walls, cabinets, and fixtures that your association’s insurance likely doesn’t cover.

Getting a copy of those by-laws is a good idea so you can understand what your responsibilities are in the event of a claim. We can help you understand the fine print!

First off what is rent control?

Many major U.S. urban communities have rent control—which means that neighborhood laws restrict property owners from bringing the lease-up in specific units. Chicago doesn't have any lease control or lease adjustment law. In Chicago, a property manager can raise the rent given that they provide notification ahead of time - landowners should give in any event 120 days notice to leaseholders.

In contrast to many metropolitan regions in the United States, apartments in Chicago aren't liable to lease control. This means that the rent for an apartment for rent by an owner in Chicago can change as the market directs. In some areas, rising rents can quickly be pushing out long-term inhabitants and families. In regions including Logan Square, Uptown, Rogers Park, residents, and community activists have been organizing for change, and with progress: a gathering called "Lift the Ban" gathered enough steam to get a non-binding referendum about local rent control on the November 6, 2018 ballot in three wards, and the majority of voters who saw the issue on the ballot endorsed the idea of rent control.

With that said, remember that Chicago is still a very liveable city and has fairly low living expenses and rent compared to the top 10 cities in the US! So check out the rental listings in Chicago and happy hunting!