Chicago continues to be a hub for residential luxury with convenience to commerce in an urban and suburban setting. Whether you are a Millennial renting to be close to work or an established professional seeking a vacation lease, Chicago is a great place to find deals, especially during certain times of year.
Apartment Rental Chicago Neighborhoods
Chicago is a huge location with hundreds of available rentals at any one time. However, getting the right location in an exclusive, convenient and upscale neighborhood like Lake View or Lincoln Park is the true challenge. You must first decide the lifestyle type that you prefer – Chicago is a metropolitan melting pot in the truest sense of the word. The chic youth hipster culture in Wicker Park is much different from the professional upscale nature of Lake View. Creating your shortlist will help you greatly when determining the best time of year for your rental. Different neighborhoods become more available at different times. For instance, neighborhoods based around college culture such as East Rogers Park will become more available during the summer. However, prices will generally increase, at least for the best units in the area.
The Balance Between Convenience and Price
Generally, you must balance convenience with price. “Prime mover season” is generally considered to be May to September. Between these months turnover in all of Chicago is relatively high. You have a great chance of getting a choice apartment if you have the ability to pay the premium. The deals are less common, however, as demand for good apartments keep prices high. Competitive, luxurious areas such as River North and The Loop will demand a premium during this time. Areas such as Edgewater and North Center may provide more of a balance between price and convenience. They are not as highly sought as the aforementioned elite rental communities, although they are still safe and quite amicable.
The “Off Season”
College kids will quickly inhabit the units that are priced more reasonably before May and after September. If this is when you are moving into Chicago, be prepared to share space with them! If you choose a more elite neighborhood, you may be able to find a deal. However, the selection of units will be lower. The people who take these units during the prime mover season tend to stay in those units during this part of the year. Definitely stay away from the transition season around March – landlords love to overcharge early adopters.
You will find your best deals during the winter months. Chicago can hit sub zero temperatures during the holiday season, and this turns many people away from the area around this time of year. However, you can still live quite comfortably. Landlords will accept lower rent because the turnover and the demand is much lower. You may have higher heating costs, but you should save money overall.