In a city in which only about 5 percent of the 600,000 apartments are available to rent at any one time-and in some choice neighborhoods only about 2 percent-it may be a challenge to find any apartment, let alone a “bargain.”
Apartment ads and rental agents like to tout “great deals,” “real steals,” “special offers,” “bargain-priced” and “one-of-a-kind opportunities,” but, how can you really be sure you’re getting the most for your rental dollar?
Here are a few tips that can steer you in the right direction.
Detecting a deal
First, you need to know a bargain when one appears and be ready to act quickly if you find one.
“We sometimes have renters pass up a good deal because they aren’t sure what the apartment is worth,” explains Yehuda Cohen, president of Amquest Century 21 Realty, which offers a rental service to tenants. “A $1,200 apartment may seem expensive unless you know that a similar unit down the street goes for $1,500.”
You can get a feel for rental rates in a particular community or neighborhood without leaving home. Cohen recommends that renters review classified ads for apartments, condominiums and homes for rent, look at apartment guides and make some calls to the rental agencies.
Two free apartment guides that serve all of Chicago include the RELCON Apartment Directory, and the Chicagoland Apartment Guide. Both have listings for apartments in the city and feature charts that compare rents and amenities.
RELCON also provides a locator service and can conduct computer searches of their listings based on price, location or special offers available to renters.
These guides not only can assist renters in learning market rates for different areas, they also are a prime source for locating high-rise buildings and properties with lots of amenities, such as health clubs, indoor parking, a doorman and a concierge.
“If you use these amenities these are good values,” says Teresa Edwards of Edwards Apartment Network, a rental service. “But if you prefer to get the most space for your money or want to be in a smaller building, the rental agencies or classified ads will be more appropriate.”
For classified ads on apartment rentals check the major daily newspapers, as well as community newspaper and shoppers. For example, in the Lakeview neighborhood, the Booster and Inside include rental listings for North Side neighborhoods. Rentals in this area are also be found in the Reader, Apartments and Homes, Loft Living, New City and other free publications.
Door to door
Once you know what the going rate is for an apartment, the best deals may be found by walking or driving through the neighborhood looking for “for rent” signs. They can be found posted on building doors, in windows of real estate offices and on bulletin boards in grocery stores, coffee shops, restaurants and community centers.
These listing are often unadvertised rentals and many are by private owners who, according to Cohen, can offer better prices than apartment buildings or professionally managed properties.
“If you think of a private owner who lives in the building and owns it free and clear, they may be interested more in the type of person who would be living there and not in getting top dollar,” explains one real estate agent.
A tour of some neighborhoods and publications in Lakeview netted the following finds: A Jewel store had an ad posted for a three-bedroom, second-floor apartment renting for $600, including heat. A block away, a local realty firm had an apartment listing in its window: “Three-bedroom, newly rehabbed, broker-owned, $1,395.” Down a nearby street, L.G. Management Co. had posted a “for rent” notice in the window of a three-story, six-unit building. It included a number of one-, two- and three-bedroom apartments available in April and May.
Inside, a community newspaper, had a three-bedroom in Lakeview with remodeled kitchen for $625.
Seeing is believing
An advantage of going through neighborhoods is that you can see what the property looks like. What sounds like a deal in an ad may not look like a deal up close.
“If you’re looking at ads, it’s hard to tell the condition of the property, the location, those things that can affect the value of the apartment,” Edwards says. “One advantage of working through an agency is that they have probably seen the properties and can tell a renter what is a good value, based on the quality of the apartment and the amenities, not just the price.”
Edwards recommends that bargain-hunters be flexible about location and what features they want.
She says that units located in basements, attics and garages are usually lower priced. Also, apartments with older kitchens and baths, lack of a view, a noisy location, or a building undergoing remodeling may create a good deal for price-conscious renters.
If an apartment needs repair, you may be able to get a reduced rate by taking it “as is.”
As one apartment manager explained, “Sometimes we show a unit before a tenant has moved out, so we point out what repairs or improvements we are most likely to make. It could be a fresh paint job, new appliances, new floors or whatever, but those things cost money. If a tenant can live without the repairs or wants to do the painting themselves, we can keep the rent down a little.”
If you can plan your move for an off-month, such as January, February and March, owners are more likely to drop prices and offer incentives and specials, according to Edwards. These specials can include free rent, free health club memberships or even a two-bedroom apartment for the price of a one-bedroom.
Also be flexible about the size of apartment you would consider, she says. If you want a one-bedroom, you might also consider large studios or small two-bedrooms.
Edwards also says that her best values often turn up in condo rentals.
“I think that condo property is generally in better condition and that owners can more easily negotiate,” she explains.
Condominiums for rent are often listed under separate titles in classified ad sections.
Lastly, when looking for a bargain, be prepared to sell yourself. If you find a landlord willing to negotiate price or someone looking for a responsible tenant, you can assist your cause with a few simple documents.
Cohen recommends putting together a list of credentials that includes letters of recommendation from former and current landlords, and photocopies of recent rent checks to show you pay on time.
