Chicago is home to about 2.7 million residents.
A large handful of these residents rent their homes and apartments throughout the city. Whether they rent due to an unstable career or because they aren’t able to purchase a home, renting in Chicago has benefits.
Have you been considering moving to the Windy City? You’ve probably had a difficult time deciding what to do about your housing situation, but we’re here to offer some insight.
Below is a guide on the benefits of renting an apartment in Chicago. Keep reading to better prepare for your big move.
More Flexibility Within the City
As a tourist, you’ll most likely spend your time amongst The Loop in Chicago. This is where you’ll find museums, tourist shops, luxurious hotels, and an array of local eats.
Unfortunately, the apartment rentals in the downtown area are outside most people’s budgets. They’re oftentimes occupied by corporate workers and wealthy families.
There’s no need to worry because the magic happens within the different neighborhoods of Chicago, and each neighborhood has its own distinct personality. Logan Square is much different from Wrigleyville, and Wrigleyville is much different than Wicker Park.
Renting an apartment allows you to have the flexibility of location within the city. You may rent an apartment in one neighborhood but discover a more desirable neighborhood after your move.
Don’t hesitate to chat with some of the locals and browse available properties to learn more about the different neighborhoods. Each location comes with its different perks and price points.
Access to Amenities
Many Chicago rentals offer access to amenities within the rental building or community. Before signing a lease, specify what amenities are included.
Amenities you’ll notice include access to apartment gyms, pools, and laundry areas. You may end up paying slightly more in rent to have access to these things, but it’s typically much cheaper and more convenient than finding your own laundry mat or buying a gym membership.
Are you looking to rent a flat for your family? Find a rental community that offers access to a playground for your kids and a dog park for your pet.
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No Major Down Payments
Plenty of people aren’t ready to buy a home. The financial commitment isn’t something they’re ready to take on. When weighing your options in renting vs owning, remember renting a property doesn’t come with needing a major down payment.
Most rentals require a move-in fee and/or security deposit, but you’ll get your deposit back if you keep the space in good condition. Security deposits are typically the equivalent of one month’s rent.
Clarify the rules regarding deposits with the landlord before signing anything. While renting an apartment is easier, some landlords are sneaky about keeping deposits. Know your rights as a tenant!
Free Maintenance Repairs
It’s typical to have free maintenance repairs included in your lease agreement. Most landlords and rental companies would rather pay for someone to perform repairs than clean up a poor DIY job.
Not all types of repairs may be included in your lease so it’s crucial to read the fine lines. However, typical repairs include things like replacing lightbulbs and fixing leaking sinks.
If you do have to call in a third party for repairs, chat with your management about reimbursement. Even if they aren’t able to reimburse you, they may have a list of local trustworthy contractors.
Before moving into a space, tour the apartment or rental home. Make note of the things that need to be repaired. Document anything that is broken as proof you weren’t the one that broke it.
No Major Ties
Are you browsing Chicago rentals without knowing if the city is for you? Making a big move is scary, but rentals allow you to keep free of major ties.
Think of renting an apartment as a trial period to the city. Yes, it’s more expensive than a vacation, but you’ll get the feel of the transit systems, local coffee shops, the neighbors, and the overall personality of the area.
You’ll have a year of your lease to decide if it’s a city you’d like to create a home in or if you’d rather try something else. This is more complicated with a job, but your employer may be able to transfer you to another location if Chicago isn’t the best fit for your lifestyle.
Renting is Great for Young Professionals and Families
Some young families and professionals are eager to find a forever home. Other young people are still unsure of what their future holds and enjoy the adventure of discovering new paths of life.
Renting is a much better option than owning for young professionals and families. And if you’re a student, it’s probably one of the only options you have!
Staying in a rental property allows you to create a temporary home and a safe place within the city. It also gives you the freedom to relocate and branch out of your comfort zone.
Develop a good relationship with your landlord or rental management company if you enjoy your apartment. They may be able to work out better benefits for you if you agree to extend your lease.
Are you wanting to ditch Chicago and see what’s next? You have that option too. The city will still be here if you decide to come back.
On the Move: Renting an Apartment in Chicago
Major life changes are scary but can bring a whole world of benefits. Bump up the benefits by choosing to rent an apartment in Chicago. The Windy City is waiting.
Renting an apartment in Chicago allows you to have flexibility within the city and access to great amenities. You’ll also find it easier to rent an apartment because you’ll get free maintenance repairs and a break from major down payments.
If you’re in need of other helpful life advice, check out the rest of our site. We offer guides on everything from lifestyle and health to travel and education.