One of the first problems you’ll encounter when hunting for luxury apartments is determining the true market prices for rental properties in Chicago. You may hear conflicting figures from realtors, websites, or friends. Many of my clients ask me for the going rates of various neighborhoods and I gladly tell them. But learning to determine prices on your own is an incredible tool, one that can save you thousands of dollars. It’s a very simple three step process that works in any region of the United States. So let’s get started…
Start with Online Research
Remember these two websites: Zillow.com and Rentometer.com. Both include unbelievable tools that analyze thousands of rental properties across the country and average them together according city, neighborhood etc.
Visit each site and enter the zip code of the area your searching for apartments. Make sure you’re looking in the rental section. Set the number of bedrooms you’re hoping for in the search settings.
Zillow.com lists dozens of current rental properties and their asking prices. The nice part about Zillow is that they also provide a “Rent Zestimate” in each property listing. This figure represents the average of many rentals in that specific area.
Rentometer provides a slightly less detailed estimate, but they still give you the median rental price for your area with the number of bedrooms you entered. Plus when you run the tool it’s fun to watch!!
Using both online tools will give you a very good idea on what you should be paying for your luxury apartment. But you can still be even more thorough as you’ll see in the next step.
Call Multiple Real Estate Agents
Though many realtors, like myself, can provide you with a range of prices for your area, it’s still best to contact multiple agents to get a number of opinions. Call three or four agents that work often in the region of Chicago you’d like to live. The local agents always have the best grip on prices. Provide them with the number of bedrooms you’re looking for and the neighborhood you would like. They’ll give you an estimate.
Write It All Out
Write down all of the prices ranges you’ve heard from each source on a sheet of paper. Bring this paper with you as you begin apartment hunting. If a price seems you high, you no longer have to second guess yourself. You’ll have a convenient way of comparing the landlord’s asking prices to what people are actually paying.