Grigory Pekarsky

There is a bit of confusion with agents just entering the rental realm with the different form of listings available. In Chicago we have two primary forms of rental listings represented by agents. There are open listings and there are exclusive listings. I will go over each quickly to help bring clarity here.

Open Listing:

In Chicago there are many buildings that go on a non-exclusive or “open” listing basis. These are listings that basically open to the broker community with a first come first serve basis. This means that the first agent that brings in a qualified tenant that rents the unit gets the commission. Many of these buildings require contracts with the Broker but after that, you can tour the property and the various units they have for rent. There are over a hundred buildings in Chicago that operate like this. That means 1000’s of unit’s available ready to be filled by brokers!

Exclusive Listing:

These are your traditional – MLS – listed apartments. That means one broker has exclusive rights to represent this unit. You can find these apartments by going on the MLS (Multiple Listings Service) and searching. Make appointments to view them by scheduling through the listing broker. You must be a member of the MLS to gain access to these listings.

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.