Tips for Choosing Your First Chicago Apartment Rental
As the third-largest city in the US, Chicago sees more than 50 million visitors each year. This means 50 million chances to rent your vacation home, condo, or apartment. But if you’ve never owned in the Windy City, it’s not easy to choose where the Best Chicago Apartment Building should be or how to run it.
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Why Move to Chicago?
The real question is why not Chicago? As home to the Chicago Cubs, Millennium Park, and the Blue Man Group, people flock in droves to this lakeside metropolis. Foodies come to Chicago for the world-class dining, while those seeking an intellectual experience can spend days browsing the city’s many museums. According to Turnkey, Chicago’s architecture tours are another draw, and they are an opportunity to get a glimpse into the history of the area.
Chicago Neighborhoods
Within the boundaries of Chicago are many neighborhoods, each with a unique style. Boystown, for example, is a mecca for LGBTQ travelers but is also super family-friendly and easily walkable. Boystown is a small section of the Lakeview community, which houses both Wrigley Field and the free Lincoln Park Zoo. For an old-school Chicago experience, look for a property in North Center. Keep in mind that there are 77 districts, so take your time and spend a few weeks exploring a few of your favorites before committing to a property. Neighborhood amenities are important to your renters, so make a point to let them know what you are near.
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Property Styles
There are plenty of people who think Chicago is an ideal place to invest. Because of this, inventory tends to run low. However, if you keep an eye out and know what style of property you want, you will be a better position to pounce when a place comes on the market. There are many building types in Chicago, and perhaps none are as iconic as the Chicago Greystone. These stacked luxury apartment rental buildings work well as a single-family home. Another popular design is the two-flat, which consists of two or three single-level apartment homes. In many neighborhoods, you can also find bungalows and Georgian-style properties.
Affordability of Homeownership
Properties in Chicago do not come cheap. In North Center, for example, the median home price for an attached property was more than $420,000. A freestanding residential dwelling can cost upwards of $1 million. Further, the entire state has one of the highest property tax rates in the country; SmartAsset notes that Illinois taxes are more than twice the national average. In other words, be prepared to pay a premium for owning property in this highly sought-after concrete jungle. Fortunately, because tourism is at an all-time high, you can also command a hefty fee.
How to Manage Remotely
Once you have determined your location and crunched the numbers, ask your realtor to confirm that you can run the property as a private rental. Some HOAs might restrict usage. Next, it’s time to make an offer and get your rental ready. If you do not live locally, it is usually in your best interest to outsource property management to a company that specializes in private rentals. You will still need to make decisions, such as how to decorate, which amenities you would like, and how much to charge per night. The right property manager will help you track (and improve) occupancy and will ensure your unit is available on all of the major vacation planning sites.
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There is much more to choosing a rental property in a single post can possibly cover. HuntChicago Apartment Company and the Crystal Tran Team can help answer difficult questions about the rental process. Start renting a luxury apartment in West Loop, Streeterville, or River North. As your realtor, we can assist in answering any additional questions you may have and help you choose a place that is within your budget and is likely to bring the best return on your investment. However, remember that your location is one of your most important decisions, and you can’t go wrong by taking your time and exploring each neighborhood before signing a contract.
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