leasing in chicago

The Chicago rental market is very seasonal, with March through August being our busiest months. In 2021, we are expecting a bounce-back in the market as employees begin to roll out 'return to office' policies, bars & restaurants increasing capacity, and schools re-opening with live courses. While there is still an abundance of rentals available, we are already seeing increased renter demand.

The best way to effectively rent apartments in Chicago is to list through the top ILS sites. Zillow, Hotpads, Trulia, and Apartments.com account for over 85% of our leases signed. We recommend listing them 45-60 days in advance of move-outs as the average renter secures an apartment about 30 days in advance of their moving date. Keep all leases expiring 3/31-8/31.

Over the past few years, we are seeing more renters moving around north side neighborhoods versus renting in Lakeview and Lincoln Park and staying there until they buy a home. Wicker Park, Bucktown, Old Town, River West, and Logan Square are currently some of the most sought-after neighborhoods in Chicago.

Rental concessions are commonplace in Chicago right now. Instead of dropping the asking rent, some owners decide to give away a free month or two of rent (concession) to keep the face rent on the lease as high as possible. Depending on the season, concessions can be greater or less than 1 month of rent.

To be more competitive in today's market, renters are looking for newer and/or renovated apartments including condo-quality kitchens & baths, W/D in unit, central a/c, outdoor space, and parking. The more upgraded the unit, the better chance to attract and keep tenants.