At this time of year, children may be hunting for eggs, but adults are often hunting for a new place to live. If you’re looking to rent a new apartment, now is a great time to look! The April 1st move-in’s are active, and the ones for May 1st are starting to arrive. Here are some tips I provide folks looking to rent (many of which apply to buyers as well!):
– Know your budget! Almost every landlord I work with wants your household income to be three times the monthly rent. For example, if you have/earn $3,000 per month, you qualify for a $1,000 apartment. If there is another person involved as an additional source of income, such as a spouse, partner, roommate, etc., their income counts, too! Of course, cosigners, vouchers, settlements and such also count!
Be sure you can verify these sources; your most recent check stubs and bank statements are ideal. If you earn cash, depositing it into a bank account and providing that bank statement is a whole lot easier to prove. Providing your tax return often is not accepted in rentals as a stand-alone, as it does not prove you are currently earning an income. A formal letter from your employer may work, especially if what is being stated can be supported by other means.
– Where would you like to live? The more open you are with areas, the more listings you have to choose from! Think critically about how you spend your day:
- Do you rely on public transportation (or prefer it) to get to work?
- How do you spend your personal time?
In my experience over the years, having a detailed answer to those questions will significantly narrow down your search to a few neighborhoods. With the second question, this includes what grocery stores you prefer. Food (and household goods) shopping may not be the sexiest part of the day, but it’s something we all need to do. If the neighborhood is on the north side of Chicago, chances are I, or a good friend of mine, has lived there. My family has lived in the city for several generations, so allow me to be your tour guide!
One thing I do *not* advise is to rent an apartment sight unseen. I completely understand it is not always possible to attend showings, but it really should be a last resort. Some folks like to use camera phone calls, which are okay but still not the best. I feel it’s best, if you cannot schedule a day in person, to at least ask a friend or relative to view the unit on your behalf. You can even ask to conduct the lease signing in the unit so you have an opportunity to look around.
– Know your credit! These days, even do-it-yourself landlords will check your credit and background, so it’s really important to know what your score is and if you have any issues that may be questioned (collections, credit inquiries, percentage of credit used, eviction records, etc.).
There are sites out there where you can review your credit score and history. With my listings, folks applying have a credit and background check included, and that is via TransUnion – one of the three credit reporting agencies. Because I know CreditKarma is truly free, has lots of educational information and also offers TransUnion, I often suggest people check that website. Please note however, the way CreditKarma calculates your credit score may not be exactly the same way the application does, so the score may be somewhat different. So while we’re talking apples to apples (TransUnion to TransUnion), it’s more like Honey Crisp to McIntosh – still an apple, but not the same flavor.
If you feel you may fall short of the landlord’s credit expectations, you may be able to negotiate. Having a cosigner on standby is a tremendous help! That would be someone who will not be living with you, has very good credit (in the 700 FICO score range) and can cover your rent beyond their own financial obligations. This person may or may not be required to live in the area, so ask ahead. If the landlord uses security deposits, perhaps offering to put down an additional month or pre-paying rent can also help.
– Know how much space you’ll need! You probably already know how many bedrooms you want, but there’s a whole lot more to it than that. If you have a 7-piece dinette set and wish to keep it, be sure to ask if there is either a formal dining room in the unit or at least an eat-in kitchen that will accommodate your furniture. Also, may people are surprised to learn how small a bedroom can be. Many units are 8′ x 10′, which can comfortably handle a queen-sized bed and a chest of drawers. Be sure to notice if the hinges are reversed, meaning if the door swings outward rather than into the bedroom. I have seen many landlords do this while remodeling in order to maximize floorspace in an otherwise small bedroom.
To further answer the “Will my stuff fit?” question, my suggestion is to measure the rooms you already have and compare the listing dimensions. A $5 investment in measuring tape is well spent, and you can bring them with you to showings. If the measurements fall a little short, you love the listing and do not want to part with your furniture, perhaps you can rearrange furniture into another room. Also, I personally do not feel square footage is a good indicator of answering this question, because it includes things like hallways. In many Chicago vintage units, hallways can be 100 or more square feet!
– What are your “Must Have’s” and “Deal-Breakers”? For some people, putting an air conditioner in a window is perfectly fine. Some people don’t mind washing dishes. And, some people are okay with walking their bike up the stairs. For other folks, they must have onsite parking, coin-operated laundry onsite is a bare minimum and a hood over the stove is imperative.
These are all amenities Chicago apartments may or may not have, so it’s better to ask up front if they are vitally important to you. Two others are pet policies, which includes not just type of animal but its breed, age, spayed/neutered, vaccinations, etc., and whether or not the landlord will allow you to paint. If they do, your best bet is to snap pictures of the paint samples while you are at the store, without flash, beneath the fluorescent lighting. You can email those colors to your new landlord and ask permission. That way, you and the landlord are in agreement before you even buy any paint.
– What is your move-in date? Some folks are more flexible than others in this regard. Others have a particular date. Always be sure to ask when the unit is available to move in. And, be sure you have discussed your moving plans with your current landlord. Having your current landlord as an ally can often make a whole world of difference in your application being approved.
Each apartment-searching experience is unique, just like every place you’ll see. Feel free to contact me with any questions or concerns you may have.
Happy hunting!
Lori Dake, an IL licensed broker
www.LoriDake.com
P: (773) 697-4474
F: (773) 717-5500
E: LDake@KaleRealty.com
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Kale Realty
2447 North Ashland Ave., Chicago, IL 60614
www.KaleRealty.com
(312) 939-5253