Apartment living isn’t for everyone. In fact, 80% of Americans prefer single-family homeownership.
But what if you can’t afford to buy a home. What if your credit history won’t allow it?
For people like you, there are single-family rentals that will give you the best of both worlds. If you live in Chicago, you can find Chicago rentals that give you the space and privacy of a single-family home without a long-term mortgage.
The only question is, what should you look for in a rental home? How do you find the best rental for you and your family?
We’re here to answer your questions. Keep reading for seven things you need to consider while on the hunt for Chicago rentals.
1. Your Budget
First, and perhaps most importantly, you need to think about your budget. How much money can you comfortably afford to spend each month on rent?
However, renting a home has other costs you might not have considered. For example, different Chicago rentals have different policies regarding utilities.
Some landlords cover all the utilities while others make the tenant pay for them. This can easily add hundreds of dollars to your total monthly expenses. On top of that, think about cable, internet, and any other services you require.
Lastly, find out about initial fees to secure the unit. This likely includes a deposit (usually equal to one month’s rent). However, many landlords will have tenants pay the first and last months’ rents upfront as well.
Of course, you can find rental assistance in Chicago if you can’t find a place within your budget. These programs can help people of all incomes find a suitable home.
2. Location
Next, take your time to determine the best neighborhood for you and your family. If you have kids, the home you choose will determine what schools they attend. You might also want to look for Chicago rentals that are near parks and playgrounds.
Regardless of whether or not you have children, consider how close you want to be to certain amenities, like grocery stores, hospitals, shopping districts, etc. The location of your rental home will also affect your daily commute to work. A 30-minute drive twice a day can get old very quickly.
Click here to read more about your rental home options in Chicago.
3. Rental Home Size and Features
Now, let’s talk about finding the right Chicago rentals based on their size and features. If you have a family, you’ll need a home with plenty of room for everyone to have their space.
This probably means finding a home with multiple full-sized bathrooms. Otherwise, getting ready in the mornings will be a source of frustration.
However, size isn’t your only consideration here. You also need to think about the features of the home. For example, does the home have a fenced-in backyard? What about a garage or off-street parking?
Some Chicago rentals come fully furnished, which is a bonus if you don’t already have furniture. Otherwise, you’ll have to add furniture rental in Chicago to your list of expenses.
4. The Length of the Lease
As noted above, many people look for Chicago rentals because they can’t afford to buy a home or are ineligible for a mortgage. However, you might want a rental home because you enjoy more space and privacy but don’t want to commit to anything long-term.
In this case, you need to review the lease terms before signing the agreement. How long is the lease for? How long will you be committed to the home?
Lease agreements range from month-to-month leases to three or five-year leases. If you want to remain flexible, avoid long-term leases.
Fortunately, you can find a myriad of short-term rentals in Chicago. If you like bouncing from home to home, it’s probably prudent to search for short-term furnished rentals in Chicago.
5. Tenant Reviews
Before signing any lease agreements, we recommend doing a little research to verify the quality of the rental company or landlord. Look for tenant reviews online to learn more about how each landlord treats their renters.
Do you see any concerning complaints, like unexpected hikes in rent prices or unjustified evictions? What about the quality of the Chicago rentals? Are the homes clean and well-maintained?
For that matter, how well does the landlord handle maintenance issues and repairs? Do they respond in a timely manner to tenant requests?
Lastly, look for a landlord who’s compassionate and understanding. For example, everyone falls on hard times. If you’re late with a payment, how are they going to react?
6. Pet Policies
Did you know that 68% of American households have pets? If you’re included in this demographic, you’ll need to find Chicago rentals that allow animals. However, landlords have varying rules and policies regarding pets in their units.
Some landlords only allow cats, small dogs, and other small animals. If you have a large dog or multiple dogs, find out if that’s okay. You wouldn’t want to get kicked out of your unit for violating its pet policies.
On the same note, learn more about your additional costs for having pets in the unit. Animals can be destructive.
As such, most landlords charge an extra pet deposit. This can be in the form of a large sum at the beginning of your lease or a slightly higher rent rate.
7. The Application Process
Finally, when looking at Chicago rentals, consider the application and qualification process. Some landlords are more demanding than others. They might require a higher credit score or a long rental history.
If you can’t qualify for one rental unit, that’s okay. You’ll probably be able to find less demanding landlords with suitable homes.
Find out in advance what you need to bring to the application process. This typically includes:
- Your ID
- Pay stubs
- Bank statements
- A list of references
- Your vehicle registration and proof of insurance
- And possibly more
Showing up prepared is essential for making a good impression. This is vital if you’re one of many applicants vying for a rental home.
On the Hunt for Chicago Rentals?
If you’re looking for Chicago rentals, we hope this article helps you find exactly what you need. Just because you’re renting a home, it doesn’t mean you deserve anything less than the best. Consider the factors listed above to vet your options carefully.
And if you’re looking for more lifestyle tips, financial advice, or rental guidance, we’re here for you. Take a look through the rest of our blog before you go to find more information on how to live your best life.
