Finding a new apartment sucks: plain and simple.
On top of trying to locate something that meets all of your needs financially and geographically, most of us are time-bound by the ominous threat of our current lease end date. It’s easy to see why I’m constantly being contacted several months before a potential client is ready to move. The anxiousness caused by coordinating a move can be overwhelming, to say the least.
With a little insider knowledge, today’s A2C post is geared toward relieving some of that anxiety and giving you a leg up on the apartment-hunting competition.
What You Need to Know
First and foremost, it’s important to note that most Chicago tenants are given notice to renew sixty days prior to the end of their lease. For example, if a tenant’s lease is up May 31st, they’ll need to notify their landlord of intent to renew by April 1st – otherwise the unit will be listed for rent. As an apartment hunter, in turn, you’ll begin seeing June 1st move-in-ready units listed online starting April 1st. This gives the landlord sixty days of buffer before the unit goes vacant.
What if the unit is already vacant?
As a general rule of thumb, most landlords will not hold a unit vacant for more than thirty days. This can be a costly expense and potentially erase an entire year’s worth of profit he/she would’ve earned had the unit turned over more quickly. If you are interested in a unit listed as “Available Now,” you can assume the unit is vacant. Nine times out of ten, the owner will only accept applications for move ins on the next approaching first of the month, OR a day in the current calendar month. Always share your target move date with the listing agent or the owner to avoid wasting both your time and theirs.
So, when should I start looking for a new place?
The most accurate availability posted online will always be about 30-45 days out from your move date.
The newest and freshest listings for your target move date will populate in the first week of a given month, 60 days prior to your lease expiration.
Most importantly, when you get that special “I’m home – I did it – this is where I’ll live” feeling, apply on the spot! Chicago is one of the most competitive rental markets in the US. The same place you are seeing today and need to think about until tomorrow, was viewed yesterday, and will be taken by someone else today.
xx
Cory
According to Cory 