Thursday, November 19, 2015

Viewing North Center rentals, median rent prices

We're helping a client find a rental and viewed a two bedroom rental listing at 3721 North Damen in North Center with a rent price of $1,200 a month.  It was a low price for the size and location so we set the expectation condition would be rough!
Securing a nice rental unit on the North Side has been become more competitive and expensive year after year. The median price of a one bedroom rental in the North Center Community Area is $1,400. At around  $1,400 you will typically have vintage elements and no parking... however, some smaller recently gut renovated condo unit rentals are available from time to time. A huge one bedroom loft with garage parking rented for $2,200 on the high-end.  

3721 N Damen has a bright living room, dining room, good sized kitchen and two small bedrooms. Attractive to me is the small two unit building. It has a large covered porch for storage and bikes with a really nice paved back patio.  The condition is rough but two people could live cheap in a great location. Reminds me of all the apartments I lived in in my early 20s!
About 186 two bedrooms units were recorded as rented on the MLS with a median rented price of $1,750.   A charming two bedroom + den house rented for $3,200 in Audubon school district on the high-end.  82 three bedroom units have rented for a median monthly price of $2,395.

This one bedroom unit featured a back deck area over looking a huge yard and garden. Outdoor space is a deal maker for me.

It's a little more of the "Wild West" when trying to track down rentals off the MLS. There are of course a large percentage of rentals that are not listed in the MLS.  Much more than for sale units.  Units for rent are offered in many ways; Third party rental sites, by leasing and management companies and directly by owners with a sign out in front of the property. 

Some owners/ managers are very professional and use the proper rental leases and forms in accordance with the Chicago Residential Lanlord and Tenant Ordinance.  Some situations offer terrible communication, use "bait and switch" rental listings or do not provide proper documentation.  When helping clients find a rental we treat it the same as buying or selling units.

We explain all the options and show any available unit we can access for our clients. We have a network of landlords that privately own buildings and don't list on the MLS (we don't get paid on many of these referrals).   Professionally listed units typically offer a co-commission to the broker bringing a qualified tenant (how we get paid).

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