5 Additional Costs of Apartments for Rent in Chicago
Take note, if you’re searching for apartments for rent in Chicago, there are a few additional costs you should factor in to your overall budget in addition to the monthly rent.
Some of these fees are upfront when applying for, and securing, an apartment. Other fees will be a monthly occurrence.
We’ve outlined these additional costs so you can be better prepared when finding a downtown Chicago apartment.
1.) APPLICATION AND MOVE-IN FEES
The cost to apply for an apartment ranges between $50-$75 per applicant. The application fee covers the credit and background check expenses.
If you’re renting an apartment in a managed building, you won’t have to pay a one month’s rent security deposit. Instead, you’ll pay a one-time, non-refundable administration fee ranging between $400-$550. As an incentive, a property might waive this fee, or reduce it, if you apply for an apartment within 24-48 hours of touring.
There may also be refundable fees for reserving the elevator or loading docks to cover any damages incurred on moving day. As long as no damage is done, you’ll receive your deposit back in full.
2.) UTILITY FEES
Downtown Chicago apartments make utility fees very straightforward for the renter by offering an all-inclusive utility package or bundle. Utility packages vary slightly by each property, but typically include heat, air conditioning, water and trash removal. Many times cable and internet packages have been pre-negotiated and will also be included in the bundle.
Utility packages range from $80-$150 a month depending on the size of the unit.
It’s important to note electricity is almost NEVER included in a utility package. Electricity will run $30-$100 a month (depending on unit size and usage) and is set-up with an outside provider.
3.) PARKING FEES
Apartments for rent in Chicago will have parking options available. The garages are usually attached to the apartment building and offer covered and heated spaces. The cost for parking ranges between $150-$300 each month per parking spot.
At times, buildings will offer parking specials as an incentive to renters including a few months free, reduced parking fees or negotiated rates for multiple spots.
The great thing about Chicago is if you can forgo your car, you’ll find plenty of ways to get around the city.
4.) STORAGE FEES
If renters desire additional storage space outside of their apartments, they can usually rent a storage locker or cage at the building. The cost is optional based on needs and ranges between $25-$85 per month depending on size of the space and the property.
5.) PET FEES
If a furry friend will be living in your pet friendly Chicago apartment, plan on paying an additional cost for their stay. While pets are typically welcome, there are fees associated with having a dog or cat.
Pet owners should budget for an additional $300-$600 one-time, non-refundable pet fee. Cat fees are some times a bit lower. Some properties also charge an additional pet rent each month ranging between $30-$60 per animal.
You may be wondering “Is anything free when renting an apartment in Chicago?”
The usage of fitness centers, outdoor pools, business centers and resident lounges are always complimentary. They are common spaces built for the enjoyment of the residents and there is no additional fee charged to use them.
There is also no cost to work with Luxury Living Chicago to find apartments for rent in Chicago. We will work closely with you to maximize your budget and find you an apartment that best suits your needs and price range. We are a complimentary real estate service.
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