Avoid Apartment #FOMO
You’ve been searching for downtown Chicago apartments and have found one or two that match your search criteria and move date. The apartment checks-off most of your must-have boxes, but you’re driving yourself a little mad wondering if there is one more apartment out there that will fit the bill.
Take our advice: If you think you’ve found an apartment don’t sit on the application, apply now!
If you can visualize yourself living there, have been arranging your furniture mentally and the price and timing work for you, you should totally go for it.
Reason 1: Availability and Pricing is Fleeting
Most apartment buildings in Chicago use an apartment revenue management system to determine daily pricing. This means a computer system, such as LRO or Yieldstar, computes apartment prices based on supply and demand. Since the system is electronic, apartment rents and availability change daily. The quote you received for a specific unit may only be good for 24-48 hours. Once the quote expires, the price of the apartment may go up depending on what else has rented at the building while you’ve been sleeping on your decision.
Reason 2: Here Today, Gone Tomorrow
The apartment you saw yesterday may be rented by the person who has an appointment after you. You’re not the only one searching for an apartment. Once it’s gone, it’s gone.
Reason 3: Compromises
You may like the amenities at one building, but you like the finishes at another. Or you may like the kitchen layout in one unit, but the view at another is a bit more desirable. Unfortunately, you can’t mix and match apartment features. There will always be compromises when it comes to selecting an apartment, but chances are if the unit meets nearly all your requirements you’re going to be pleased.
Reason 4: Apartment FOMO is Real
FOMO (aka the Fear of Missing Out) is real and can definitely happen when one is searching for an apartment. You can look at six great options, but always wonder if there is an apartment about to become available that could be THE one. Take it from us, don’t worry about what could be and focus on what is available. The sooner you make a decision, the sooner you can move into the next phase which is shopping for all of the new fun things you’re going to put into your great apartment.
Reason 5: It’s Only A 12 Month Lease
Put it in perspective by remembering you’re only signing a year long lease – you’re not committing to this apartment forever. It’s likely you’re going to be very happy with the decision you make and you’ll love living in your new apartment. If you really dislike your digs after a few months, in Chicago you always have the right to sublet your apartment.
Of course, you should never rush into renting an apartment if you are not ready. Never let a real estate broker or leasing agent pressure you into making a decision you are not comfortable with. However, when you’ve seen enough apartments and have all your ducks in a row, you should make a move before the apartment gets rented and you need to begin the search and/or decision making the apartment search process all over again.
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