To ensure the smoothest living experience, there are some important things to know before renting an apartment, especially if you’re a first-time renter.

We’ve compiled a list of crucial pointers based on common questions to help you feel prepared before signing an apartment lease.

1. How Much to Save Before Moving

Prior to starting the apartment hunt, make sure your bank account is as prepared for the move as you are. While the amount of savings needed varies from person to person, you want to ensure you have a nice safety net. 

Capital One suggests that folks should have three times their monthly income set aside when they plan on moving. To help you determine your budget, there are a few significant factors to consider.

Many apartments require prospective tenants to pay the first month’s rent along with a security deposit (often the same amount as monthly rent) before getting the keys. So, let’s say your max monthly rent budget is $1,500, then you want to have at least $3,000 cash set aside for rent.

Then you’ll need to consider whether you’re renting a fully furnished, partly furnished, or completely empty place. Because that will also influence how much extra funds you’ll need to spruce up your space and ensure it’s livable. While the cost to furnish an apartment can greatly vary depending on the tenant’s taste, the size of the space, and other factors, estimates suggest that it costs between $3,000 and $5,000 to furnish an apartment from scratch.

Also, don’t forget about common utilities owed within the first month.

2. Deciding Whether to Live Alone or With a Roommate

Sharing your apartment with a roommate comes with pros and cons. Let’s start with the perks.

From a savings standpoint, living with a roommate will likely reduce your monthly costs. Not only will you and your roommate divide the rent, but you will also split other regular apartment utilities, such as electricity and Internet.

If you are a social creature or someone new to the city looking for friends, a roommate could be a nice opportunity for more social connection. If you have a positive roommate dynamic, that means you have a built-in-buddy to hang with and likely make your living experience more enjoyable. 

Now, let’s also look at the potential disadvantages of living with another person.

The reality is when you have someone else in your space, you have to be more considerate of your living habits. That may mean keeping the common areas tidier, keeping your music down, or having people over less often.

There is also a chance you and your roommate may clash when it comes to living standards or ideals. However, this is one of the reasons it’s pretty important to set expectations and have clear communication before cohabitating with someone else.

3. Finding Out About the Parking Situation

While Chicago is known for its excellent public transportation, if you have a car, you will need to consider parking options as you browse apartments.

Finding a building that includes parking will provide you with an extra layer of safety and convenience.

Parking options depend on the location, price, and amenities associated with apartments, but these are common options:

• Covered parking: This situation is ideal, especially for those who don’t like dealing with bad weather. It can help keep your car and its belongings protected. Parking garages often have extra safety measures, like attendants or surveillance cameras.
• Parking lot: If you’re okay with your vehicle being exposed to the winter elements, this option may be cheaper than covered parking. 
• Street parking: While some streets near apartments offer permit parking, keep in mind that this type of parking is the least convenient option but likely the cheapest.

4. Which Bills Do You Pay

As a tenant, there are some costs you cover and some that fall on your landlord or management company.

Let’s examine the common renter costs:

• Rent: Every month, renters must pay the landlord the agreed-upon rental fee.
• Utilities: Typical utilities that renters shoulder include electricity and gas.
• Internet and cable: While some apartments offer bundled deals that include these costs, renters are often up to setting up and paying for both.
• Renters’ insurance: The state of Illinois and the city of Chicago do not require renters insurance; however, a landlord may require this in their lease agreement. This is also a recommended insurance for renters to have.
• Move-in fees: These will be included in the lease agreement, so make sure you know what these costs entail before signing.
• Parking: This is typically an additional expense that falls on the renter if they choose to purchase a parking space.

5. How to Spot Rental Scams

Typically if a rental deal sounds too good to be true, it probably is. If you’re looking at an apartment that is suspiciously lower than surrounding or similar units, that is not a great sign.

Also, if the person listing the property won’t meet you in person or wants you to move in immediately without ever seeing the property, that should also make you weary. It’s a bad sign if they ask for rent or a security deposit before signing a lease.

Additionally, don’t move forward if there’s no tenant screening process or you’re asked to sign an incomplete lease.

To avoid being scammed and losing money, always make sure to see the property in person and read through the lease before signing. Also, having an experienced and licensed broker can help ensure you’re not put in a risky situation.

6. How to Get Renters Insurance

As mentioned above, while renters insurance is not legally obligated in Chicago, many landlords require this insurance. Even if they don’t, having this type of insurance policy is wise. It is designed to protect tenants from financial loss due to unexpected events like theft, fire, or water damage.

Renters’ insurance provides coverage for personal property, liability protection, and additional living expenses. 

There are quite a few avenues to obtain renters insurance. Many popular insurance agencies will bundle renters insurance to make your life and payments more streamlined.

Lemonade is also a popular, convenient, affordable route to insure your rental property.

Before choosing your policy and provider, determine your coverage needs and compare different quotes. In Chicago, the average cost of renters insurance is $124 per year or $10 monthly, with Lemonade and State Farm being the most affordable options in the city.

7. What to Look for in an Apartment Lease

Before signing your name on the dotted lines, examining your apartment lease thoroughly is important.

Common terms in this document include the lease term, monthly rent, security deposit, maintenance, and pet policy.

Be on the lookout for an early termination clause, which can result in fees or penalties if the renter ends the lease early. Also, keep your eyes peeled for automatic renewal, which means the lease will renew for another term if proper notice isn’t given.

An experienced agent can help walk you through the lease and make sure it is safe to sign.

8. How to Move into an Apartment

As you sign your lease, you also want to confirm what day you actually get your keys and how you obtain them.

When you have your official move-in date on the calendar, you will want a game plan for moving your belongings.

Decide if you want to hire movers, a moving rental truck, or enlist friends to help you with the heavy lifting.

Also, if you are moving into an apartment that requires taking an elevator, be sure to connect with the building in advance and look into the moving process. Some apartments require that tenants reserve a freight elevator to move their larger belongings. 

You will also want to figure out parking logistics beforehand. Is there a reserved place for moving trucks or a maximum time a vehicle can be parked during a move?

Now that we’ve walked through the important things to know before renting an apartment, hopefully, you feel more excited and equipped. If you are ready to start finding your dream apartment, connect with one of the Luxury Living team members today!

The city of broad shoulders is ever-changing: considering that Chicago’s entire grid system was born of rebuilding the city following the Great Chicago Fire, Chicagoans are a people used to rebuilding. Perhaps this explains why Chicago’s skyline is seemingly ever-changing – staples like the Sears Tower (as locals refer to the Willis Tower) and Hancock Building remain permanent pillars, but new structures proliferate each day.

This constant rebuilding is great news for renters looking for a luxury experience in the city. From standbys in classic neighborhoods to up-and-coming high-rises in trendier areas of town, there are plenty of options for every type of lifestyle – and more are always being planned.

What To Look For in a Luxury Apartment in Chicago

Luxury is in the eye of the beholder: different renters, understandably, have different stipulations on what constitutes a luxury apartment. While features, aesthetic and design vary greatly from building to building, there are a few must-haves that we recommend looking out for during your luxury apartment search in Chicago.

• Safety: Safety features can take on many forms – and safety is a luxury! From the presence of a doorman to the location of the building, multiple factors combine to make a building safe for its residents. Thankfully, nearly all luxury Chicago apartments have both a 24-hour doorman and controlled entry, ensuring the highest level of safety for residents.
• Amenities: New buildings are increasingly featuring hotel-like amenities meant to wow residents. While any amenities are a wonderful way to get added-value out of your lease, we recommend auditing a building’s amenities to see which ones you’d use consistently. The Lydian in Chicago’s Medical District, for example, has electric vehicle charging stations and a dog spa – which are incredible amenities if you fall in the groups who will use them.
• Design: One of the benefits of living in Chicago is access to gorgeous architecture. For this reason, when it comes to luxury apartments in and around the city, design is increasingly considered an asset for renters. As you begin your home search, consider the interior and exterior design of the building you want to live in. Fullbrix Apartments, for example, in Fulton Market will feature exposed concrete, wood floors and expansive windows overlooking the city. These features all combine to create an enhanced, luxury living experience.

No matter your definition of luxury, the first consideration in your home search is location. as a city of neighborhoods, Chicago has many areas to choose from. From the glamor of River North to the trendiness of Fulton Market, each pocket of the city has its own lifestyle, culture and advantages. Chicago’s surrounding towns also make for an excellent balance of urban and community living.

Luxury Apartments in The Loop

If your commute is an important consideration in where you live, look no further than the centrally-located Loop.

Proximate to most Chicago-based offices and adjacent to cultural institutions like the Art Institute and Symphony, the Loop offers incredible living options like Millie on Michigan, a new-build that features incredible in-unit features and luxury amenities such as an outdoor pool and private party room.

Luxury Apartments in River North

If Carrie Bradshaw lived in Chicago, she’d like in River North. Known as a hotspot for skyline views, lake access and hit restaurants, River North is a great option for renters looking for a true city experience.

AMLI 808 is a great example of what luxury living in River North looks like: cloaked in eco-friendly, modern amenities like a coworking space, bike storage and an outdoor pool, it’s an excellent oasis from urban life.

Luxury Apartments in Fulton Market

Largely considered Chicago’s most trendy neighborhood, Fulton Market is known for incredible restaurants, year-round events and its close-to-everything location.

Additionally, most luxury apartments in this area are brand-new: 166 N. Aberdeen, for example, is due for completion this year and will feature an expansive outdoor space as well as an exercise room and coworking space. Best yet, the building is just steps from the Morgan CTA stop – making a commute to the Loop just minutes away.

Luxury Apartments in Lincoln Park

As a north-side neighborhood, Lincoln Park is less dense than its Loop-proximate counterparts. Nestled next to the lake with plentiful green space, Lincoln Park is known for its homey feel and tree-lined streets. Soaring above the neighborhood is Norweta, a boutique apartment building with resort-style amenities, including a pool, coworking area, fitness center, and more.

Luxury Apartments in the suburbs

If more space and access to natural areas is at the top of your list, the suburbs could be a fantastic option for you.

With a wide array of options, Chicago’s surrounding towns offer a combination of luxury apartment living and the community-oriented feel the suburbs are known for. Highpoint at 8000 North in Skokie, for example, is right next to transit that provides easy access to the city while offering luxury amenities like an expansive rooftop deck and resident lounge.

How to find a Luxury Apartment in Chicago

Finding a luxury apartment Chicago can feel daunting: with so many options and neighborhoods to choose from, it’s hard to figure out where to begin. When you’re ready to begin your search, we recommend:

1. Aligning on a budget. Whether you’re living by yourself or with a roommate, your budget is the first consideration in your search, as it will guide which buildings and area you look at. Determining a budget looks different for each person, but one method is the 50/30/20 method, which recommends that 50% of your income each month go towards needs such as rent.
2. Determining your location. Once you know your budget, consider which area or areas of the city are most appealing to you. Is being close to the lakefront or river important? Is commute your top priority? No matter your priorities when it comes to location, this variable will help narrow your search greatly – so it’s best to determine your location needs early on in your search.
3. Consider your non-negotiables. Since luxury looks different to everyone, different amenities will take precedent over others. If you live an active lifestyle, a gym in your building might make more sense than a hybrid worker who craves a coworking space. Making a list of non-negotiables and nice-to-have amenities will allow you to look more intentionally at each potential apartment.
4. Contact Luxury Living! Our kind and knowledgeable agents would love to work within your budget, location preferences and desires to find your dream apartment that fits your lifestyle.

Whether you’re in the middle of your apartment search or are just starting out, our team of experienced professionals are here to help answer any questions you may have about the Chicago apartment finding process.

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