What Does Pre-Lease Mean?

Members of the Luxury Living Chicago team pre-leasing at ELEVATE Lincoln Park.

When searching for a new apartment and browsing listings, you may see some promoting the fact that they are now pre-leasing. This is very common in Chicago due to the large amount of new construction going up around the city, where leasing teams may be renting apartments for future timeframes further out than other, more established buildings. Apartment buildings filled with renters are not able to rent you a unit in January for June because they don’t know what will be available yet.

Benefits of Pre-Leasing an Apartment

There are many benefits of pre-leasing an apartment, the most sought-after one being the ability to be the first person to ever live in that space. Many renters appreciate the idea of being the first person to soak in a bathtub, use the appliances, and create their home in a space. In addition, pre-leasing often equates to lower pricing, depending on the construction situation. When pre-leasing an apartment means that you can’t yet see the actual unit, floor plan, or walk through the building because of construction, building management may entice renters to commit with lower pricing or concessions. Another perk can be locking in a lease for a move-in date that is further out than other buildings are able to guarantee at the time.

Pre-leasing is defined as renting apartments before the building is ready for people to move in, so the result for renters can vary greatly. It can mean visiting a leasing center to view renderings and floor plans, or potentially donning a construction hat and close-toed shoes and taking a tour of the unfinished product. In many cases, it means coming to the building and seeing a furnished model apartment or two, but not being able to access the actual units quite yet.

If pre-leasing sounds appealing to you, keep an eye out for apartment listings with renderings instead of actual photography, look for the term on building websites, and follow LLCR’s content because our team always has the scoop about the city’s newest developments.

Search Chicago Apartments

Elise Kaufmann worked with Luxury Living Chicago Realty for five years. She now lives in California, but still enjoys staying up to date on all things Chicago real estate.

Elise Kaufmann

Properties You May Like

Add A Note

River North

$2,700
bedrooms Convertible
bathrooms1 Bathroom

Sublease convertible in River North with the most incredible river and city views! Available now!

Add A Note

Downtown

$24,984 - $25,000
bedrooms Penthouse
bathrooms4.5 Bathrooms

Oversized top floor four-bedroom four-bathroom residences in downtown River North with expansive terraces and luxurious interiors.

Add A Note

West Loop

$2,463 - $2,600
bedrooms Convertible
bathrooms1 Bathroom

West Loop one bedroom apartment with upgraded cabinets and appliances, chestnut wood-like flooring, floor-to-ceiling windows with stunning city views.

Add A Note

Fulton Market

$4,936 - $5,500
bedrooms 3 Bedrooms
bathrooms2 Bathrooms

These Fulton Market apartments offer designer finishes including white quartz countertops, artistic custom backsplash, soft close cabinetry, wood plank flooring, stainless steel GE appliances, Latch keyless entry system, and Nest smart home thermostat.

Add A Note

Old Town

$5,740 - $6,300
bedrooms 3 Bedrooms
bathrooms2 Bathrooms

Sophisticated  two-bedroom apartment in the heart of Old Town. Features include gourmet kitchens with stunning European flat panel cabinetry throughout, integrated Blomberg and Fulgor Milano appliances, granite slab waterfall countertops, and a stainless steel hood range. Spa-inspired bathrooms [...]

Add A Note

Lakeshore East

$2,346 - $2,700
bedrooms Convertible
bathrooms1 Bathroom

An oasis in the heart of Lakeshore East with stunning finishes, including 9′ ceilings, wide plank flooring, quartz countertops, integrated appliances, walk-in closets, in-unit laundry, Nest thermostats, keyless entry, expansive floor-to-ceiling windows, private outdoor balconies, and more.

Add A Note

Old Town

$2,656 - $3,200
bedrooms 1 Bedrooms
bathrooms1 Bathroom

Sophisticated one-bedroom apartment in the heart of Old Town. Features include gourmet kitchens with stunning European flat panel cabinetry throughout, integrated Blomberg and Fulgor Milano appliances, granite slab waterfall countertops, and a stainless steel hood range. Spa-inspired bathrooms [...]

Add A Note

Old Town

$3,866 - $4,300
bedrooms 2 Bedrooms
bathrooms2 Bathrooms

Sophisticated  two-bedroom apartment in the heart of Old Town. Features include gourmet kitchens with stunning European flat panel cabinetry throughout, integrated Blomberg and Fulgor Milano appliances, granite slab waterfall countertops, and a stainless steel hood range. Spa-inspired bathrooms [...]

Add A Note

River North

$2,523 - $3,800
bedrooms 1 Bedrooms
bathrooms1 Bathroom

These refined apartments feature chef's kitchens with integrated appliances, stainless steel cooktops with a slide-out hood fan and convection oven, granite countertops, Italian cabinetry, wide plank flooring throughout, convenient storage, glass-encased showers with wall-mounted hand [...]

Add A Note

River North

$3,671 - $4,300
bedrooms 2 Bedrooms
bathrooms2 Bathrooms

These refined apartments feature chef's kitchens with integrated appliances, stainless steel cooktops with a slide-out hood fan and convection oven, granite countertops, Italian cabinetry, wide plank flooring throughout, convenient storage, glass-encased showers with wall-mounted hand [...]

Add A Note

River North

$9,773 - $10,000
bedrooms Penthouse
bathrooms3 Bathrooms

Brand new Penthouse in River North with the most incredible river and city views! Features include expansive layouts with 10' ceilings, a custom chef's kitchen featuring Thermador appliances, custom cabinetry with built-ins, including wine fridge, motorized solar shades with bedroom blackout [...]

Add A Note

Old Town

$1,999 - $2,500
bedrooms Convertible
bathrooms1 Bathroom

Sophisticated convertible apartment in the heart of Old Town. Features include gourmet kitchens with stunning European flat panel cabinetry throughout, integrated Blomberg and Fulgor Milano appliances, granite slab waterfall countertops, and a stainless steel hood range. Spa-inspired bathrooms [...]

Want further guidance in your search?

Our complimentary and tailored approach has helped thousands of renters find their dream home.

Menu Close