Before you can rent a luxury apartment in Chicago you need to consider how much the apartment is liable to cost, and what things make an apartment a luxury instead of a normal apartment.
Luxury Chicago apartments are apartments that are situated in premium locations. They will include top of the line appliances, and they will have a full range of appliances including dishwasher, stove, refrigerator, trash compactors, and more.
Cost
The cost of the apartment will be dependent on the building it is in, the part of town it is in, and the square footage. You should also remember that an apartment that has all utilities paid will cost more because you will not have a separate electric or gas bill.
A studio apartment with 1 to 3 bedrooms located on Wells Street will run between $1,850 and $17,000 per month.
In Old Town Park on West Hill Street, you can find an apartment with 1 – 3 bedrooms for only $1,110 0 $17,500 a month.
You need to be prepared for the possible cost of the apartment. Make certain your budget is established and you can afford the apartment you are looking at.
Your Credit Rating
Believe it or not, the credit rating that you have will affect your ability to locate a good apartment at a decent price. Landlords and leasing agencies check the credit of applicants who wish to rent an apartment from them. If your score is not in the 700s you will find that locating an apartment is going to be difficult.
Location
The location of an apartment influences the monthly cost of the unit. You pay a lot more to rent an apartment downtown than you pay to live in an apartment in the suburbs. The suburban apartments may be just as nice, or nicer than the downtown apartment.
The reason you pay less to live in the suburbs is that you will be farther away from the main attractions of the city. You will have to commute to and from work each day, and you will have to either own a car or use public transportation.
Owning a car in Chicago means you will have to rent a place to park your car. You will not find many free parking areas in the city, and often your place of employment will not even offer free parking.
Deposits, Securities, and More
When you rent an apartment, you are going to have to put money down to secure the apartment. This is not your monthly rent. This is a deposit that guarantees the landlord that you will not damage the apartment or move without paying your final bill.
Most deposits are high enough to cover the cost of at least one full month’s rent, and often they are as much as twice what the monthly rental rate is.
If the apartment is not all utilities included then you are going to have to put up deposits at the electric company, the gas company, the water company, and possibly with the sewer and waste management company.
Final Thoughts
Getting a luxury apartment in Chicago can be hard to do if you do not plan ahead and utilize the resources available to you. Create a budget, and know the areas around the city that you want to live in.
