Chicago is unique from many other cities. While there are many small bungalows in the city, most of them have been in the family for years and rarely go up for sale, let alone rent. The truth is, if you want to move to Chicago, but do not want to buy a home, you are looking at renting an apartment or a condo. Which one is going to suit your needs better? Do you even know what the differences are between renting apartments and renting condos in Chicago? Let’s break down some of the most important differences to know before you sign a rental agreement.
Ownership Often Differs
While buildings may look similar, apartments and condos often have different types of owners. One person or company typically owns an apartment building. This means that you are likely only going to ever be able to rent the unit you are in. However, condos often have unique owners for each unit. This means that if you love the unit you are renting now, there may be the option of buying it in the future since individual units can be sold if the owner chooses to do so.
Maintenance of the Building Can Differ
Apartments are typically maintained by the landlord or the property manager. This means if something in the unit breaks, the landlord or property manager will be the one you contact about repairs. Condos can be set up differently. If something breaks, it may be the owner’s responsibility to fix it, or it may be yours. This should be outlined in the rental agreement, so you should have a good idea of what you need to cover before you move in.
While there are some landlords or property managers that are not super-responsive when something breaks, that is often the exception and not the rule. Typically, if you have an issue in an apartment, you can reach someone who can start the repair process 24 hours a day. They work to fix the issue as quickly as they can so that other issues don’t pop up around the building as a result of any delays.
Limitations Are Different Between Condos and Apartments
Some apartments are very strict as to what you are allowed and not allowed to do, though not all. However, most condo owners are more lenient about the alterations you make with the unit, so long as the changes are not permanent. Occasionally, apartments can be so strict as to tell you how many pictures you can hang on a wall, or if you can paint. Condos often allow you to put small tack or nail holes in the walls for pictures, or let you paint rooms to match your décor.
Fees Sometimes Trickle Down with Condos
Many condos have boards that read through each application before approving or denying an applicant. This can make getting into a condo a little trickier. Plus, this sometimes incurs a condo fee. Some owners pass this fee down to applicants on top of any credit check or application fee, which can result in an additional fee to apply for the rental that most apartments do not have. Most apartments only have application fees and credit check fees that you need to contend with.
There are both apartments and condos for rent all around Chicago. They each offer different perks and drawbacks to them. The best thing to do if you are looking to rent anywhere around Chicago is to look at all of your options and see which is best for your lifestyle. Thankfully, today, you can go through listings online, look up reviews of apartments and condos from people who have lived there before, and discover information about a place before ever stepping foot in a building. If you find a place that is a perfect fit, then make sure to apply right away. That way, you can get in before anyone else applies!
We Can Help You Find a Condo for Rent in Chicago
Brixbid has listings for many great condos in Chicago. When you find one you like, you bid what you’re willing to pay monthly in rent. This helps you keep to your monthly budget and pay what you believe the condo is worth. Take a look at the condos we have listed to see what’s currently available.