CHICAGO WEST SUBURBAN HOME RENTALS: AVERAGE RENTAL RATES & THINGS TO KNOW
July 28, 2009
Rental rates have increased in Chicago's west suburbs over the past 6 months. With the economy being what it is, many that lost thier jobs and homes are now looking for homes to rent. It's obvious that the rental rates are going up due to higher demand now. But my question is, how are people able to rent when the average required credit score is 630++?? If that were the case - they would BUY A HOUSE!
With many that have fallen on hard times, it's even hard for them to find a good home to rent. I have outlined below some requirements in the west suburbs and options if you need to rent a home due to combining familes, larger family or whatever reason.
Rental Rates: The average home rental 2/BR 2/BA is anywhere from $1,200-$1800/month depending on square footage. Some are townhomes and some are single family homes, usually top notch and freshly painted as well as updated & move-in ready. Bottom line is that the people renting these homes are "Sellers" that could not sell due to the market collapse. So they have no way out right now but to rent and do not want to lease at high-risk.
OPTIONS:
1. If you know that your credit score is low, meeting with the Lessor and explaining the reasons of your situation may allow for some compasion and understanding.
2. Also, you may be able to coax them by offering "additional" security deposit. Sometimes offering 2-3 months additional security deposit gives the Lessor enough confidence to rent to you knowing that if any damage occurs, your security deposit will be forfeited.
3. If you really like the place you may want to offer $50-$100 more a month in rent to make the Lessor "sway your way" when making a decision.
4. Most Important - Is to get a list together of references from reliable sources like your previous employer, reliable associates, bank representative, etc. (not mom and dad)
Times are definitely tough. But now as always, money still talks.
Bottom line is, if you really want a quality house to rent you have to be ready to give up more money.
Another way to guarantee you'll get the house is having a great Realtor representing you on negotiating the deal and possible rent with "option to buy" at a later date...more on that topic on my next post.
Luxury and executive homes are also available for lease for short term - call for details!
This valuable information provided by Christine Moscinski, Broker Associate and part of The "HouseHunters" Team - Real Estate and market expert in Chicago's Western Suburbs.
Call her today to find your next home at 708/369-8094 - you'll be glad you did !
http://www.ehousehuntonline.com