Corporate Relocation: Moving For Work?

Tuesday, March 5th, 2019

Chicago is one of the top cities for corporate relocations, with an average of 15,000 new jobs per year since 2013 and 20,000 new job last year alone. However, many employees say housing is a primary but overlooked issue in their relocation. Although many employees’ needs would be best suited with a rental, many human resource departments only offer assistance with purchase and sale housing transactions. If you’re relocating to Chicago for work, there are a lot of “moving” parts to consider.

Scope of Options

With 77 unique neighborhoods ranging in atmosphere, available transportation, style, and price range, it can be hard to narrow down your search. A broker can help you narrow the geographic scope of your apartment search based on your wants and needs. For instance, some areas are more convenient for dog owners, people who drive, or people who prefer to walk or take public transit. Some areas are known for being more lively and some areas are known for being quieter. Finding out which neighborhoods are best suited to your preferences can be research intensive and time consuming, especially when you have many other variables to coordinate in your move. Working with a broker who has an intimate knowledge of Chicago can save you time and energy.

Fluctuating Market

In the downtown Chicago rental market prices, availability, and concessions can change daily. It can be complicated to keep track of which buildings offer what specials under a multitude of various parameters (i.e. “2 months free on a 13 month lease if you move before the 15th or 1.5 months free on an 18 month lease if you move between the 21st and 30th”). The pricing system many managed high rise buildings use changes the pricing based on supply and demand. For instance, if there are 5 of the same layout available, the prices of all 5 will gradually decrease, but as soon as one or more is rented, the prices of the remaining apartments will significantly spike.

It’s typical for units to rent quickly, even a month before they are even vacated by the current tenant. With so many people moving at a given time, pricing and availability can be difficult to track. Brokers’ full time jobs are to know the special concessions, pricing changes, and availability at downtown Chicago buildings. By working with a broker, you won’t have to worry about keeping an eye on all these variables.

Specialization

Most brokerages specialize in either for-sale listings or rental listings, but seldom both. Leasing agents in the downtown area have intimate knowledge about each distinct Chicago neighborhood in which they have inventory. Working with a broker who is specialized in the area you’re looking in can not only help you find a great apartment deal, but can also serve as a tour guide and may know all the area’s great restaurants, salons, pet groomers, or even dentists.

Relocating to downtown Chicago for work? Contact us today! We’d be happy to keep you in the Loop!

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