Monday, February 13th, 2023
If you’re looking for luxury apartments in Chicago and wondering when to start your search or how much to budget for your move, here’s everything you need to know before getting started!
Timing your search depends on whether you’re looking to live in a managed high rise or a privately owned condo. In general, managed buildings will start to have availability about 60 days out and privately owned condos tend to pop up within 30 days of their availability date. Managed high rises tend to offer the beset pricing and concessions (like rent credits or a month free) for vacant units more often than they do for units coming up later. However, luxury apartments in Chicago tend to rent pretty quickly, so you don’t want to wait too long and risk having limited availability. All in all, the best time to look for an apartment in Chicago is about 45 days out from your move date if you want the maximum number of options and the best pricing.
Managed high rises tend to have lower costs associated with moving than privately owned condos because they’ll often do a small administrative fee (about $400-500) and no security deposit or move in fees. Often times, the administrative fee can be credited back to your rent account if you apply within 24-48 hours of first touring the unit.
Privately owned condos tend to ask for a security deposit (about one month of rent), a move in fee (usually about $300-750), and first months rent.
In some cities like New York or Boston, it’s customary to pay a broker fee. Renters are often happy to learn that there are no costs associated with working with a broker for renters in Chicago.
Both managed high rise units and privately owned units will ask for an application fee, usually ranging around $50-65.
All in all, it tends to cost about $500-600 plus your first month of rent to move into an apartment in a managed high rise and it tends to cost about two months of rent plus about $400-800 to move into a privately owned condo. Of course, these numbers are averages and will vary depending on the landlord.