Rentals in Chicago>Question Details

J P, Renter in Chicago, IL

When is the best time to relocate in Chicago?

Asked by J P, Chicago, IL Tue Jul 16, 2013

Basically, I'm curious as to when it becomes a renter's market versus a leaser's market? Summer seems to be hectic, but most leases are up during this time frame at least in my experience over the last ten years.

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...the best time is when it is most convenient for you. In the wither time landlords may be more willing to accept a lower price.
1 vote Thank Flag Link Tue Jul 16, 2013
Best time would be November if you want to have less competition. If you want to know when it's busiest, between May and August.




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1 vote Thank Flag Link Tue Jul 16, 2013
There is definitely more on the market between March - October, but the timing has to be right for you! Right now, there is more demand for rentals, but that could change in the fall or winter. Many times, it depends on the neighborhood and product you are looking for. Make sure you hire a real estate professional who know the area and potential pocket listings and can help you make the best decision for you and your family.
1 vote Thank Flag Link Tue Jul 16, 2013
Janelle,

The vast majority of places to rent leases start May 1st and October 1st. Up about 20% as there are more renters than home purchaser in today's market so that means you have people that need places leased for other months.

Just know when if you find a place that meets your needs do not hesitate. Because if you do, someone will rent the place out from under you.
1 vote Thank Flag Link Tue Jul 16, 2013
Historically, the 2 moving days in Chicago have always been May 1 and Oct 1. The winter season for real estate typically runs between Thanksgiving and Super Bowl Sunday and is historically the slowest time of the year. That said, it is also the worst time to move given the cold weather, the ice and snow, etc... (Hence one of the reasons for the downturn at that time.) But people need to move at any time of the year and they move all the time - so those 2 "moving days" do not have the kind of importance in the marketplace that they used to. Plus the rental market is so hot right now, when you move may not make have much of an impact - particularly if you are looking along the lakefront, downtown or dealing with a management company with many units to rent. They tend to be pretty 'corporate' and inflexible. Your best bet will be to work with a small 'mom and pop' landlord. No landlord wants to sit with an empty apt over the winter. So the closer we get to November, the better your chances of negotiating. Usually!
1 vote Thank Flag Link Tue Jul 16, 2013
If you are looking for a lower price, renter's market 11/1-2/28, but less supply. Peek lessor's time is 4/1-9/30, with July 1 occupancy being the busiest time. Any other time you can get a decent price with more of a supply of unit to examine.
1 vote Thank Flag Link Tue Jul 16, 2013
Winter tends to be slower for rentals so it tends to favor the tenant, but it depends on what you want and where it is located also.
1 vote Thank Flag Link Tue Jul 16, 2013
There are so many different factors that need to be addressed to answer your question. Don't fall into the trap of "rules of thumb", "timing the market", or any of the other media blitzes. Obviously, if you are renting near DePaul, or the University of Chicago, your competition will be high during the start of the school years. There are certainly tiny specialized areas, where timing may influence your choices, but in my 25 years experience, I have learned never to wait for a trend, a rumor or a future opportunity. Find what you want now....there are too many unknown factors...to base your decision.

No matter the economic climate, the time of the year, or anything else, there are always good opportunities. Set your goals, decide your needs and hire a Realtor to meet them. Good luck!
1 vote Thank Flag Link Tue Jul 16, 2013
Janelle,

When the time is right for you relocating can be tuff on everyone involved.
0 votes Thank Flag Link Sat Jul 20, 2013
There are children in your photo, so what are their needs in terms of school enrollment? Yes, it's busiest during the summer, but that's also when the highest pool of rentals are available, traditionally. If you rent during the winter months, the prices may be cheaper but so may the selection of rentals.
0 votes Thank Flag Link Tue Jul 16, 2013
I have a 1 year old, and really his only need at this time is to be close to daycare. It would be ideal to rent in an area with a great school as well, but that isn't as an immediate need...
Flag Tue Jul 16, 2013
There are so many different factors that need to be addressed to answer your question. Don't fall into the trap of "rules of thumb", "timing the market", or any of the other media blitzes. Obviously, if you are renting near DePaul, or the University of Chicago, your competition will be high during the start of the school years. There are certainly tiny specialized areas, where timing may influence your choices, but in my 25 years experience, I have learned never to wait for a trend, a rumor or a future opportunity. Find what you want now....there are too many unknown factors...to base your decision.

No matter the economic climate, the time of the year, or anything else, there are always good opportunities. Set your goals, decide your needs and hire a Realtor to meet them. Good luck!
0 votes Thank Flag Link Tue Jul 16, 2013
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