What is the avg. 3 bedroom rental price in Bucktown? How has tax rates and insurance costs increased this year in Bucktown?

Asked by rieka03, Chicago, IL Mon Mar 25, 2013

My landlord is increasing the rent substantially, citing "an increase in taxes and insurance rates due to the popularity of the neighborhood." He's saying that the market rates have increased by 10-20% this year alone. Can an expert help verify any of this? I'd prefer to negotiate a lower increase.

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10
CARRIE McCOR…, Agent, Chicago, IL
Sun Aug 4, 2013
I have listed approx 50 rentals in Bucktown so far this year and my average 3 bedroom rate is $3,000 per month. The properties are very well upgraded with hardwood, fireplaces, stainless steel appliances, granite, luxe baths. Garage parking. Let me know which building you are looking at.
Carrie@atproperties.com / 312.961.4612
0 votes
Cindy Wilson, Agent, Chicago, IL
Wed Mar 27, 2013
Prices have risen dramatically in the past 1-2 years. If you haven't moved in a while and had steady price increases, that may be why your landlord is trying to get more rent. By all means, try to negotiate a lower rent. But as recommended, factor in the high cost of moving. Good luck!
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Mar 25, 2013
If you really want to stay, try negotiating a lower increase (he doesn't have to give you a reason as to why he is raising) and if you are able offer to give him the same rent (or lower) but pay 6-12 months up front.
0 votes
Joe Schiller, Agent, Chicago, IL
Mon Mar 25, 2013
2600-3200 if you like your place stay..it will cost $500-1000 to move
0 votes
Edith Karoli…, Agent, Winnetka, IL
Mon Mar 25, 2013
This is very difficult for us to answer as rental for 3 bedrooms in Bucktown vary, it really depends on what else comes with the 3 bedrooms i.e. how many baths, garage 1 or 2 cars or outside space or street parking, additional rooms like a den, sq. ft. age of home and upgrades, type and size of building....
The rent information here without knowing what your type of condo compares to.

Also the question then also is what is included in the rent, water, heat, cable, door man.... we have none
of that information, but you can with all the detailed information get that kind of information and can then
compare your unit to other rented units. We just at this moment do not know enough details.

8024 $1,350 6 3 1 Condo
8023 $1,550 6 3 2 Condo
8023 $1,550 6 3 2 Condo
8023 $1,600 6 3 2 Condo
8023 $1,600 6 3 2 Condo
8023 $1,650 6 3 2 Condo
8024 $1,800 7 3 2 1/2 Duplex
8024 $2,100 6 3 2
8024 $2,100 6 3 2 Mid Rise (4-6 Stories)
8024 $2,400 8 4 3 1/2 Duplex, Condo, Flat
8024 $2,500 6 3 2 Condo
8024 $2,500 6 3 2 Condo
8024 $2,750 5 3 2.1 Condo
8022 $2,800 6 3 2 Condo
8022 $3,300 8 4 3 1/2 Duplex
8024 $3,400 9 4 3.1 3 Stories
8024 $3,600 7 3 2.1 Condo
8024 $3,750 7 3 3 Townhouse 3+ Stories
8024 $4,500 7 3 2.1 1/2 Duplex, Condo, Condo-Loft, Penthouse
8024 $4,750 and there are more. Also just for your information, the rental market in
the city of Chicago is very active, but you can see from the variety of rentals above, that without
knowing more details of your condo we cannot give you any input. And you also know that a
landlord once your lease gets to renewal can raise the rent, it is always a question of availability and demand, when the demand is high rents go up.
Sometimes it is worth to consider buying if that is at all in your considerations.....
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties -----EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/YourRealtor4Life
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Mar 25, 2013
It probably has. Rents are insane right now. It would be hard to say what an average is because each place is different, but I couldnt imagine you can find one for under 3200. Every landlord is raising the rents this year.
0 votes
JIM Michaels, Agent, Chicago, IL
Mon Mar 25, 2013
Chicago, Bucktown real estate overview - Trulia.com
http://www.trulia.com/real_estate/Bucktown-Chicago/2890/Bucktown home values, real estate market trends, schools, community info, and homes for sale. ... ago, the median sales price increased 24.6%, or $72,000, and the number of sales increased 28.1%. ... Would they consider renting this unit?
0 votes
Ivan Sagel, Agent, Chicago, IL
Mon Mar 25, 2013
I have seen most 3 bedroom rentals in the $3000-$4000 range. Rents in Chicago have gone up a little less than 10% a year the last two years. I don't know how your place compares in quality to the others I have seen.

Best regards,

Ivan Sagel
@properties
312.515.7823
Ivan@atproperties.com

I always appreciate your referrals…
0 votes
Philip Sencer, Agent, Chicago, IL
Mon Mar 25, 2013
Sounds like landlord BS and no way to confirm, but not sure why he needs any reason to increase the rent if he wants to. Rents range from 2K to 4K+ depending on lots of factors like # bathrooms/parking/location/updates etc.
0 votes
Philip Sencer, Agent, Chicago, IL
Mon Mar 25, 2013
Sounds like landlord BS and no way to confirm, but not sure why he needs any reason to increase the rent if he wants to. Rents range from 2K to 4K+ depending on lots of factors like # bathrooms/parking/location/updates etc.
0 votes
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