🏠 The Ultimate Guide to Renting in Chicago🏠

Written by Coty Williams, Property Manager

Renting your next apartment can feel overwhelming — especially if you’re not sure where to start. This guide walks you through every step, from setting your budget to signing your lease and everything in between. Whether you’re flying solo, moving in with roommates, or bringing your four-legged bestie, here’s how to make smarter choices and feel confident throughout the process.

1. Know What You Need Before You Start Searching

Before you scroll through dozens of listings or schedule a single tour, press pause. What do you actually need in your next space? Getting clear on the essentials now saves you time — and headaches — later.

Key Questions to Ask Yourself:

• What’s my realistic budget?
  

• Where do I want to live?
  

• Do I want a roommate or to live alone?
  

• How many bedrooms/bathrooms do I need?
  

• Am I bringing a pet (or planning to adopt one)?
  

• What finishes or amenities matter most?
  
  

💰 Budget Breakdown: More Than Just Rent

Most people think “budget” = monthly rent, but there are other costs to keep in mind. Here's how to build a realistic rental budget:

Monthly Costs:

• Rent
  

• Utilities (electric, water, gas) — $100–$200
  

• WiFi — $50–$100
  

• Renter’s Insurance — starts as low as $5/mo (we love Lemonade for this)
  

• Pet Rent (if applicable) — $15–$35
  

• Valet Trash & Amenity Fees — $5–$35
  

Upfront Costs:

• Application Fee — $50–$100
  

• Administrative Fee — $50–$100
  

• Security Deposit — $200 to one full month’s rent
  

• Pet Fee & Deposit — $100–$500
  
  

💡 Rule of Thumb: Your rent should be about 1/3 of your net (after-tax) income. Multiply your take-home pay by 0.25 to 0.35 to find your rental range.

Pro tip: Make a spreadsheet to track your monthly income, recurring expenses, and potential rent. It'll help you spot where your money’s going and what you can comfortably afford — not just what you qualify for.

💸 Specials & Concessions: What They Are (and How to Spot Them)

If you’re looking to save money on your new place, keep an eye out for “specials” or “concessions.” These are discounts properties offer to lease units faster — and they can make a big difference.

Terms to Know:

• Market Rate – What a unit would cost without any specials. Many properties approve applicants based on income being 3x this rate.
  

• Effective Rent (or Net Rent) – The price after specials are applied.
  
  

Ask this: “Is the special prorated or upfront?”
Some deals give you a big discount in the first month or two, others spread savings across the entire lease.

📍 Location vs. Finishes: What Matters More?

A sleek apartment is great, but location? That’s your day-to-day life. Your community, commute, grocery store, favorite bar, weekend coffee spot — they all come down to where you live.

When picking a neighborhood, ask:

• How close is it to work or school?
  

• Can I walk to parks, shops, restaurants, or transit?
  

• How long is my commute during rush hour?
  

• Is the area quiet, lively, or somewhere in between?
  

• Are my friends, partner, or family nearby?
  
  

🛋️ Layout & Finishes: Making the Most of Your Space

Not all square footage is created equal. A good layout makes a small place feel bigger — and a bad layout can make even a spacious apartment feel cramped.

Look for layouts that:

• Use space efficiently (not too much “dead” space)
  

• Fit your current furniture (measure first!)
  

• Match your lifestyle (WFH, entertaining, pets, etc.)
  

Want premium finishes? Most buildings offer different color palettes or upgrade packages (like corner units, balconies, kitchen islands, or smart tech). Just know that upgrades usually come with higher rent.

👯‍♀️ Roommates: Yay or Nay?

Having a roommate can help you stretch your budget and score a better apartment — but it comes with trade-offs.

Pros:

• Split rent and utilities
  

• More space or upgraded unit
  

• Built-in hangout buddy
  

Cons:

• Less privacy
  

• Potential for noise, mess, or conflict
  

• You’ll both be held accountable for damages and lease terms
  

💡 Before signing: Have a real convo about expectations — especially if they’re bringing a pet.

🐶 Pets: What to Know Before You Move In

Almost all pet-friendly apartments have restrictions — breed, size, and number of animals allowed. Fees usually include:

• One-time pet deposit/fee — $100–$500
  

• Monthly pet rent — $15–$35
  

🐾 Heads up: Sneaking in a pet is a bad idea. Getting caught can lead to steep fines or even eviction.

If your pet is an ESA (emotional support animal), you have rights — but you’ll need to follow the proper process. And even if you don’t own the pet, you’re still liable if your roommate’s pet causes damage. So get on the same page before signing.

🗓️ 2. Setting Up Tours

Once you’ve narrowed down your favorites, it’s time to see them in person. Even the best photos don’t show the whole story.

Pro tip: Tour 2–4 properties on the same day. It makes comparison way easier.

What to Look For on a Tour:

• Water pressure, cell reception
  

• Signs of damage (mold, cracks, broken fixtures)
  

• Closet/storage space
  

• Green space for pets
  

• Parking (guest spots, fees, distance)
  

• Security and building access
  

• Nearby grocery, gym, cafes, nightlife
  

Bring a tape measure and take photos or notes — future you will thank you.

❓ 3. Ask the Right Questions

Use your tour to gather more than visuals. Here are some smart Qs to ask the leasing team:

• What utilities are included in rent?
  

• Are application/admin fees refundable if I cancel?
  

• What’s the security deposit amount?
  

• What’s the pet policy? Breed/weight limits?
  

• Is parking assigned? Is there guest parking?
  

• Any recent safety concerns in the area?
  

• How long is the lease term?
  

• Are there any current specials or promotions?
  
  

📝 4. Applying for an Apartment

Found the one? Apply ASAP. Submitting your application and paying the fees usually takes it off the market.

You’ll Likely Need:

• Government ID + Social Security number
  

• Proof of income (pay stubs, W-2, or job letter)
  

• Vehicle registration + insurance (if parking)
  

• Co-signer info (if needed)

Timeline: Most applications are processed within 1–3 days. You can usually track the status online or call the office.

✍️ 5. Lease Signing

Once approved, it’s go-time. The lease outlines all the rules: rent, length of stay, pets, maintenance, subletting, early termination, and more.

Don’t just skim it. Read everything. If anything’s unclear — ask. You’ll likely pay move-in fees and possibly your first month’s rent upfront.

📦 6. Before You Move In

Moving can be chaotic, but being organized helps. A few tips:

• Pack by room (kitchen, bathroom, etc.)
  

• Label boxes clearly (color-coded tape is a win)
  

• Set up utilities and internet before move-in day
  

• Take photos of the unit on Day 1 (for your records)
  

• Do a walkthrough with the leasing team if possible
  

Wrapping Up

Renting an apartment doesn’t have to feel like a second job. When you take time to plan, ask the right questions, and know your numbers, you’ll feel way more confident — and way less stressed.

Have questions about apartment hunting, budgeting, or understanding specials? Hit up The Stoic Team — we’ve got your back every step of the way.