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It used to be that you bought a Sunday paper, scoured the classified ads, made a few calls, looked at a few places, put down a deposit, then moved in *GET OFF MY LAWN*.
Shoot! When I moved into this apartment in Podunk, I wasn't even required to sign a lease!
Now? It's gotten complicated.
Mike and I have been looking for a new place to live for about a week now. The area we are hoping to move to has a large selection of rental options. I guess that's what happens when you decide to move to a true suburb of Chicago with a population of 70,000+. This should be an easy process, but here's the rub ...
Most of the rentals are "condos". The buildings were originally apartment complexes, but during the housing boom of the 1990s and 2000s, when everyone decided they had a right to be a homeowner, the apartment complexes were converted to condos. When the housing bubble burst and homeowners started defaulting on loans, real estate agents picked up most of these for very little money. Now, most of these rentals are listed by real estate agents, not private parties, thus the rental process requires working with an agent.
Weird ...
Then there are the "traditional" apartment complexes, which are run more like hotels than apartments.
Rents are based on occupancy rate. If you happen to be looking for an apartment when there are several vacancies, your lease will require significantly less rent than if you need an apartment when the complex is full.
These places lure you in with low move-in fees ($175 surety deposit), but then when you add in the application fees (averaging $50 per person on the lease), and pet fees ($500 surety deposit + an extra $25-$50 in "pet rent" - yes, Scooter and Radar are coming with us), the cost to move in isn't really any less, and none of these move-in fees are refundable.
One complex we looked at also charged $5 per day for a visitor parking pass.
CRAZY!
Mike and I have put in an application for a bright, modern, 2-bedroom condo in a perfect location. We are waiting to hear if we've met their criteria (in addition to employment and rental history verification, FICO scores criminal background checks are part of the application process). We could be moving into our first home together in as little as 2 weeks.
*crosses fingers*
3 comments:
Good luck to you guys!
See...all that jumping through hoops you've been doing lately is paying off! :)
You're probably lucky they're not changing by the minutes that you are actually in the apartment.
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