Though moving is already a monumentally stressful task, it just got more expensive and selective, especially around Chicago.
“You are starting to see bidding wars on individual rental units, which is totally unheard of,” Jeff Andrews, senior market analyst at Zumper, said.
Given the current circumstances surrounding this market, is it better to renew your lease or hope to find a better deal elsewhere? “In this climate where rent is rising very rapidly, all else equal with rates rising so quickly, its less likely that you’ll be able to find a deal," Andrews said."And even if you do, that will be offset by moving costs."
Experts told NBC 5 that your best bet is to start a search for a new place early, to gauge what is available. When you find that new apartment, aim for a longer lease to lock in your price. Lastly, if you do plan on staying in your own building, experts advised speaking to your landlord in hopes of working out a deal.
“Shoot your shot. You want to negotiate, you want to get extra parking go for it - it never hurts to ask…if they like you, they are going to be more likely to cut you a break," Andrews said.“Look early, look often. I mean respond to every Zillow ad or whatever, what you see and just be really diligent about it. Good luck,” Cairo said.
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