Chicago Real Estate Apartment
Due to the surplus of inventory in the Chicago condo market, many units have been listed as apartments for rent. The result is a big supply of Chicago real estate apartments that are not your typical renter accommodations.
A good portion of Chicago real estate apartments are new construction condominiums that have not sold. Instead, the developers or property owners decide to lease the unit to generate some income from the piece of real estate. It is a good temporary solution for a soft market when there are not enough buyers to reduce the supply of homes for sale.
The upside for renters is these units are quality residences with many of the upgrades and comforts you don't normally expect to get in a regular rental. The kitchens are typically outfitted with granite counters and stainless steel appliances, fully equipped with dishwashers, garbage disposals and other great features. Dependent on the unit, you may get pristine hardwood floors, plush bedroom carpeting, walk-in closets, designer lighting, marble bathrooms, in-unit washer/dryer, pre-wired audio and more. Private balconies are always a nice bonus and heated garage parking quite often comes with the condo rental.
Another advantage to living in a residence designed as condominiums is the extra amenities. Many condo buildings have their own exercise facilities, swimming pools, sundecks, party rooms, business centers, private storage lockers, landscaped gardens and even 24-hour door attendants.
Not every Chicago real estate apartment has all the bells and whistles, but you probably wouldn't be hard-pressed to find a place with the perks if you look in the right areas. Certain pockets of Chicago have more rental availability than others, but not every property that isn't selling has turned their listings into apartment units. Because the buildings where you find Chicago real estate apartments were intended to be condos for purchase, there will typically be a mixture of owner-occupied units and units for lease.