Finding a place to live in Chicago can be a daunting task, especially if you’re not familiar with the city’s rental market. With so many options and neighborhoods to choose from, it can be overwhelming to know where to start. One option that may be worth considering is a 3 month lease. In this blog, we’ll explore the benefits and challenges of this type of short term lease in Chicago and provide tips for navigating this unique rental market.
What is a 3 Month Lease?
A 3 month lease, also known as a short term rental, is a rental agreement that lasts for only 3 months. This is a popular option for those who are in between permanent housing situations, such as ALE, or transitional housing, or those who are relocating for a short period of time. In Chicago, 3 month leases are most commonly found in sublets, and corporate housing.
Benefits of a Short Term Lease
One of the main benefits of a 3 month lease is flexibility. If you’re not sure how long you’ll be staying in Chicago, a short-term lease allows you to have a place to live without being tied down to a longer commitment. This can also be beneficial if you’re still exploring different neighborhoods and want to try out living in different areas before committing to a longer lease.
Another advantage of a 3 month lease is cost. In Chicago, rent prices can vary greatly depending on the neighborhood and time of year. By opting for a shorter lease, you may be able to find a more affordable option and save money in the long run.
Challenges of a Short Term Lease
While a 3 month lease offers flexibility and cost savings, it also comes with its own set of challenges. One of the main challenges is finding a 3 month lease in the first place. These types of leases are not as common as longer term leases, so you may have to do some extra searching to find one that fits your needs. Ryan Corporate Housing in Chicago can help with this.
Another challenge is the potential for higher rent prices. Landlords may charge a premium for a shorter lease, as they have to find a new tenant every 3 months. This can make it more difficult to find an affordable option, especially in popular neighborhoods.
Navigating the Chicago Rental Market for Short Term Lease
If you’re interested in a short term lease in Chicago, there are a few tips to keep in mind. First, start your search early. As mentioned before, these types of leases are not as common, so it’s important to give yourself enough time to find one that fits your needs and budget or look for furnished apartments with a company like RCH.
Next, consider corporate housing or sublets. These are often the best option for finding a 3 month lease in Chicago. You can search for sublets on websites like Craigslist or through local Facebook groups.
Lastly, be prepared to negotiate. Landlords may be more willing to negotiate on rent prices for a shorter lease, so don’t be afraid to ask for a lower price or additional amenities.
By following these tips and being persistent in your search, you can successfully navigate the Chicago rental market for 3 month leases. Whether you’re a student, intern, or just looking for a temporary housing solution, a 3 month lease can be a great option for living in the Windy City.
Have you ever lived in a 3 month lease in Chicago? Share your experience in the comments below.