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Rent That IS Affordable

April 12, 2018

 

Today’s politicians talk a lot about affordable housing, which is targeted to incomes of $20,000-$30,000/year. The REAL need, however, is for work force housing – for incomes of $30,000-$60,000/year.

While many people know Fifield for high-rise and mid-rise apartment buildings, we also have dozens of buildings in Chicago located in the Gold Coast, Lincoln Park, Humboldt Park, West Town, Old Town and Logan Square. These submarkets offer more vintage units affordable for work force incomes of $30,000-$60,000/year. While these buildings are NOT fully amenitized, they do offer renters with limited income the ability to STAY in the city.

Some 1 bedroom rents are close to $2.00 per square foot – or $1,200 per month. Larger units rent higher, but offer two bedroom roommate options for as little as $2400 per month. We help students, young renters, and people in transition stay in the city and especially close to public transportation.

ALL of these units have high Walk Scores (90+), so you do not need a car! Most have been fully renovated, with in-unit washer and dryers (or facilities in the lower level), new kitchens, baths, and closet organizers, and they are all professionally managed. Some have bike storage and outside yards with green space and parking options too!

In the last number of years, we have not raised rents more than $25 to keep these tenants living, working and playing in the city! Tenants staying for more than a year is great because the reduction in turnover helps a win-win-win situation for tenants, landlords, and managers.

But today apartment developers and landlords are being loaded down with high affordable housing fees and units in addition to higher land costs and significantly increased higher real estate taxes!All of these factors simply make rents go higher, especially on new construction developments.  It is just simple math.

Renters can find better deals by moving to outlying neighborhoods or close-in suburbs like the ones mentioned above.

Renter Tips:

  • Have a current license, job, good credit score, and a bank account established.
  • No pets, no smoking and no car make renters a management companies dream.
  • Make a positive first impression by showing up to your apartment viewing appointment on time and being prepared.

There are still good units in the city that remain affordable!

At Fifield we are proud to help all sorts of tenants make solid choices for the lifestyle and their checkbook!

With respect,

Randy

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