ANCHOR: ALTHOUGH THERE ARE 58 MILLION RENTERS IN THE U.S., LANDLORDS HAVE BEEN HURTING FOR TENANTS.

ANCHOR: WHICH IS WHY RENTING TRUMPS BUYING IN SOME CASES. WGN’S FINANCIAL REPORTER ILYCE GLINK IS HERE WITH THE FINE PRINT.

ILYCE: ALLISON AND STEVE, A COMBINATION OF SUPER-LOW INTEREST RATES, THE OPENING OF NEW RENTAL BUILDINGS, AND A LOAD OF INVESTOR-OWNED NEW CONSTRUCTION UNITS HAS CREATED AN EXCESS NUMBER OF APARTMENTS FOR RENT. WHICH MEANS IF YOU’RE LOOKING TO RENT, YOU’RE IN THE DRIVERS SEAT.

“EACH APARTMENT HAS A HUGE PRIVATE BALCONY”

IT’S BEEN A TOUGH COUPLE OF YEARS TO BE A LANDLORD

“IF YOU’RE RENTING FOR A YEAR WE’LL GIVE YOU TWO MONTHS FREE AND $500 IF YOU SIGN RIGHT NOW”

“IN GENERAL, FEWER PEOPLE ARE LOOKING TO RENT. AND WHEN RENTERS TURN INTO HOME BUYERS, LANDLORDS GET NERVOUS.”

STEVE SLOMKA APARTMENT EXPERTS: “THE NUMBER OF JOBS THE ECONOMY HAS LOST OVER THE LAST YEAR HAS CERTAINLY CONTRIBUTED TO IT AS WELL AS INTEREST RATES BEING BELOW 6 PERCENT.”

GENE MORRIS/BANK OF AMERICA: “RENTERS IN AMERICA TODAY WANT TO OWN A HOME AND 50 PERCENT OF THOSE WANT TO OWN A HOME IN THE NEXT 3 YEARS."

WHICH MEANS LANDLORDS ARE OFFERING GREAT DEALS TO RENTERS. AT THE SKYLINE CENTURY OF PROGRESS, A NEW RENTAL BUILDING ON WEST LAKE IN THE LOOP, THE DEALS GO ON AND ON.

RENTER FILLING IN PAPERWORK AT CENTURY OF PROGRESS

YOU MAY ALSO FIND YOU CAN SKIP PAYING THE SECURITY DEPOSIT. OTHER LANDLORDS ARE OFFERING A DECORATING ALLOWANCE. BUT FOR SOME RENTERS, THE GOOD DEALS ARE ONLY PART OF THE ATTRACTION. IN SOME CASES, THE AMENITIES AVAILABLE IN NEW RENTAL BUILDINGS ARE A BIGGER DRAW.

MELISSA: “WE’VE HEARD ABOUT RENT REDUCTIONS AND A MONTH OR TWO FREE RENT, BUT THAT ONLY LASTS A MONTH OR TWO. INSTEAD OF JOINING A GYM OR GOING OUT FOR COFFEE, WE CAN DO ALL THAT HERE. AND IT WILL SAVE A LOT MORE MONEY IN THE LONG RUN. PLUS, OUR STANDARD OF LIVING WILL REALLY IMPROVE.”

WOMAN FILLING OUT FORM: “IF YOU’D JUST COMPLETE THAT FOR ME….”

TO GET THE BEST DEAL, TRY WORKING WITH A RENTAL AGENT WHO CAN PINPOINT DESPERATE LANDLORDS. CHOOSE A RENTAL AGENT WHO IS PAID BY THE LANDLORD. BE FLEXIBLE ON WHAT YOU’RE WILLING TO RENT: IF ONE-BEDROOM APARTMENTS ARE HOT SEE IF YOU CAN GET A 2-BEDROOM FOR THE SAME MONEY. FINALLY, CONSIDER CHANGING NEIGHBORHOODS TO GET A BETTER DEAL.

SOME LANDLORDS TOLD US THAT RENTALS PICKED UP IN THE LAST COUPLE OF WEEKS, AND THEY HAVE LOWERED THEIR INCENTIVES ACCORDINGLY. IF THAT KEEPS UP, YOU CAN EXPECT SOME OF THESE GREAT INCENTIVES TO DISAPPEAR,

ALLISON AND STEVE.

RESOURCES:

THE APARTMENT EXPERTS
1152 N. STATE STREET
CHICAGO, IL 60610
(312) 397-4212
WWW.THEAPARTMENTEXPERTS.COM

SKYLINE CENTURY OF PROGRESS
182 W. LAKE STREET
CHICAGO
(312) 541-9230
WWW.SKYLINECENTURYOFPROGRESS.COM

Grand Plaza Leasing Center
540 North State Street
9th floor
Chicago, IL 60610
(888) 251-6075
WWW.GRANDPLAZACHICAGO.COM