“If you’re really set on buying a unit, you probably could,” says Olin Eargle from Real Living Helios Rentals, but most of the homes that have not already been sold in the Chess Lofts are currently for rent. Eargle says 53 lofts are currently for rent in the 119-unit building at 320 E 21st St in the South Loop.

I ended up calling Eargle in the rental department of Helios today after finding that the phone at the Chess Lofts sales center had been disconnected. My attempts to reach developer William Warman were similarly unsuccessful, and the folks at Garrison Partners Consulting, which had previously been marketing the development, informed me that they're no longer working with the project. So I searched Craigslist for rental units and promptly found a Helios ad.

If, as Eargle says, you're really set on buying a unit, there are three lofts listed for sale on the MLS by Wabash Properties, the developer of South Loop and Chinatown projects like 1349 South Wabash Private Residences and Canal Crossing. There are two one-bedroom / one-baths priced in the $240s and $330s, and one two-bedroom / two-bath priced in the $380s. "Developer is offering Lease to own packages," the listings say. "Pls call for details." Calls to Wabash Properties regarding these homes and its other projects were not returned.

- Rate and review Chess Lofts at NewHomeNotebook.com

Construction is progressing at Roosevelt Square, Related Midwest and Quest Development Group's massive, multi-phase residential project in University Village. Most of the buildings going up along Roosevelt Avenue right now are the development's rental units (like the one shown above), but the next round of townhouse and condo construction should begin this summer, says sales manager Mike Kelly.

Four of the 233 townhouses built during Roosevelt Square's first phase are still on the market and available for delivery, Kelly says. All four are "Arlington" models, which are mysteriously absent from Roosevelt Square's online floor plans. The homes have 2,500 to 2,900 square feet and range in price from the $580s to $690s.

Most of Roosevelt Square's Phase II townhouses are still for sale and will be ready for delivery starting in the spring of 2009. The residences are a mix of affordable-housing units and market-rate condos and townhouses priced from the $310s on up.

We've heard it time and time again from our Realtor friends: Don't throw your money away by renting.

But in today's market, with prices in some neighborhoods trending down, buyers want to be sure they're getting the best possible deal.

With that in mind, Firebird Development Corp rolled out a rent-to-own program this week for a pair of rehabbed courtyard properties in Rogers Park: Columbia Parc and Columbia Gardens, two affordable projects geared toward first-time buyers. We spoke with Trevor Engelhardt, a broker with Baird & Warner, about the brand-new initiative.

"We're trying to address other market concerns, and a lot of concerns people have right now [is] the possibility that prices are going to continue to go down," he said.

Under the program, renters can choose to pay a slightly inflated monthly rent at the two developments. But at the end of a year, if the renter chooses to buy the condo, 100 percent of the past year's rent is cashed back to the buyer.

As an example, Engelhardt pointed to renter paying $1,200 a month for one of Columbia Parc's units. Using the rent-to-own program, the renter could expect a check for $14,400 back at the end of a year.

Let us know: How valuable is the opportunity to "test drive" a new condo before buying it? Would you consider paying slightly more in rent for the chance at buying the unit after a year?

Avondale is just outside the orbit of hot neighborhoods like Lake View, Lincoln Park and Lincoln Square, and as a result new homes tend to be a bit more affordable. These days there are plenty of projects to choose from, especially along Belmont Avenue, where the building boom that started in Lake View has moved steadily west. We sent our intrepid intern, Lou Barreiro, on a trek along Belmont in Avondale, from the river to just east of Sacramento Avenue. He turned up five developments and one vacant lot that looks like something is cooking:

North River Court, 2700 W Belmont Ave: 46 condos with two or three (plus) bedrooms and two baths, from the $280s to the $470s

Lot at Belmont and Washtenaw avenues

Belmont Row, 2734 W Belmont Ave: 20 condos with two or three bedrooms and 2.5 baths, from the $290s to the $380s. MC Developers, the company behind the project, is advertising a $30,000 price reduction.

2908 W Belmont Ave: at this stage, this appears to be one of those mystery developments we run across from time to time. Lou looked around the building without finding any signs from a developer or agent, nor did could he find a building permit.

2946 W Belmont Ave: Three condos with three bedrooms and two baths. The listing, from Haderlein & Co, Realtors, says one unit is still available, priced at $375,000.

2958 W Belmont Ave: Three apartments with three bedrooms, two baths and 1,700 square feet.

GreenBean has a profile on Chicago's first green high-rise apartment building, planned for 900 S Clark St, just north of the Roosevelt Road Target store in the South Loop. Erik Olsen, manager of the Green Permit Program for the Chicago Department of Construction and Permits, runs GreenBean independently of his official duties.

Here's something we don't see every day. At Gunnison Street Lofts in Uptown, Finnegan Development is listing units for sale or for rent (for example, a three-bedroom two-bath is for sale at $399,000 and for rent at $1,850 per month).

"The market's slow, so I'm just tapping other resources with rent-to-own," says developer Jim Finnegan. The rentals can work in several ways. Tenants can simply sign leases the way they would for an ordinary apartment. They can also funnel money they put down up front (instead of a security deposit) and a portion of their rent towards a down payment, he says.

The deal works a little bit differently with each buyer. "We don't have one form that's used," Finnegan says. "We sit down with each client and do it individually." Two tenants have signed on for the rent-to-own option, he says.

Four units are available in the 25-unit building, 4840 N Broadway St, according to Finnegan.

YoChicago's Joe Zekas and neighborhood resident and Chicago Home Estates sales agent Eric Rojas talk about rental and for-sale housing prices in Ravenswood - and how buyers should set their housing priorities. Rojas also discusses local schools and says that he plans to send his son to a public school in the neighborhood.

Earlier segments on Ravenswood: part I, part II, part III, and part IV, part V.

Rent increases at luxury downtown apartment buildings will continue through the fall, though at a slower pace, according to a new report by housing analyst Appraisal Research Counselors. Still, downtown rates are likely to see an overall increase of about 7 percent for 2007.

While that's good news for landlords, the increase will only return most properties to 2001 levels after a long rental slump. That's according to Judy Roettig, executive vice president of the Chicagoland Apartment Association, which represents apartment owners and managers.

A long string of condo conversions has taken many apartments out of the rental pool while few new ones were added. But given the improved rental outlook, the city is starting to see new rental towers such as The Streeter, Kingsbury Plaza and K Station springing up downtown.

We posted late last week about the progress at Kingsbury Plaza, The Habitat Company's rental high-rise designed by Solomon Cordwell Buenz.

K Station, a new luxury apartment building under construction nearby at North Desplaines and West Kinzie streets, might give Kingsbury Plaza some competition.

We don't have the full scoop on the development yet, but we do know that it'll include a public park with an amphitheater, retail space including a Jewel-Osco, a children's play lot and a dog friendly area.

The building, at 353 N Desplaines St, will open in 2008, according to a recorded message at a sales number.

A Crain's article last week about The Streeter, a high-rise at 345 E Ohio St that sold for nearly $212 million, suggested that amid falling condo sales, the rental market is holding up much better.

One of the latest rental high-rises is The Habitat Company's Kingsbury Plaza, at 520 N Kingsbury St in River North.

About 200 of the building's 420 apartments are reserved, and the building is 25 percent occupied, according to Erin Christman, leasing manager for Kingsbury Plaza. Rents range from $1,400 to $3,200 a month.

We asked Christman why renting might be a better option for some people.

"Right now, the condo market is down," she says, "and we have a lot of people moving in who want to move into an apartment while deciding where to live or who are in transition with their jobs. Renting is a better idea for them." She adds that some condos have "high assessments, so it's more cost-effective to rent."