Anyone have any horror stories of rents gone awry as the condo market slows down? Yo hears that twentysomething renters are starting to leave Roscoe Village as monthly rents rise, along with property values, in the increasingly yuppiefied neighborhood.
Jessica Chislett, who works at Kitsch’n, tells us she and her roommate are moving out of their two-bedroom apartment when their lease expires this summer because the landlord plans to raise the rent from $1,200 to $1,350. Ouch. Surprisingly, Chislett has found a cheaper deal in the Clybourn corridor. She’s not too sad, saying the influx of families has made the RV a wee bit boring… The Roscoe Village Chamber of Commerce tells us that it appears that other tenants also are being forced out by high rents.
What does a 2 bed cost to buy in her area? That will tell you where rents should be. I have no idea what her unit looks like but $1350 doesn’t sound to bad compared to what I’ve seen some units selling for.
If your mortgage would be 25% or more of what your rent would be (that would be a $1700 payment for them) then rent.