Apartments are not the only multi-unit housing available to rent. Rental condos are available all over Chicago and the suburbs, depending upon where you’d like to live and what you’re looking for in terms of size and price. OwnACondo.com can help you find one.
Why rent a condo? Chicago condo buildings and suburban Chicago condo buildings are often better kept than apartment buildings and in better locations. It is also often easier to negotiate rent and terms with the owner of an individual condo than the management company of a large apartment complex.
Why would someone let his or her condo become a rental condominium? Many condo owners have one or more units specifically as investments. Perhaps the owner once lived in the condo but eventually moved up to a single family house or a bigger condo in a different location. The owner would still like to hold onto the real estate for income and appreciation purposes.
Depending upon the location and the price the owner paid for the condo, it might make the best sense to hold onto the property and use it as a rental condo for the time being than to try to sell it in the current economy. Rather than have the condo sit vacant while the mortgage, taxes and assessment bills have to be paid, the condo owner chooses to rent the unit to help cover, or sometimes even exceed, the expenses.
In the current economic climate, many condo owners are also welcoming the option of rent to own. At OwnACondo.com, our condo specialist Realtors® are Chicagoland’s rent to own experts. Technically known as “lease with option to purchase,” a rent to own situation can be very beneficial to a potential buyer. The buyer gets to “try on” the rental condo while a portion of the monthly payment goes toward building up a down payment. Condo owners who’d really like to sell are typically offering attractive terms for potential rent to own buyers, which can include price reductions, incentives and more. It’s currently a buyers’ market, so if you have even an inkling of owning rather than renting, be sure to let us show you how it can be accomplished. We’ll help you find the type of rent to own condo that you’d like, in an area you prefer and at a price you can afford. We can even recommend preferred lenders who can help you finance a condo.
Contact OwnACondo.com today at 866-696-2266 for more information about renting a condo in Chicago or the suburbs. We look forward to hearing from you!