Urban upgrade: "You Want to Charge Me WHAT for My Lease Renewal!?"

First is first. We have all experienced price increases in some form or another.

Gas is ridiculous, and I am pretty sure my Honey Nut Cheerios cost twice what they were last summer. Yet, rent increases on your own home seem to really hit the hardest. This is your HOME for crying out loud. Well, the truth is, it is NOT your home.

Paying more tomorrow for the same exact home you are in today seems ridiculous. However, you are using a product that exists within a free market that is vastly changing before your very eyes. Yes, in this market, you may be paying more now. But, maybe you were underpaying previously. Or, you are now finally realizing that you are a participant of a world much greater than your own.

If you leave your car door open on the street overnight, would you be surprised if your radio was stolen? As a renter, you are living in someone else’s investment. Though renting offers wonderful flexibility and ever valid pros, you are leaving yourself exposed to a volatile market, and looking at Chicago average rent rates this past summer 2011 through today, renters are losing. So, what now?

Here is a great list of questions to ask yourself to shed light on the big picture:

1. How long do I see myself living in this home?
2. How long am I going to stay in this city?
3. How would I rank my job stability?
4. Do I foresee any major personal, familial, or financial changes in the next 3 years?
5. What is my financial picture? Is my income increasing/decreasing, are my costs rising/falling?
6. Am I saving money each month, do I have savings built up, and is my debt in check?

Depending on answers, you may have a few options:

1. Negotiate rent
2. Move and save (do NOT move and spend more money if you can avoid it, and while staying sane of course)
3. Maybe its time you own your own home, and make the rules

You really need to ask yourself, "Why do I really want to buy and own a home now?"

Let the search to your new home begin now and always consider Homescout Realty to Upgrade Your Lifestyle. What questions do you have? Schedule your personalized consultation today with our Brokerage Manager, Joel Holland, Jholland@homescoutrealty.com or call us at 312-377-4663!