Last year, my partner and I began searching for an apartment. We wanted a studio apartment, but as we discussed the situation with our leasing agent, I became overwhelmed by the terms. What’s a blue moon lease? What’s a guarantor? Why do I need renters’ insurance when I already have it for my dorm? 

 

I’m glad to say I know that a blue moon occurs when something is unusual with your lease, like two people in a space for one. A guarantor is someone that you state will pay your rent when you cannot, and renters’ insurance differs due to requiring liability.  

 

Our rent is $1,980, which includes our rent and insurance. According to Zumper, a real estate source for renters and property owners, the average rent for a one-bedroom apartment in Chicago is $1,860, as of October 2022. Zumper said this is a 23% increase from last year. 

 

Rent increase in Chicago should serve as a reminder for first-time and current renters alike to make sure they understand their lease, as well as how budgeting can improve their living situation. 

 

Daria Peterson, a community manager and residential leasing agent at 30 East Apartments in Chicago, suggests for first-time renters to fully read their lease. “Even though it may be long, take your time and read it. And highlight questions you don’t know,” Peterson said.

 

Like my situation, Peterson recommends having a guarantor as a backup. “Always, always, always make sure your parent or guarantor is well informed of the process. Once you sign, and the lease is countersigned, you are usually legally responsible no matter what,” she said.

 

She also recommends individually leasing bed spaces to make sure your roommate would not be impacted in case of subletting, or having someone replace you in your lease.

 

Ella Freeman is trying to sublet. After two years of living at the Infinite, a student-related apartment in Chicago, she is moving back home to California to continue her studies. 

 

This summer, Freeman and her roommate had a tricky situation when trying to lease for a second year. They were given the wrong lease, where “it was for a four-person apartment, meaning that we would have two other random people in our housing assignment.” 

 

Even though they were promised a free month’s rent due to the confusion, they never received it. This was going to help Freeman to financially assist grocery costs. 

 

As for budgeting, Peterson recommends that students who rent should use their financial aid towards their renting budget. “You should use your refund checks to pay for your rent as soon as you get the refund,” she said. As well, paying “a few months in advance so that any other new living costs are a bit more digestible” is beneficial according to Peterson. 

 

“Most times, the hardest months for students to pay are in January, May and September. But, as long as you’re prepared, then you can budget accordingly,” Peterson said.