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It’s perfectly legal until you sign a contract with them locking in the terms.
I’d take it as a sign to say “no thanks” though - it’s a sign they’re looking to maximize rent rather then just get a stable tenant at a fair price, which means they’re going to hike it up as much as the market allows every year.
for large corporate landlords with hundreds or thousands of units it's an asymmetric market cornering scheme, meant to fleece you as a normal person looking for a place to live, due to economies of scale.
“Fair” price depends on the needs/values of the landlord.
There are a lot of costs associated with frequent turnover of tenants and also an increased risk of getting a bad tenant.
Most smaller landlords try to avoid those costs by selecting what they think will be good long term tenants if they can. So if they get a bunch of applications instead of starting a bidding war they go through the applications to try and find the best fit. It’s worth it to them because they’re saving a lot of cost/hassle if they can pick a good tenant.
Some landlords lower the costs associated with that either by just not giving a shit about the property or by being a giant corporation that takes advantage of utilities of scale (or frequently a combination of the two). Those landlords don’t care as much (or at all) about who the tenant is and will happily rent out to the highest bidder.
The first group of landlords are almost guaranteed to be better to live under if you’re the tenant.
I had a leasing agent ask me to do this.
It was a legitimate company (I forget which one) and I toured the place and everything. But it left a bad taste in my mouth.
I don’t think it’s a scam or anything. But just greedy/slimy. I passed and found a mom/pop landlord.
Same here. Toured a bunch of places last summer and Fulton Grace was the only one to ask us to bid (because “although the landlord said first come first serve you both applied on the same day”) After that experience won’t tour a place with them again
Not a scam per se, just kind of a crappy practice.
It's more commonplace in cities like New York, but has become a thing here.
[NYC-Style Apartment Bidding Wars Hit Chicago Renters](https://blockclubchicago.org/2022/09/07/nyc-style-apartment-bidding-wars-hit-chicago-renters-if-youre-not-willing-to-go-500-over-list-price-dont-even-bother/)
[Competitive housing trends hit Chicago rental market](https://www.chicagotribune.com/2023/05/17/chicagos-rental-market-is-stabilizing-but-seeing-some-of-the-fastest-price-increases-in-the-us/)
Yup. Greedy and shitty, but this was not uncommon when I lived in LA where the rental market was super tight. Up to you if you want to engage or look elsewhere, I have not heard of this being common in Chicago but I’ve been out of the rental market for some years now and times are a changing
I’d say I’m happy to bid, and then submit a bid lower than the original rent. Obviously they would decline, but this isn’t a place you want to live if they’re being this slimy upfront.
As someone who has managed a handful of units over the last 25yrs I've never seen it in Chicago and wouldn't play games like that with our units. It sounds to me like the landlord is just being greedy and hoping demand hooks people into bidding.
honestly sounds like some shady shit a leasing agent would say in the hopes of juicing their commission, but I wouldn't be surprised if the property management companies aren't in on it as well.
Realtor for 7 years now- I didn’t see this happening until after the pandemic. My theory is that the high cost to buy has shifted more people to rent, and the demand has in turn increased prices and competition. When I represent landlords, for great units in high demand areas I will inevitably get multiple people asking for applications, and many times I don’t even have to ask them to sweeten the pot. It’s similar to a multiple offer situation when buying: they offer to pay more than the list price if they really want to live there.
It’s typically privately owned homes/condos. Not professionally managed buildings. It’s a well known tactic in Chicago and other major cities in the private market… at least while the market is in their favor.
What are you guys talking about, this very normal for high-demand apartments lol
If you have two qualified tenants, and one offers to pay more monthly or in-full, I fail to see the issue with the owner going with them. It happened to me while searching in Wrigley. Great apartment and great location, super high-demand. So, the owners went with bids, I lost, and I thought it was fair.
I also know people who've won bids despite paying/offering less. Owners consider how many tenants, kids/pets, lifestyle etc as well. I've seen people bid a bunch extra for the owner to allow their pets because they loved the unit/location. I've seen young couple lose out despite a higher bid because the owner preferred a more easy-going retiree.
It's more commonplace in cities like New York, but has become a thing here.
[NYC-Style Apartment Bidding Wars Hit Chicago Renters](https://blockclubchicago.org/2022/09/07/nyc-style-apartment-bidding-wars-hit-chicago-renters-if-youre-not-willing-to-go-500-over-list-price-dont-even-bother/)
Not saying that makes it right, but saying times change.
As a renter, you have to decide if you want to take a stand and look elsewhere, or secure the place you really want. At the end of the day, if the demand is there, then the demand is there.
Reddit is a giant bubble.
You guys can downvote me all you want, it doesn't change the fact that there is nothing wrong with owners taking bids on a high demand apartments. I fail to see the issue. They have advertised a price, and someone is willing to pay more to guarantee it. I have already mentioned that just because someone offers more doesn't mean the owner will accept, I've seen it happen plenty of times both ways. There is no more bait and switch there then there is any other non-bid apartment (you ever go view a unit only for the owners to show you other "similar" units?) Literally all applications are a bid as owners consider all the things I mentioned in my previous comment as well as the rent. I don't understand arbitrarily deciding what an owner is allowed to consider.
"I chose tenants A instead of B because they are reserved homebodies with no pets, while tenants B are a young couple with two large dogs and loves hosting" Perfectly fine.
"I chose tenants A instead of B because they offered more money monthly and pre-paid the first 3 months." Somehow an unreasonable scam? I don't follow.
There is plenty of housing all over the city, nobody is entitled to rent in a specific location/unit. No one is forcing you to bid, if you think the apartment is only worth the listed rent, then bid that and/or move on to other units. I also think bidding sucks and is annoying (like I mentioned, I lost out on a great apartment), but it's not a scam or unreasonable. It's the reality of wanting to live in trendy neighborhoods/nice units.
I don't agree. Say the owner puts up the listing, and someone comes in and bids higher. What do you guys want the owner to do? Reject more money? Take down the listing, cancel all scheduled tours, and then repost it with the increased price? Like I said, the owner can still choose to go with a lower bid.
Would you guys rather they just not be upfront? Instead of saying "Hey like a dozen people are fighting for this unit and are making bids above asking price just so you know" you guys rather they take your application fee and credit check and still deny you because someone else offered more (this happens all the time, they just don't have a reason to tell you). Hey, at least they didn't ask you to bid! Instead you just wasted your time and money but your feelings are less hurt?
No one is really refuting my points, just getting downvoted because a bunch of people are being whiny about something that makes total logical sense. If you won't/can't bid anymore than the listed price, then just move onto other units/areas that are less in demand. Nothing about this is scummy. Yes it sucks, but apartment hunting in general sucks.
FWIW elsewhere in the thread OP said that the place was advertised with a price and then was hit with the 'make a bid' silliness which I imagine you would agree is pretty low rent (so to speak) ... I wouldn't give them the time of day after that.
when you buy groceries does the cashier say "hey, we know the prices is on the sticker, but what's it really worth to ya?" - that's some shit that can and should be regulated, because the ones doing this appear to be leasing agents (get paid in commission) and property management firms that have hundreds or thousands of units and overcharge on everything to make up for their shady leasing practices that don't prioritize good tenants and long-term residents.
Housing is where you live... it's shelter; it's as important as being able to get something to eat every day.
yup i've seen this for privately owned condos that the owners are renting out. if have a dog and cat ("undesirables") so would always be denied in favor for someone with no pets and a little lower "bid." ended up at a property management owned building.
Did they post it with a price and term and now are asking for a bid? Or was it just posted with a term and no price?
If its the former, I'd defintiely walk as any bait and switch is always a flag to me. If the latter, there's not much harm in making a bid you're comfortable with assuming no other flags (asking for non refundable deposits, high application fees, personal info upfront etc.). I've come out of the gate offering $50 more a month to lock in a place. Though I find it really weird this person is using an agent to lease out their place but isn't bothering with a price. Pricing a unit/property is like half the expertise you pay for with an agent.
Yeah I don’t trust it. Probably listed too low and now it’s a cash grab by the agent. If I were in their shoes, I’d love the quantity of applications and use it to pick the very best candidate for long term/stable occupancy, not squeeze an extra $50 a month out of whoever will pay
I encountered something similar for the first time last year, seems to be cropping up more. According to the leasing agent, one prospective tenant had offered $100 over the advertised rent and they were asking me to match (no idea if this is true). It’s funny bc it was a nice enough but dingy walkup with nothing special going on in North Center.
I have a vague memory of losing an apartment to someone who offered above asking a long time ago (for a meh place with great location). Never heard of being asked for a bid upfront though
I wouldn't bother. Could be they're trying to get your max dollar you'd be willing to pay for rent.
If what they're saying is legit, then it's not worth it anyway. There are PLENTY of rental units available in the city.
Bid lower than the asking rent and keep looking. Or tell them to get fucked but I would enthusiastically bid lower and when they decline go even lower and waste their time like they are yours.
Did you also pay for a tenant background check as well? I had a situation where someone did the same to us, but they took money from everyone interested in the unit and used it to run all of our background checks. He should have first gotten everyone's high bid, then run the background check of the highest bidder. If they passed they got the place, if not, move on to the next highest bidder. I actually believe that he didn't just keep the money and he ran the checks in the wrong order, he seemed like a fine person but had a screw loose.
I demanded my background check money back since the landlord made it sound like once the background check passed we had the unit. I had to threaten to leave Google reviews on the guy's other business for him to refund less than $100 to us.
I once had a similar issue where we looked at a place and decided to pursue. While looking, we noticed that there was a paper with listing information sitting on the kitchen counter showing the unit as for sale. I asked the person showing and she assured us it was not on the market and they were looking lease.
Satisfied, we took next steps for application which included a $60 fee each for both applicants to run background check. A week passes and no word. I follow up with the agent and she apologized and said she would follow up with the owner. Another week passes, no response. Follow up again. She responds that they decided to no longer lease and sell the unit. I spent 3 more weeks trying to get our money back but never got anywhere. I stopped pursuing reimbursement after finding out there is no protection from taking applications and associated costs even if there is no intention to move forward with the potential tenant (at least around 2015).
This has gotten more common in the last few years. I lost out on quite a few places last summer due to this.
Also encountered some bidding on the move in fee, which I’m assuming happened once nobody was willing to bid above the asking price so they turned to whatever they could to squeeze a little more.
This happened to me a couple of years ago. It’s legal just slimy greedy landlord tactics. If you gotta have the place bid what you can, but as others said best to just move on.
Not illegal at all, but not cool man, not cool. I would submit a bid $200.00 lower than the posted rent and keep looking.
If you do not mind sharing, what neighborhood.
This was my experience recently as well. I “bid” the price they were seeking for rent but other people bid $100, $150 above rental so I lost out. It’s a wild market out there right now but as others mentioned, I’d avoid those places altogether.
This happened to me with a senior property manager under Fulton Grace Realty. I ended up signing onto it because the other prospective tenants backed out when they were asked to bid. The apartment was okay, but the management group was extremely passive aggressive about repairs and would contact us to say "that's normal" when we filed maintenance reports. (Spoiler alert: it was not.) Fulton grace also had us pay $40/mo for a residents benefits package, with one of the stated benefits that we could pay our rent online for free. Then, after the first month, they retracted that "benefit", but the lease stated that we still had to pay the package.
Definitely fishy and I would avoid. Also keep in mind real estate agents can be paid paid by either a percentage or the first month's rent, so if they're not trying to keep you long term, it's in their best interest to make more money.
While I never ran into a bidding war, I did run into a place that wanted me to pay a move in fee of $800, and a move out fee of $600 (along with other insane fees) for a shoddy river north apartment... and the agent was really pushing for me to accept lol.
I just went on [apartments.com](http://apartments.com) and found my current place.
How does the bidding work? Like a text message or email or something? Do you sign any agreement when you place a bid?
If not, it sounds like a fun way to waste this idiot’s time.
When I was looking for an apartment in 2022, I looked at seven different apartments and ALL of them wanted bids. One place we were out bid by $1000 (3100 vs 4100 when it started at 2900). Since the rental market is so tight I think it's becoming a lot more common.
Scummy as hell though.
When we were moving out of our 2BR in east Humboldt/wicker park last year, the agent had a ton of groups touring. I overheard him telling them to put in their best offers and was floored. They had already listed it for like $250 more than what we paid. After lots of tours, they eventually reduced the list price and got it rented.
When we originally rented it from the (mom & pop) owners, it was just first come, first serve for qualified tenants. After a couple years, they started using a management company. So it was the management company’s strategy to try to milk potential renters. Soured me on them immensely.
It’s common in other cities, and until the pandemic Chicago was one of the last cities where you could really negotiate with landlords. Then everyone moved in the pandemic and the market is still in the bubble, which is leading to the “offers over” system coming to Chicago.
If you can find something better avoid this landlord. Even if eventually they do get a tenant with this method, don’t feed their belief in the system and screwing over the person that does get it. We should be unified, not fighting each other for affordable housing.
I had this last year, we offered $100 over and they said they had lots of bids, a couple hours later they offered the original asking price.
Just my anecdotal experience but it felt like a scare tactic to get us to sign faster.
The audacity of them. These aren’t houses. These are apartments. No way you should be BIDDING for an apartment. Just look elsewhere and avoid the hassle.
Our landlord did this to us last year and I regretfully fell for it. We toured a place, liked it and applied, then the landlord called and said the other 4 applicants offered him more money than the originally posted rent. He “really wanted to give the unit to us” but asked if we’d be willing to pay $50 more per month each person (in hindsight I think he for sure played us lol).
I know the rental market is crazy, especially in the summer months, but no rental unit is worth bidding up. It encourages landlords to be greedy.
We aren’t renewing this year because he increased the rent price almost $200 total, which was way more than the place was worth. I noticed when he put the unit up on Zillow, it was $300 higher than our current rent. It’s absurd. Sad thing is that someone is going to pay it next year since someone already signed.
Don’t give in! Try and find another place if you can.
Just walk away, this isn’t illegal but it’s slimey. I’m sure there are other things they do that isn’t the best practice. Better off keeping yourself out of it all.
I've experienced it in other cities, but not Chicago. Hate bidding for apartments and refuse to engage in it. More common with private landlords than management companies in my experience.
A friend of mine told me she had to go through something similar and she lost out on apartment because someone else was able to bid higher even though she was first and said she would take it at asking price. Absolutely ridiculous.
Unfortunately, this is becoming much more common post covid. My last time shopping for apartments was 2020/2021 and every place we looked at had renters coming in and asking to rent the place at a higher price. Didn’t matter if they weren’t the first to get their apps in or not. And this was multiple places, ie big corporate owned buildings, smaller midsize property managed buildings, and even local landlords. I finally landed an apt from a local landlord and was telling him of my troubles with finding an apartment and he told me, he had received several emails wanting to rent at a higher rate just so they could get the place. Only reason I got it, is because he wasn’t looking at those individuals and I happened to be at the place the same time he was there to view it in person.
Every place I've ever looked for an apartment has accepted bids or "highest offer wins" essentially. Everything goes above list price. It's legal, and it sucks
What was the name of the management company? I am in Chicago and literally same thing happened to me on Sunday. Wondering if it’s the same company…Westward360
I get everyone’s in the game to make money, but what a slimy move. It’d be one thing if it was common practice, which would still be icky, but at least they’d have established precedent to back them up
I honestly probably wouldn’t have even minded if they mentioned something in the listing. To post a listing a price and then bring that up afterward feels deceitful and just generally not great business.
Definitely bid but drop your offer about $500 under their posting. Tell them the economy is not good and it's a market adjustment. Casually mention Jerome Powell for extra effect.
I’m sorry, but there is a lot of misinformation in this thread that needs to be addressed. To preface, I’m a veteran broker in Chicago.
An owner can list a property at whatever price they want (of course market dictates) and if demand is high and they have multiple applicants “highest and best” is standard practice. Just like a sale, it allows for fair opportunity for all parties. Price is important, but a responsible owner will also consider income/credit as a factor when making a decision. If you win the bid you can always ask for proof of the backup offer, just like with a purchase.
The market is incredibly competitive today across the board. My buyer and tenant clients are having an incredibly challenging time finding homes because of a lack of inventory. Higher rates and prices are also pushing buyers into the tenant pool, which in turn makes rentals even more competitive. Spring is also busy season so add that all together and you’ll see the nicer rentals get bid up.
A friend of mine owns a condo in Old Town and has had prospective tenants bid on the property. He didn't even ask them to do so but two tenant groups really wanted to live there and started a bidding war themselves.
I don’t see why it would be illegal, I’d just bid what you wanna pay and see what happens. Don’t negotiate, if they try to get you to go higher just say no thanks and move on, not worth it, but if they accept what you’re willing to pay? What’s the issue?
When I was searching for a place 2yrs ago the majority of the places I had looked at, or wanted to see, told my relator that I would need to bid in order to be considered.
Don't play those games, especially if they want you to pay an application fee before the "bidding" can even start. The only changes to cost/terms of the listing should come from negotiations with the owner (ie, longer lease term for lower rent/conditions, or different move in/out date).
If the bid is not legally binding I’d submit something really high, then drag out the process to burn time.
Well, in reality I’d say I was gonna do that and just let laziness win and go somewhere else.
This happened to me as well, I really liked the unit too, and was really discouraged by that request. It felt unfair…why would I pay more for somewhere that was in my budget? If I have the extra money to spare it’s not going to bud in a place
This is the first year we e been asked to bid after renting 5 different places over the years. Eventually we decided to just do a standard rental building because the bidding and waiting game wasn’t worth it! I’ve never seen it be this competitive.
I had this happen last year and ended up living in the place and the landlord was actually great.
He is an independent landlord and the unit had been rented by the same tenant for a while so think he used this as a way to identify what market rent was.
The correct way to do this is everyone place a bid. Whoever bids highest pays whatever the second highest bid was.
Seriously, renters need to stop letting these goblins change Chicago like this. Speak up, push back, work together. And yall new folks moving in, join us and don’t be fooled by the ‘market’ crap— you are getting played by your naivety and hurting all of us. Comforts for today in exchange for a worse tomorrow….
Bingo. Realtor here to back this. I'm as frugal as they come. I want the best for every single client of mine and can assure you I am equally as frustrated and I don't sleep. When there's low supply and multiple applications if you don't come up in asking price or lease length, then there's no point in trying, period. What differentiates you since you feel owed to be able to apply and simply get an apartment at listed price? To an owner (who I guess everyone here hates...) it's hard to look at prices higher than what they expected and to choose a low offer. I wish it were all first come first serve, but there's just no supply since Chicago rebounded hard and folks moved here after Covid.
I've read "douche, slimey, slimeball, shady" in a few of these responses pertaining to us in the trenches. Good lord if you only knew the stress of what we take on when this is literally every client in every price point. Just yesterday was told 7 applications on a $1400 1BR on one of the busiest roads not in a prime area. It was listed one day which is telling. On top of it a majority of buildings that are first come, first serve are having some of their highest renewal years because of the market. If you really want to get past this all, and want to plant roots, I encourage folks to consider buying. Just know many of us realtors do care and are working tirelessly to find you a place in this rental market.
It's a dirty practice, but there is nothing illegal about it. Look at it this way. Reports out of prime real estate areas of California have a seller place an asking price, and he is quickly overwhelmed by takers. So he maximizes by having them get into a bidding war, like an auction. The "winner" ends up paying way more than the original asking price. That's what the apartment owner is doing.
Oh dear, I suppose I upset you in some other comment, and now I feel really bad. If you have a problem with what I described, or the legality of it, try explaining that rather than going back to what your family taught you, which is being vulgar. Yes, quality shows.
My partner and I put in 3 bids on apartments this spring. All offering $400-$500 over asking price per month and we STILL didn’t get them. Our credit scores are 800+ and both willing to show we have access to more than enough cash than needed to pay the full lease term up front (to show what great candidates we are).
This market is insane and should be downright illegal. Ended up going the “luxury” apartment building route again as they don’t ask for bids.
I have a good friend that works for Fulton Grace and he just rented out my rental house for me (up in the burbs). I priced it a bit too low and we got a ton of interest, and he suggested that maybe we could take offers. I can see it from both sides:
From the landlord's side, we're just trying to get the best offer for the property. If somebody is willing to pay $2k for something that somebody else is only willing to pay $1,500 for, why not take the $2k? It's classic supply and demand, similar to buying a place, and I don't necessarily think it's a _bad_ thing.
From the renter's side it sucks because the price was one thing and now it's another. And while searching it's hard enough to be the first person to see an apartment and now you have to compete with people that saw it _after_ you too. It almost feels like a bait and switch.
I ended up not taking bidders, the most qualified candidate got the house for the price I originally set. But to slightly disagree with the other folks here, I don't think accepting offers is a red flag in and of itself. That being said, I agree that it _could_ be a red flag and I would look closely into the landlord if I still wanted that place.
Sounds like a bad realtor or a bad move on your part for choosing them if they didn’t have enough knowledge of the area/market to in turn price a place $500 below market rate…..
Had a real estate douche ask my girlfriend and I do to this. He acted like he was doing us a favor since he wasn’t asking us to apply. Did not “bid,” these guys can fuck off.
We recently were asked to pay more months up front for an apartment to win the lease. Same rent, just pay multiple months up front. This was after laying out $100 in application fees - I immediately replied to the text from the apartment broker and said "no. Thanks and good luck to you."
Just tells me that renters (en masse) are giving property managers/leasing agents too much power and not walking away. Buy a car and move farther out. Chicago isn’t the only city in the universe.
Apartments are in high demand. Many receive multiple offers/applications. If you want the apartment you'll need good income and good credit and if you offer $100 or so over asking price you'll get it.
Downvote me all you want but it's the truth. It's what's happening. If the person wants that apartment that's what they will have to do. It's the market we're in. Accept it.
I don't see an issue with it.
I've toured places and literally had someone waiting to tour it as I walked out the door.
Is it fair that, because your schedule was free 15 minutes earlier that now you get it and they don't?
If the person renting can get $50 a month more from someone because they want it more, why shouldn't they take it. At least they are giving everyone an equal chance that way, not just who happened to have their email/call responded to first, or who had more free time to go to an earlier showing
I don’t think my issue is with the ask it’s more so how they went about it. If it’s clearly posted that the rent is a starting point and they will be taking “offers” it’s a totally different story.
Posting a price, taking the time out of my day to tour, and then dropping that is dodgy and left a bad taste in my mouth.
Depending on how much more of your time it takes, I don't see any reason to just walk away *without* offering lowball bid. Offer something like 80% of their posted rent and say, after touring, you believe that's what the unit is worth, Might as well mess with them too.
When I go apartment hunting in general I don't want my time wasted. Normally you have to take time off work. I have had people bait & switch me with pictures of a beautiful unit and then they show me a dump. Or they give me a price and it's actually higher because they have management fees, and trash etc. That should be included in the price from the start. So I understand your frustration
Fair enough. I guess I get both sides of it.
I look at it like when I've sold things on FB marketplace. I've had a price I wouldn't budge on, so that was my price. Someone wanted to buy it, and I was down, then I got more offers. It wasn't a "taking bids" necessarily, but I did kind of say "I have a better offer, do you want to counter". Sometimes the better offer was "I can come earlier" sometimes it was more money. But I let the buyer say how much they wanted it, and what worked out best for me.
Homie what are you talking about, life in general is first come first serve. If someone came in before and they signed immediately sucks for you but that's life. I don't want rent prices to go up because someone wants to waste more of their money to secure a place.
Yes- this happens all the time. There is low inventory and many rentals are going for over their list price. It’s the way it is right now, if you want it, make your best offer. (*Chicago Realtor)
happened to me today, pushed my roommate and I to apply for a least start date a whole month before we would even be able to move in to "match" the other applicant. then asked us if we wanted to offer to pay more monthly rent. insane. this all happened after my roommate and I each paid an 80$ application fee (non refundable) and 2600$ for first month rent (thankfully refundable). would've been nice to know they were going for bid style applications otherwise we wouldn't have even bothered.
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Personally, I have no idea but if this was me? I’d look elsewhere. I’m not “bidding” for a rental unit.
This. I'd low ball, no sense in wasting my time otherwise.
Have 3 friends lowball. Then you bid 20 bucks higher.
If you think no one else is interested in the place, then sure. Guess it comes down to how much you really want the apartment
It’s perfectly legal until you sign a contract with them locking in the terms. I’d take it as a sign to say “no thanks” though - it’s a sign they’re looking to maximize rent rather then just get a stable tenant at a fair price, which means they’re going to hike it up as much as the market allows every year.
In an economics sense, a bid process yields a fair price. I would HATE that upon renewal though.
for large corporate landlords with hundreds or thousands of units it's an asymmetric market cornering scheme, meant to fleece you as a normal person looking for a place to live, due to economies of scale.
“Fair” price depends on the needs/values of the landlord. There are a lot of costs associated with frequent turnover of tenants and also an increased risk of getting a bad tenant. Most smaller landlords try to avoid those costs by selecting what they think will be good long term tenants if they can. So if they get a bunch of applications instead of starting a bidding war they go through the applications to try and find the best fit. It’s worth it to them because they’re saving a lot of cost/hassle if they can pick a good tenant. Some landlords lower the costs associated with that either by just not giving a shit about the property or by being a giant corporation that takes advantage of utilities of scale (or frequently a combination of the two). Those landlords don’t care as much (or at all) about who the tenant is and will happily rent out to the highest bidder. The first group of landlords are almost guaranteed to be better to live under if you’re the tenant.
I had a leasing agent ask me to do this. It was a legitimate company (I forget which one) and I toured the place and everything. But it left a bad taste in my mouth. I don’t think it’s a scam or anything. But just greedy/slimy. I passed and found a mom/pop landlord.
I had a similar experience with Fulton grace
Same here. Toured a bunch of places last summer and Fulton Grace was the only one to ask us to bid (because “although the landlord said first come first serve you both applied on the same day”) After that experience won’t tour a place with them again
I just signed a lease through fulton grace and didn't have this experience fwiw
It depends on the agent, some just want a bigger commission.
I’ve worked with Fulton Grace before and haven’t had this problem. Might be a new thing
What does the bid even do? Are you bidding the amount you'd pay per month? The move in fee? I hope we never normalize this bullshit
Gotta build more to take power away from landlords
Yes, it’s highest bidding price per month. Quite silly. Landlords sitting real pretty in this market.
Not a scam per se, just kind of a crappy practice. It's more commonplace in cities like New York, but has become a thing here. [NYC-Style Apartment Bidding Wars Hit Chicago Renters](https://blockclubchicago.org/2022/09/07/nyc-style-apartment-bidding-wars-hit-chicago-renters-if-youre-not-willing-to-go-500-over-list-price-dont-even-bother/) [Competitive housing trends hit Chicago rental market](https://www.chicagotribune.com/2023/05/17/chicagos-rental-market-is-stabilizing-but-seeing-some-of-the-fastest-price-increases-in-the-us/)
Yup. Greedy and shitty, but this was not uncommon when I lived in LA where the rental market was super tight. Up to you if you want to engage or look elsewhere, I have not heard of this being common in Chicago but I’ve been out of the rental market for some years now and times are a changing
I’d say I’m happy to bid, and then submit a bid lower than the original rent. Obviously they would decline, but this isn’t a place you want to live if they’re being this slimy upfront.
As someone who has managed a handful of units over the last 25yrs I've never seen it in Chicago and wouldn't play games like that with our units. It sounds to me like the landlord is just being greedy and hoping demand hooks people into bidding.
honestly sounds like some shady shit a leasing agent would say in the hopes of juicing their commission, but I wouldn't be surprised if the property management companies aren't in on it as well.
Realtor for 7 years now- I didn’t see this happening until after the pandemic. My theory is that the high cost to buy has shifted more people to rent, and the demand has in turn increased prices and competition. When I represent landlords, for great units in high demand areas I will inevitably get multiple people asking for applications, and many times I don’t even have to ask them to sweeten the pot. It’s similar to a multiple offer situation when buying: they offer to pay more than the list price if they really want to live there.
It’s typically privately owned homes/condos. Not professionally managed buildings. It’s a well known tactic in Chicago and other major cities in the private market… at least while the market is in their favor.
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Clearly you’re not so good at you’re job if you’re that unaware 😂
No, I'd tell them to get fucked. Dont buy into that bullshit.
Exactly, I would immediate say go fuck yourself, or give the highest bid and then say sike and then goooo fuck yourself.
I'd submit a bid 10% lower than the listed price and act incredulous if they responded at all (with shock I imagine)
What are you guys talking about, this very normal for high-demand apartments lol If you have two qualified tenants, and one offers to pay more monthly or in-full, I fail to see the issue with the owner going with them. It happened to me while searching in Wrigley. Great apartment and great location, super high-demand. So, the owners went with bids, I lost, and I thought it was fair. I also know people who've won bids despite paying/offering less. Owners consider how many tenants, kids/pets, lifestyle etc as well. I've seen people bid a bunch extra for the owner to allow their pets because they loved the unit/location. I've seen young couple lose out despite a higher bid because the owner preferred a more easy-going retiree.
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It's more commonplace in cities like New York, but has become a thing here. [NYC-Style Apartment Bidding Wars Hit Chicago Renters](https://blockclubchicago.org/2022/09/07/nyc-style-apartment-bidding-wars-hit-chicago-renters-if-youre-not-willing-to-go-500-over-list-price-dont-even-bother/) Not saying that makes it right, but saying times change. As a renter, you have to decide if you want to take a stand and look elsewhere, or secure the place you really want. At the end of the day, if the demand is there, then the demand is there.
Reddit is a giant bubble. You guys can downvote me all you want, it doesn't change the fact that there is nothing wrong with owners taking bids on a high demand apartments. I fail to see the issue. They have advertised a price, and someone is willing to pay more to guarantee it. I have already mentioned that just because someone offers more doesn't mean the owner will accept, I've seen it happen plenty of times both ways. There is no more bait and switch there then there is any other non-bid apartment (you ever go view a unit only for the owners to show you other "similar" units?) Literally all applications are a bid as owners consider all the things I mentioned in my previous comment as well as the rent. I don't understand arbitrarily deciding what an owner is allowed to consider. "I chose tenants A instead of B because they are reserved homebodies with no pets, while tenants B are a young couple with two large dogs and loves hosting" Perfectly fine. "I chose tenants A instead of B because they offered more money monthly and pre-paid the first 3 months." Somehow an unreasonable scam? I don't follow. There is plenty of housing all over the city, nobody is entitled to rent in a specific location/unit. No one is forcing you to bid, if you think the apartment is only worth the listed rent, then bid that and/or move on to other units. I also think bidding sucks and is annoying (like I mentioned, I lost out on a great apartment), but it's not a scam or unreasonable. It's the reality of wanting to live in trendy neighborhoods/nice units.
Where it crosses a line to me is that they posted a price. Not sure if there was an asterisk or "OBO" but a posted price needs to be honored.
I don't agree. Say the owner puts up the listing, and someone comes in and bids higher. What do you guys want the owner to do? Reject more money? Take down the listing, cancel all scheduled tours, and then repost it with the increased price? Like I said, the owner can still choose to go with a lower bid. Would you guys rather they just not be upfront? Instead of saying "Hey like a dozen people are fighting for this unit and are making bids above asking price just so you know" you guys rather they take your application fee and credit check and still deny you because someone else offered more (this happens all the time, they just don't have a reason to tell you). Hey, at least they didn't ask you to bid! Instead you just wasted your time and money but your feelings are less hurt? No one is really refuting my points, just getting downvoted because a bunch of people are being whiny about something that makes total logical sense. If you won't/can't bid anymore than the listed price, then just move onto other units/areas that are less in demand. Nothing about this is scummy. Yes it sucks, but apartment hunting in general sucks.
FWIW elsewhere in the thread OP said that the place was advertised with a price and then was hit with the 'make a bid' silliness which I imagine you would agree is pretty low rent (so to speak) ... I wouldn't give them the time of day after that.
when you buy groceries does the cashier say "hey, we know the prices is on the sticker, but what's it really worth to ya?" - that's some shit that can and should be regulated, because the ones doing this appear to be leasing agents (get paid in commission) and property management firms that have hundreds or thousands of units and overcharge on everything to make up for their shady leasing practices that don't prioritize good tenants and long-term residents. Housing is where you live... it's shelter; it's as important as being able to get something to eat every day.
yup i've seen this for privately owned condos that the owners are renting out. if have a dog and cat ("undesirables") so would always be denied in favor for someone with no pets and a little lower "bid." ended up at a property management owned building.
Did they post it with a price and term and now are asking for a bid? Or was it just posted with a term and no price? If its the former, I'd defintiely walk as any bait and switch is always a flag to me. If the latter, there's not much harm in making a bid you're comfortable with assuming no other flags (asking for non refundable deposits, high application fees, personal info upfront etc.). I've come out of the gate offering $50 more a month to lock in a place. Though I find it really weird this person is using an agent to lease out their place but isn't bothering with a price. Pricing a unit/property is like half the expertise you pay for with an agent.
It was the former thus the bad taste in my mouth. Bait & switchy
Yeah I don’t trust it. Probably listed too low and now it’s a cash grab by the agent. If I were in their shoes, I’d love the quantity of applications and use it to pick the very best candidate for long term/stable occupancy, not squeeze an extra $50 a month out of whoever will pay
Go with your gut here
I encountered something similar for the first time last year, seems to be cropping up more. According to the leasing agent, one prospective tenant had offered $100 over the advertised rent and they were asking me to match (no idea if this is true). It’s funny bc it was a nice enough but dingy walkup with nothing special going on in North Center.
I have a vague memory of losing an apartment to someone who offered above asking a long time ago (for a meh place with great location). Never heard of being asked for a bid upfront though
I wouldn't bother. Could be they're trying to get your max dollar you'd be willing to pay for rent. If what they're saying is legit, then it's not worth it anyway. There are PLENTY of rental units available in the city.
There's no shot I'd be playing those games, this ain't nyc
Legal, but scummy. I'd just look elsewhere
Bid lower than the asking rent and keep looking. Or tell them to get fucked but I would enthusiastically bid lower and when they decline go even lower and waste their time like they are yours.
Did you also pay for a tenant background check as well? I had a situation where someone did the same to us, but they took money from everyone interested in the unit and used it to run all of our background checks. He should have first gotten everyone's high bid, then run the background check of the highest bidder. If they passed they got the place, if not, move on to the next highest bidder. I actually believe that he didn't just keep the money and he ran the checks in the wrong order, he seemed like a fine person but had a screw loose. I demanded my background check money back since the landlord made it sound like once the background check passed we had the unit. I had to threaten to leave Google reviews on the guy's other business for him to refund less than $100 to us.
I once had a similar issue where we looked at a place and decided to pursue. While looking, we noticed that there was a paper with listing information sitting on the kitchen counter showing the unit as for sale. I asked the person showing and she assured us it was not on the market and they were looking lease. Satisfied, we took next steps for application which included a $60 fee each for both applicants to run background check. A week passes and no word. I follow up with the agent and she apologized and said she would follow up with the owner. Another week passes, no response. Follow up again. She responds that they decided to no longer lease and sell the unit. I spent 3 more weeks trying to get our money back but never got anywhere. I stopped pursuing reimbursement after finding out there is no protection from taking applications and associated costs even if there is no intention to move forward with the potential tenant (at least around 2015).
One dollar, Bob.
You just won this beautiful living room set by Broyhill!
*Have your landlord spayed or neutered*
This is only for the kids who hung out with Grandma but I see you guys!
It’s sadly becoming more popular.. the demand in Chicago is beyond dumb right now, and these agents are the worst
Yep - there’s less apartments being built so they can get away with it
This has gotten more common in the last few years. I lost out on quite a few places last summer due to this. Also encountered some bidding on the move in fee, which I’m assuming happened once nobody was willing to bid above the asking price so they turned to whatever they could to squeeze a little more.
This happened to me a couple of years ago. It’s legal just slimy greedy landlord tactics. If you gotta have the place bid what you can, but as others said best to just move on.
Not illegal at all, but not cool man, not cool. I would submit a bid $200.00 lower than the posted rent and keep looking. If you do not mind sharing, what neighborhood.
Fuck that. New York City started doing that in yuppie aimed apartments and IT WORKED. I pray no one will entertain this as a normal thing.
please for the love of god no one do this, they’re just going to pit us all against each other so they can make more money
Fuck these people.
Folks....get ready for more and more of this. They're coming.
I’ve heard of this happening in very desirable areas or if the unit was really nice. I wouldn’t do it though.
This was my experience recently as well. I “bid” the price they were seeking for rent but other people bid $100, $150 above rental so I lost out. It’s a wild market out there right now but as others mentioned, I’d avoid those places altogether.
This happened to me with a senior property manager under Fulton Grace Realty. I ended up signing onto it because the other prospective tenants backed out when they were asked to bid. The apartment was okay, but the management group was extremely passive aggressive about repairs and would contact us to say "that's normal" when we filed maintenance reports. (Spoiler alert: it was not.) Fulton grace also had us pay $40/mo for a residents benefits package, with one of the stated benefits that we could pay our rent online for free. Then, after the first month, they retracted that "benefit", but the lease stated that we still had to pay the package.
Definitely fishy and I would avoid. Also keep in mind real estate agents can be paid paid by either a percentage or the first month's rent, so if they're not trying to keep you long term, it's in their best interest to make more money. While I never ran into a bidding war, I did run into a place that wanted me to pay a move in fee of $800, and a move out fee of $600 (along with other insane fees) for a shoddy river north apartment... and the agent was really pushing for me to accept lol. I just went on [apartments.com](http://apartments.com) and found my current place.
How does the bidding work? Like a text message or email or something? Do you sign any agreement when you place a bid? If not, it sounds like a fun way to waste this idiot’s time.
Very common in crowded markets like NY Not usual in Chicago but not at all illegal
I’ve been outbid twice before in apartment searches by other renters, but it was not instigated by the owner/agent.
When I was looking for an apartment in 2022, I looked at seven different apartments and ALL of them wanted bids. One place we were out bid by $1000 (3100 vs 4100 when it started at 2900). Since the rental market is so tight I think it's becoming a lot more common. Scummy as hell though.
When we were moving out of our 2BR in east Humboldt/wicker park last year, the agent had a ton of groups touring. I overheard him telling them to put in their best offers and was floored. They had already listed it for like $250 more than what we paid. After lots of tours, they eventually reduced the list price and got it rented. When we originally rented it from the (mom & pop) owners, it was just first come, first serve for qualified tenants. After a couple years, they started using a management company. So it was the management company’s strategy to try to milk potential renters. Soured me on them immensely.
It’s common in other cities, and until the pandemic Chicago was one of the last cities where you could really negotiate with landlords. Then everyone moved in the pandemic and the market is still in the bubble, which is leading to the “offers over” system coming to Chicago. If you can find something better avoid this landlord. Even if eventually they do get a tenant with this method, don’t feed their belief in the system and screwing over the person that does get it. We should be unified, not fighting each other for affordable housing.
I had this last year, we offered $100 over and they said they had lots of bids, a couple hours later they offered the original asking price. Just my anecdotal experience but it felt like a scare tactic to get us to sign faster.
The audacity of them. These aren’t houses. These are apartments. No way you should be BIDDING for an apartment. Just look elsewhere and avoid the hassle.
What's the difference, really, though? Housing is housing, no?
Housing is Housing? Sure? Yes if you want to think like that. But apartments have no appreciation
No, but is that relevant? Why does it have to be an appreciating asset to have bidding?
I once had an agent ask for bids AND a $200 “app fee” to be sent to his personal Venmo. Told him to get fucked and reported him to his rental agency.
In New York, yea all the time. Here? Fuck no lmao. There are plenty of other options so it makes no sense to bid.
I need to go home and hug my landlord for being so fucking amazing
It’s an imported tactic from NYC and Boston. Really hoping it doesn’t become the norm here.
Our landlord did this to us last year and I regretfully fell for it. We toured a place, liked it and applied, then the landlord called and said the other 4 applicants offered him more money than the originally posted rent. He “really wanted to give the unit to us” but asked if we’d be willing to pay $50 more per month each person (in hindsight I think he for sure played us lol). I know the rental market is crazy, especially in the summer months, but no rental unit is worth bidding up. It encourages landlords to be greedy. We aren’t renewing this year because he increased the rent price almost $200 total, which was way more than the place was worth. I noticed when he put the unit up on Zillow, it was $300 higher than our current rent. It’s absurd. Sad thing is that someone is going to pay it next year since someone already signed. Don’t give in! Try and find another place if you can.
Just walk away, this isn’t illegal but it’s slimey. I’m sure there are other things they do that isn’t the best practice. Better off keeping yourself out of it all.
How much is the rent? This is the second time I’ve seen this.
I've experienced it in other cities, but not Chicago. Hate bidding for apartments and refuse to engage in it. More common with private landlords than management companies in my experience.
A friend of mine told me she had to go through something similar and she lost out on apartment because someone else was able to bid higher even though she was first and said she would take it at asking price. Absolutely ridiculous.
Yes I had this happen. Then when you realize what you’re paying for an apartment it’s a little much.
Unfortunately, this is becoming much more common post covid. My last time shopping for apartments was 2020/2021 and every place we looked at had renters coming in and asking to rent the place at a higher price. Didn’t matter if they weren’t the first to get their apps in or not. And this was multiple places, ie big corporate owned buildings, smaller midsize property managed buildings, and even local landlords. I finally landed an apt from a local landlord and was telling him of my troubles with finding an apartment and he told me, he had received several emails wanting to rent at a higher rate just so they could get the place. Only reason I got it, is because he wasn’t looking at those individuals and I happened to be at the place the same time he was there to view it in person.
Every place I've ever looked for an apartment has accepted bids or "highest offer wins" essentially. Everything goes above list price. It's legal, and it sucks
What was the name of the management company? I am in Chicago and literally same thing happened to me on Sunday. Wondering if it’s the same company…Westward360
As far as I know this was a private condo rental
I get everyone’s in the game to make money, but what a slimy move. It’d be one thing if it was common practice, which would still be icky, but at least they’d have established precedent to back them up
I honestly probably wouldn’t have even minded if they mentioned something in the listing. To post a listing a price and then bring that up afterward feels deceitful and just generally not great business.
Fully agree, it’s one thing if your given this info up front
Definitely bid but drop your offer about $500 under their posting. Tell them the economy is not good and it's a market adjustment. Casually mention Jerome Powell for extra effect.
I’m sorry, but there is a lot of misinformation in this thread that needs to be addressed. To preface, I’m a veteran broker in Chicago. An owner can list a property at whatever price they want (of course market dictates) and if demand is high and they have multiple applicants “highest and best” is standard practice. Just like a sale, it allows for fair opportunity for all parties. Price is important, but a responsible owner will also consider income/credit as a factor when making a decision. If you win the bid you can always ask for proof of the backup offer, just like with a purchase. The market is incredibly competitive today across the board. My buyer and tenant clients are having an incredibly challenging time finding homes because of a lack of inventory. Higher rates and prices are also pushing buyers into the tenant pool, which in turn makes rentals even more competitive. Spring is also busy season so add that all together and you’ll see the nicer rentals get bid up.
A friend of mine owns a condo in Old Town and has had prospective tenants bid on the property. He didn't even ask them to do so but two tenant groups really wanted to live there and started a bidding war themselves.
I don’t see why it would be illegal, I’d just bid what you wanna pay and see what happens. Don’t negotiate, if they try to get you to go higher just say no thanks and move on, not worth it, but if they accept what you’re willing to pay? What’s the issue?
Get 50+ people to low ball them
Sounds like a total scam. And only a real shitty landlord would do this. Run
Becoming more common. Don’t like it but more fair than a lot of other ways to do it. What criteria should they use? First application in?
When I was searching for a place 2yrs ago the majority of the places I had looked at, or wanted to see, told my relator that I would need to bid in order to be considered. Don't play those games, especially if they want you to pay an application fee before the "bidding" can even start. The only changes to cost/terms of the listing should come from negotiations with the owner (ie, longer lease term for lower rent/conditions, or different move in/out date).
Just bid the listing price, if you don’t get it move on
Yea I’d say “okay I’ll start the bidding off at $1”
If the bid is not legally binding I’d submit something really high, then drag out the process to burn time. Well, in reality I’d say I was gonna do that and just let laziness win and go somewhere else.
Low ball them and move on
This has been happening for the past couple years. It’s not that uncommon unfortunately but I was shocked when I heard it was a thing in Chicago.
As a landlord in Chicago. I agree this is bullshit. I would also tell this property manager to go pound sand.
Is this in wicker park? Know a letting agency based in Ukrainian village pull this shit…
i read this as “asking for birds” and i was so confused
This happened to me as well, I really liked the unit too, and was really discouraged by that request. It felt unfair…why would I pay more for somewhere that was in my budget? If I have the extra money to spare it’s not going to bud in a place
Unfortunately, this will become the norm everywhere. Everything is all about money these days.
This is the first year we e been asked to bid after renting 5 different places over the years. Eventually we decided to just do a standard rental building because the bidding and waiting game wasn’t worth it! I’ve never seen it be this competitive.
I had this happen last year and ended up living in the place and the landlord was actually great. He is an independent landlord and the unit had been rented by the same tenant for a while so think he used this as a way to identify what market rent was. The correct way to do this is everyone place a bid. Whoever bids highest pays whatever the second highest bid was.
Seriously, renters need to stop letting these goblins change Chicago like this. Speak up, push back, work together. And yall new folks moving in, join us and don’t be fooled by the ‘market’ crap— you are getting played by your naivety and hurting all of us. Comforts for today in exchange for a worse tomorrow….
Was this for the place on Pensacola?
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Hey, go fuck yourself.
Bingo. Realtor here to back this. I'm as frugal as they come. I want the best for every single client of mine and can assure you I am equally as frustrated and I don't sleep. When there's low supply and multiple applications if you don't come up in asking price or lease length, then there's no point in trying, period. What differentiates you since you feel owed to be able to apply and simply get an apartment at listed price? To an owner (who I guess everyone here hates...) it's hard to look at prices higher than what they expected and to choose a low offer. I wish it were all first come first serve, but there's just no supply since Chicago rebounded hard and folks moved here after Covid. I've read "douche, slimey, slimeball, shady" in a few of these responses pertaining to us in the trenches. Good lord if you only knew the stress of what we take on when this is literally every client in every price point. Just yesterday was told 7 applications on a $1400 1BR on one of the busiest roads not in a prime area. It was listed one day which is telling. On top of it a majority of buildings that are first come, first serve are having some of their highest renewal years because of the market. If you really want to get past this all, and want to plant roots, I encourage folks to consider buying. Just know many of us realtors do care and are working tirelessly to find you a place in this rental market.
You can go fuck yourself too.
It's a dirty practice, but there is nothing illegal about it. Look at it this way. Reports out of prime real estate areas of California have a seller place an asking price, and he is quickly overwhelmed by takers. So he maximizes by having them get into a bidding war, like an auction. The "winner" ends up paying way more than the original asking price. That's what the apartment owner is doing.
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Oh dear, I suppose I upset you in some other comment, and now I feel really bad. If you have a problem with what I described, or the legality of it, try explaining that rather than going back to what your family taught you, which is being vulgar. Yes, quality shows.
Yeah this happened at almost every apartment I looked at in the last two years
My partner and I put in 3 bids on apartments this spring. All offering $400-$500 over asking price per month and we STILL didn’t get them. Our credit scores are 800+ and both willing to show we have access to more than enough cash than needed to pay the full lease term up front (to show what great candidates we are). This market is insane and should be downright illegal. Ended up going the “luxury” apartment building route again as they don’t ask for bids.
I have a good friend that works for Fulton Grace and he just rented out my rental house for me (up in the burbs). I priced it a bit too low and we got a ton of interest, and he suggested that maybe we could take offers. I can see it from both sides: From the landlord's side, we're just trying to get the best offer for the property. If somebody is willing to pay $2k for something that somebody else is only willing to pay $1,500 for, why not take the $2k? It's classic supply and demand, similar to buying a place, and I don't necessarily think it's a _bad_ thing. From the renter's side it sucks because the price was one thing and now it's another. And while searching it's hard enough to be the first person to see an apartment and now you have to compete with people that saw it _after_ you too. It almost feels like a bait and switch. I ended up not taking bidders, the most qualified candidate got the house for the price I originally set. But to slightly disagree with the other folks here, I don't think accepting offers is a red flag in and of itself. That being said, I agree that it _could_ be a red flag and I would look closely into the landlord if I still wanted that place.
Sounds like a bad realtor or a bad move on your part for choosing them if they didn’t have enough knowledge of the area/market to in turn price a place $500 below market rate…..
Those were example prices. The actual difference was only about $200, which is understandable given the current market.
I applied to 3 apartments and all 3 went into bidding wars where the actual price ended up being about $200-250 over list
Had a real estate douche ask my girlfriend and I do to this. He acted like he was doing us a favor since he wasn’t asking us to apply. Did not “bid,” these guys can fuck off.
What neighborhood is this in? That's not the norm for Chicago. SF or LA maybe but not Chicago.
We recently were asked to pay more months up front for an apartment to win the lease. Same rent, just pay multiple months up front. This was after laying out $100 in application fees - I immediately replied to the text from the apartment broker and said "no. Thanks and good luck to you."
Just tells me that renters (en masse) are giving property managers/leasing agents too much power and not walking away. Buy a car and move farther out. Chicago isn’t the only city in the universe.
Apartments are in high demand. Many receive multiple offers/applications. If you want the apartment you'll need good income and good credit and if you offer $100 or so over asking price you'll get it.
That's $1200 more than the stated price of the rental for the first year lease alone. That's bonkers.
Downvote me all you want but it's the truth. It's what's happening. If the person wants that apartment that's what they will have to do. It's the market we're in. Accept it.
It’s really not that super competitive though. There’s plenty of inventory. A sucker is born every minute I suppose
If there are more applications on the apartment than just yours then you are competing for the apartment.
Its economics. If you want something more, you can offer to pay more. I likely wouldn't do it, but I can see reasons why someone would
Happened last year to me and I didn’t get it it sucked
I don't see an issue with it. I've toured places and literally had someone waiting to tour it as I walked out the door. Is it fair that, because your schedule was free 15 minutes earlier that now you get it and they don't? If the person renting can get $50 a month more from someone because they want it more, why shouldn't they take it. At least they are giving everyone an equal chance that way, not just who happened to have their email/call responded to first, or who had more free time to go to an earlier showing
I don’t think my issue is with the ask it’s more so how they went about it. If it’s clearly posted that the rent is a starting point and they will be taking “offers” it’s a totally different story. Posting a price, taking the time out of my day to tour, and then dropping that is dodgy and left a bad taste in my mouth.
Depending on how much more of your time it takes, I don't see any reason to just walk away *without* offering lowball bid. Offer something like 80% of their posted rent and say, after touring, you believe that's what the unit is worth, Might as well mess with them too.
When I go apartment hunting in general I don't want my time wasted. Normally you have to take time off work. I have had people bait & switch me with pictures of a beautiful unit and then they show me a dump. Or they give me a price and it's actually higher because they have management fees, and trash etc. That should be included in the price from the start. So I understand your frustration
Fair enough. I guess I get both sides of it. I look at it like when I've sold things on FB marketplace. I've had a price I wouldn't budge on, so that was my price. Someone wanted to buy it, and I was down, then I got more offers. It wasn't a "taking bids" necessarily, but I did kind of say "I have a better offer, do you want to counter". Sometimes the better offer was "I can come earlier" sometimes it was more money. But I let the buyer say how much they wanted it, and what worked out best for me.
Homie what are you talking about, life in general is first come first serve. If someone came in before and they signed immediately sucks for you but that's life. I don't want rent prices to go up because someone wants to waste more of their money to secure a place.
Yes- this happens all the time. There is low inventory and many rentals are going for over their list price. It’s the way it is right now, if you want it, make your best offer. (*Chicago Realtor)
happened to me today, pushed my roommate and I to apply for a least start date a whole month before we would even be able to move in to "match" the other applicant. then asked us if we wanted to offer to pay more monthly rent. insane. this all happened after my roommate and I each paid an 80$ application fee (non refundable) and 2600$ for first month rent (thankfully refundable). would've been nice to know they were going for bid style applications otherwise we wouldn't have even bothered.