You wouldn't be alone. General economic uncertainty—coupled with the sneaking suspicion that things aren't really improving—has kept a number of people in place. And many post-collegiates, who normally would have been hunting for their first apartment, have moved home to camp out with the parents while they try to put some money aside for the rainy day that hasn't seemed to dry up since September 11.

Even so, this may be the best time in the past several years to find a Chicago apartment. Landlords, also feeling the economic bite, are heading into winter with empty units, and are resorting to unheard-of measures (in Chicago, anyway) to get you moved in and paying rent. "The market has shifted from a landlord's market to more of a renter's market. A lot of people are staying put with very little or no rent increase, as landlords try to hold on to everyone they can," says Maurice Ortiz, marketing director for Apartment People, a free search service with locations in Evanston and Lakeview.

"We are seeing some landlords offer amazing incentives to attract prospective renters. Everything from two free months rent and free parking, to free gift certificates—one place is offering a $1500 Crate and Barrel gift certificate if you sign a two-year lease—and lower security deposits; renters are finally getting a break," Ortiz says. "It's very unusual."

Eventually the market will shift back to normal but, Ortiz says, for now "a lot of people are choosing to move to take advantage of the incentives." And then there's the increased availability. With the influx of out-of-town corporate types significantly down—Ortiz says last year Apartment People moved ten to twelve new Motorola employees every month, now it's down to one or two—and younger people moving home, there's more out there. Add to that the burgeoning market of new construction and conversion to condominiums, which was supposed to significantly contract the rental market. Now, Ortiz says, many people who purchased condos to sell are finding themselves stuck with something they can only rent, which means there are more than the usual number of condo rentals available as well. "We're getting rentals in a lot of buildings where we never used to have rentals," he says. "In some condo buildings we're seeing twenty, thirty, forty rental units. You can get into any building you want."

But don't fool yourself into thinking that just because apartments are easier to find, it means inexpensive-yet-wonderful apartments are easy to find. The economic downtown is causing people to think twice about plunking down for luxury. "People are reconsidering what they spend on rent these days," Ortiz says, "A lot of people are getting roommates or even living at home to save money. The segments of the market being hit now are high-end rentals, fifteen-hundred-and-up one bedrooms, two-thousand-and-up two bedrooms. Even people who can afford to pay that are thinking again."

Overall, though, many things are the same—Chicago is still among the top-ten-most-expensive housing markets in the country. "None of that has changed," Ortiz says. "It may take another six-to-twelve months, but the market will shift back to normal."

Does that mean everyone enjoying the break of a two-to-three percent rent increase this year can expect to see whopping increases next year? Probably not, Ortiz says. "I don't think the landlords are going to be able to come back and raise the rent ten or twelve percent next year," he says. Most people, faced with that increase, would just move. "A lot of landlords are just going to have to deal with losses like any other companies."

And Chicago's most popular areas to rent still remain the same. "Lincoln Park, Lakeview, and Bucktown are still the three most popular locations people look," Ortiz says, "but this year we are seeing more people moving to the West Loop and South Loop areas, where massive amounts of affordable new construction properties are being built. We have also seen an increase of interest in the North Side in neighborhoods such as Andersonville with its great area and slightly cheaper rents."

As far as making the transition from apartment to apartment a smooth one, Ortiz encourages renters to know what they want and what they're willing to pay for. And to be willing to sign on the spot for a place they like. "If you see an apartment you like grab it because chances are if you come back, it will be gone," he says, noting that this means coming prepared to fill out an application (see accompanying story).

However, this doesn't mean you shouldn't exercise caution in the rental process. After all, you're choosing a place to live, which means you need to understand the dynamic of the neighborhood and the building to know whether it's something you can live with. You should also check out the crime factor—visit the Citizen ICAM on the City of Chicago homepage to punch in an address and see reported crime activity in the surrounding area (http://12.17.79.6/). It also means checking out the reputation of your landlord to see what you can expect and to find out whether you want to rent from them. But Ortiz recommends doing this before you go. "Often we get people who come back and we have to tell them it's already rented."