Today we are looking at renting in Chicago. Since no one knows apartment renting in Chicago better than The Apartment People, which has been matching renters with Chicago apartments for more than 25 years, we asked them for a little help. Here’s their take.

Chicago has it all - great neighborhoods, 20 miles of lakefront beaches and parks, world-ranked universities and a bustling business community centered around one of the world’s largest financial markets. Yet, even with nearly 3 million residents, Chicago is still just a big small town at heart. And, in 2010, Chicago is a renter’s market - rents are decreasing, incentives are increasing and inventory is high.

Looking for an apartment in Chicago can be a bit of the old chicken and egg game. Do you pick the neighborhood and type of place (sorry, folks, there are no high-rises in Bucktown) and then figure out the rent? Or, do you decide how much you can afford and narrow down the neighborhoods from there? After all, the rent will impact what neighborhoods you should consider, and the neighborhoods will impact rent.

At The Apartment People, we usually suggest starting with neighborhoods you’re interested in, because, depending on what you are willing to give up, there can be quite a range in any given neighborhood. Unlike many cities, Chicago’s neighborhoods are more than just gradients on a theme.

From ritzy Gold Coast to the bohemian Wicker Park and from the eclectic Little Village to yuppie Lincoln Park, there truly are unique characteristics - good and bad - of each neighborhood. Check out this neighborhood site - it will give you a sense of what you’ll find. (You might also want to check the crime report by neighborhood - just in case.)

In picking a few neighborhoods to explore, we recommend using a couple key pieces of practical information: Where will you be working, and what is your transportation situation?

If you will be working downtown, the world is your oyster, because Chicago’s great transit system will get you there from anywhere and, from there, to pretty much anywhere else (maybe not on time, but it will get you there). If you will be working elsewhere in the city or in the suburbs, you’ll want to consider whether you can drive because, unless you want a long and arduous commute, you’ll need to live near your job. Your need for parking will also affect your rent and your neighborhood - yep, they all go together.

Ok, so about rent. Yes, Chicago isn’t the most inexpensive place to live. In fact, it is one of the more expensive urban areas. A cost of living calculator will help you if you are moving to Chicago. Generally, the most expensive rents are in Gold Coast, Lincoln Park and Lakeview, though Bucktown and River North are closing the gap as they become more popular.

Once you’ve narrowed down your list of desired neighborhoods, we recommend using a free apartment finding service like Apartment People. Representatives can guide you through the ins and outs of Chicago apartments faster than you could possibly do on your own. You’ll be able to cover a lot more ground when a guided tour has been set up. Plus, you’ll get some interesting color to the places you’ll be looking at that you won’t get by responding to a posting on Craig’s List.

Chicago has so much to offer renters - make sure that you see what’s out there. (Just watch out for those Red Light Cameras - they’ll get you every time!)

Guest Blog by The Apartment People. The Apartment People has been matching Chicago apartment owners and renters since 1984. We provide renters with an efficient, cost-free way to find an apartment, while also providing landlords and management companies with a highly effective way to market their properties to qualified renters.