Celebrity Rental Fact: Rent Oprah’s Stunning Chicago Apartment!

Yes, it’s true. Oprah Winfrey could be your landlord! Her stunning Chicago apartment, located at 199 East Lake Shore Drive, #6E in the prestigious Gold Coast neighborhood along Lake Michigan, is available for rent for $15,000/month. This spacious 4,600 square foot piece of prime real estate boasts soaring 10-foot ceilings, a grand foyer, solarium, butler’s pantry, wine room, library, 3 bedrooms, 4 bathrooms, a two-car garage and a lifestyle saturated with elegance and luxury.

Oprah purchased the lavish apartment in 2006 but never actually lived there due to privacy concerns. It was listed for sale in June 2008 for $6 million but didn’t sell so it was pulled off the market in January 2009.

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*Information provided by www.forbes.com and www.zillow.com

Celebrity Rental Fact: Michael Jackson’s Rented Mansion

From December 2008 until the time of his death on June 25, 2009, Michael Jackson rented a beautiful French Chateau estate located at 100 North Carolwood Drive in Los Angeles, California.  The gorgeous 8 bedroom, 11 bathroom mansion is approximately 16,000+ square feet and includes a 7 car garage, swimming pool and pool house, wine cellar, exercise room and movie theater.  So what is the monthly rent for this spectacular estate?? Michael Jackson paid an astonishing $100,000 a month for this fully furnished home!

This December, all of the items in the home, including the bed where the pop star took his last breath, will be auctioned off by Julien’s Auctions.  The mansion is also up for sale at an undisclosed price, but the estimated market value is approximately $20M.

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*Information provided by www.realtor.com, the LA Times & www.homesoftherich.net

What are your tips for renting? Let us know!

What did you find most helpful, useful or just good to know from your renting experience???  Please share with others who are in the same situation some good tips and knowledge that you have learned along the way!

Here’s one… Because many landlords don’t allow or discourage walls to be painted, add your personal touch with home décor such as wall art, accent pillows, colorful vases, drapes, decorative mirrors or cool lighting to warm up the space and make it more inviting!

***Here are some great (affordable) home decorating places to check out***

Gordmans  www.gordmans.com

Homegoods  www.homegoods.com

Ikea  www.ikea.com

Overstock  www.overstock.com

Garden Ridge  www.gardenridge.com

Hobo  www.hoboonline.com

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Rental Fact: How long do people rent?

According to DMDatabase.com, the length of time that people rent is as follows:

  • 0 – 6 Months:  8%
  • 7 – 12 Months:  6%
  • 1 – 1½ Years:  10%
  • 1½ – 2 Years:  7%
  • 3 – 5 Years:  30%
  • 6 – 10 Years:  21%
  • 11 – 15 Years:  8%
  • 16 or More Years:  10%

Renting is a great option for anyone looking for short-term or temporary housing (31% of people rent for 2 years or less), and also for those who are looking for a permanent or long-term living situation (69% of people rent for 3 years or more!).

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*Information provided by DMD Database.com (http://dmdatabases.com/databases/consumer-mailing-lists/interesting-renter-statistics)

Check out these great space saving products for your entire home!

Getting organized in a rental space can be a challenging task.  Whether it’s a temporary living arrangement that forces you to “make do” with the limited square footage for the time being, or you’ve decided to sacrifice space for a great location, you may find yourself living in an disorganized mess of clutter.  Because there are limitations to the modifications that can be made to a rental unit, you may need to get creative and look for the right storage products that will satisfy your needs and solve the storage crisis.  Check out these affordable storage ideas to organize your home and make your life easier!

Too Crowded in the Kitchen?
  Check out this great modern Kitchen Cart in Black – Coaster (which doubles as a mobile bar!) for just $170 at Amazon.com.www.amazon.com
  Organize any drawer with these Expand-a-Drawer Utensil Trays for $17.99 from The Container Store.www.containerstore.com
For the Family Room
This Convenience Concepts Tribeca Ottoman with 3 Tray Tops for $149 from Walmart can be used as a footrest, for extra seating, as a tabletop and for storage!www.walmart.com
  Hide clutter in the Ridgeway Wine Storage Trunk from Pier 1 Imports for $349.95.www.pier1.com
Split up a Space
  Divide any room with this great Anywhere Floor Screen in Tuscany Brown from Pier 1 Imports for only $169.98 (on clearance!)www.pier1.com
Itty Bitty Bedroom?

  These slim, floor to ceiling PAX Wardrobe with One Door provide plenty of storage for a small space.  Find them at Ikea for $170.www.ikea.com


Use some under the bed boxes like this Sterilite 16¾ gallon Storage Box for $18.97 at The Home Depot.www.homedepot.com
  For more drawer space, check out this great Castela 4-Drawer Storage at Target for $67.99.www.target.com
Cluttered Closet?
Check out this Double Hang Closet Rod from The Container Store for $9.99.www.containerstore.com
  Need more room for shoes?  Get this 24-Pocket PEVA Overdoor Shoe Bag for $14.99 from The Container Store.www.containerstore.com
Bloated Bathroom?
  Save space in the bathroom with this Ameriwood Industries Calisto Over the Toilet Cabinet from Sears for $105.45.www.sears.com
  For bathrooms without a closet or a vanity, this Madras 4-Drawer Tower from World Market for $55.99 is great for storing toiletries.www.worldmarket.com
Still Need More Room?
  Condense your squishables with this 6 piece Space Bag Set from Lowes for $19.98.www.lowes.com
  Contact your local PODS or other storage company to store all of your other goods!www.pods.com

Be Ready for the Rental Competition

Searching for a rental unit can be a discouraging task.  You may find yourself having to compromise and sacrifice some of your “wants” in order to find a place that fits your needs.  The rental market is a very competitive one and good properties usually go fast, so if you find one that you like, be sure to start the application process immediately.  Get all of the paperwork and any additional required documentation in right away so you don’t miss out on a great opportunity.

***Remember… Many landlords require additional documentation along with the application such as a recent credit report, bank statement, copies of your driver’s license or state ID and an application fee.  Ensure the landlord that you express serious interest in the property before it is occupied by someone else by submitting everything on the same day, if possible, because many landlords will not evaluate an application without it.

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Rental Fact: What type of housing do renters live in?

According to the National Multi-Housing Council, people who rent in the US live in the following housing structures:

  • Single-family home: 34%
  • Structures with 2-4 units: 19%
  • Structures with 5 or more units: 43%
  • Mobile Homes: 4%

Location, personal preference and income are all factors that can influence one’s decision on the type of rental housing that they choose to live in.  What type of rental housing do you prefer and why???


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*Information provided by the NMHC (http://www.nmhc.org/Content/ServeContent.cfm?ContentItemID=1152)