Leveraging more than 14 years of experience in real estate, Arthur Holmer was able to co-found Chicago-based real estate firm Wells Street Companies, which opened its doors to clients in 2000. In 2013, Arthur Holmercollaborated with Essex Realty Group to sell Loyola Manor, a 46-unit apartment building that carried an asking price of $3.8 million.

Some of the rules of renting an apartment are tacit and may take new renters by surprise. When meeting a realtor for a tour of a building, prepare a list of questions to ask

Make sure to ask what is included in the monthly rent; not all landlords lump utilities, trash, cable, and Internet in with it.

While touring the unit, look for amenities such as a dishwasher, garbage disposal, and washer and dryer. If a washer and dryer or washer/dryer hookups are not available, inquire as to the location of the nearest self-service laundry or whether the apartment complex maintains these facilities on the premises for tenant use.

Permissions regarding guests and roommates trip up many new renters. If an individual signs a lease and later wishes to share the apartment with a roommate or significant other, the new inhabitant must go through a background check and have his or her name formally added to the lease. A guest may sleep over, but most landlords limit the number of nights guests may stay before they are considered tenants.