I had iron railings on our front porch in the last house.

I found a black paint that is specifically created to combat and stop rust. (More "serious" than Rustoleum,although it might have been made by that company, I don't remember.) I used a wire brush to scrape off the loose, scaley rust that was lifting old paint, but the smooth surface rust could be left alone. (I think I used a little steel wool to remove some of it, but not down to clean metal.) Then I painted one or two coats with a brush.

Sorry I can't give you the specifics, but if you go to Home Depot or somewhere with a big paint department and explain what you need to accomplish, I'm sure they can give you the current best product which might even be better than the stuff I used.

If you can afford it, the best thing to do would be to find a powder coat shop and get them powdercoated. Its pretty common and if you have any friends into cars then they should be able to point you in the direction of a shop.

comes in just as many colors as paint and all types of finishes from crickle coat to mettalic

there really needs to be an edit button....

i should also add that depends if you can take the railings off.... and it doesnt look like you can from the pictures

Once you brush off the old stuff. Be sure to prime before you paint.

Check with the condo association or landlord! You are usually not allowed to perform any Maintenance on a balcony or porch in chicago unless you own it. If it is a condo it still might be part of the common elements and repair would be made by the association. Crashing from a 2nd or 3rd or higher up balcony would lead to serious energy or death. Do not attempt to remove any part of it or make any amateur repairs. Even sanding and wire brushing might destroy some of the metal integrity. If it is a rental and the landlord won't fix it properly, MOVE!

BTW, in Chicago I think the new city ordinance calls for metal, after the large party where so many people died after a wood porch collapse a few years back here in Lakeview.

@DONTOEARTH, this is partially true. Because of the balconly collapse, all balconies have to be premitted and the cheapest one that qualifies is steel construction.

@Tabitha, talk to your condo board or your landlord first. This balcony is considered part of the common area of the building and it is their responsiblity.

If you have rust spots already, brush off the loose rust and cover the rust spots with navel jelly. Do not let the navel jelly sit for more than 15 minutes and wash off the excess jelly with water. Towel dry these spots, and prime/paint the railings within 24 hours using a good metal primer/paint.

I suspect naval jelly would work better, but we've never met so I don't know what you've got going on over there in your belly button. ;)

I can't vote for spray paint on the grilles. I know it would feel easy, but you'd be spraying something that is 95% air. Lots of waste, inordinate collateral damage to the air around you, and possible overspray problems.

I'm pretty sure that is your landlord's or condo association's responsibility, so I wouldn't bother.
In the meantime, get a big piece of canvas to hang in front of that grille to give you some privacy, a fun outdoor rug and some potted plants.

If you own the dwelling, and the balcony ends up your responsibility, look at a product called POR-15. It is a 4-step system that I've used to neutralize and cover rusted body panels on cars.

It isn't cheap, but it's not terribly expensive either. It does work.

There is a product called Rust Doctor which turns rust into a neutral surface for painting. It turns rust into this grey/black color and primes it for painting.

Wear gloves. When I used it on my medicine cabinet before I repainted it, I had black hands for a few days.

Thanks, everyone!