No Need to Buy, Rent a New Condo in Chicago
As a result of the over-expanded condo market and the ensuing economic downturn, a handful of the city's recently-constructed condominium buildings are switching to rentals. For prospective renters, this means snatching up brand new, never-lived-in condos straight from the developer.
In desirable Loop locales, these pads tout top-notch finishes such as gourmet kitchens, private terraces, and Italian cabinetry at competitive prices. In fact, many of the rental prices for these new condo units fall within the range of what most Chicagoans pay each month.
According to the online renting community, Apartmentratings.com, the average rent for a one-bedroom apartment in Chicago ranges from $1,722 to $1,967.
Some buildings are even including indoor, heated parking, which is the biggest luxury of all in a city where zero degree days and inches of snow are the norm.
Want to know where to sign? To see where you can lease your first apartment with hardwood floors, Kohler bathroom accessories and granite counters, read on.
Here are a few of the area's spruced-up condo buildings for rent:
This condo-turned-rental urban community in the South Loop boosts more than apartments with 10-foot loft ceilings, porcelain-tiled bathrooms and gourmet kitchens. The mixed-use project plans to offer dozens of stores, a clustering of restaurants and cafes, a 2-acre park and an upscale theater, a 16-screen Kerasotes ShowPlace ICON Theatre, which opened in December. Click here to tour the spaces at Roosevelt Collection.
Trio, a new contemporary high rise in the West Loop, is offering one-bedroom units starting at $1,400 via Craigslist.org. Hardwood floors, granite counters, stainless steel appliances, bathrooms with mosaic tiling and private terraces are among the laundry list of amenities. Heating, air conditioning and basic cable included in the rent is another perk. To view the properties for rent, contact The Real Estate Group.
The Mondial, a 15-story residential building three blocks west of River North, is also considering renting their condos, according to Crain's Business Chicago. On top of Grohe fixtures, private balconies and marble bathrooms, there's a possibility of getting a panoramic view of the Chicago skyline.
235 Van Buren: One of the few residential buildings in Chicago's Financial District, 235 Van Buren is open to buyers and renters alike. Accentuated by overhanging balconies, the building's unique, modern design might look similar to other residential highrises spotted around the city (it has the same developer as River North's award-winning Contemporaine). The style is inside and out with 10-foot-loft ceilings, exposed concrete, marble bathroom counters and European style kitchens.
With developers resorting to renting as a last-ditch alternative, renters continue to have a plethora of choices - many with some pretty great perks - courtesy of the bad economy. At least there's an upside.