Sweet Chicago Rental: South Loop 1BR for $1,375

With high unemployment and soaring vacancy rates, the rental market is not only soft in Chicago, it's especially so in the southern tip of the city, a recent research study by DePaul University indicates. This weakening, which coincides with income levels, begins around the South Loop and worsens as you get further south and west of the city.

But as a renter, who has an eye on this South Loop sweet rental at 1401 South State, this is not bad news. For you, an ample supply of empty apartments (that's also been aided by a couple of new high-rise condos-turned-rentals in the neighborhood) and reluctant buyers is most likely driving top-bargain prices in the area.

In the two to three years leading up the condo bust, the South Loop was hot for home shoppers. They were drawn to the close proximity to both of Chicago's gems, downtown and Lake Michigan. But in today's current climate, finding a newly-built apartment in the South Loop is no longer reserved strictly for buyers.