Sweet Chicago Rental: South Loop 1BR for $1,375
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.
In fact, in 2006, 46.5 percent of all downtown home purchases were in the South Side enclave,according to data from Appraisal Research Counselors. Buyers were passing up the traditional North Side go-to areas for South Side citing the South Side's advantages -- more square footage, access to the Lake and public transportation, was well as other attractions, like Grant Park and the city's museum district.
The influx of residential development on the South Side also allowed a crux of eateries (with a following) to spring up at Roosevelt Road and Wabash Avenue, including Tuscan fare at Gioco, gourmet Mexican at Zapatista, and "modern" Chinese at Opera.
Within walking distance from these celebrated restaurants is 1401 South State, a 278-unit building, which opened about two years ago, offering loft-like spaces with concrete floors and pillars, floor-to-ceiling windows, and in-unit washer and dryers. Other benefits of living in a large-sized development are a fitness center, on-site dry cleaning, wireless Internet lounge and a dog-run area.
High vacancy rates, sliding rent prices and wide availability (at night, in some of the neighborhood's newest skyscrapers, there's only a peppering of lights) make this sweet rental and neighborhood a deal, but the vacancies are not going anywhere fast. If you are not yet sold on the neighborhood or the building, the conversation can continue. The building has their own regularly-updated blog, MySpace page and Facebook page for you to learn more about the building's sense of community--or lack thereof?
See more rental apartments in Chicago's South Loop at RentedSpaces.