Chicago Rental: Lakeshore East High-Rise 1BR for $1,643

Rent a one-bedroom in Lakeshore East Want the lakeside life for less? With the trend of Chicago condos-turned-rentals and the overdeveloped condo market, Lakeshore East, a southeast enclave off Chicago's loop along Lake Shore Drive, may be the answer. Over the last decade, ambitious developers eyed this coveted real estate, and up shot high-rises -- most of which have water-inspired names like Aqua, The Tides and The Regatta. The result is one of the city's newest urban neighborhoods rated last month as one of the "20 Best Places to Live in Chicago" by Chicago Magazine.

Among the homes in Lakeshore East, also referred to by real estate gurus as "The New East Side," is this one-bedroom gem in The Shoreham. Built in 2005, the building, though relatively new, is a couple of years older than its sister towers (Aqua was built in 2009), but in terms of rent prices, the age-factor works to your advantage.

For instance, at Aqua, one-bedrooms start slightly higher, around $1,900, compared to this price tag of around $1,650 for approximately 650-square-feet. In fact, this sweet rental, according to local realtor data, costs slightly less than the average one-bedroom apartments in the burgeoning residential area. And even with the discount, you get to enjoy luxuries of this by-the-water condo.

Its biggest convenience is the proximity to Lake Michigan. The Shoreham is across the street from the lake and sits along another body of water to the South, the Chicago River. It's also surrounded by greenspace: It's a short walk to the city's grandest green space, Millennium Park, and is nextdoor to the manicured lawns at the development's own refuge, Park at Lakeshore East.

On the interior, tenants are drawn to the Shoreham's "mohawk espresso" flooring, walk-in closets, granite islands and private balconies. The units also have floor-to-ceiling windows, so you can take in the spanning water views. Be careful about paying more for your view, though. (Some of the rumblings via the Internet say that the views to the East and North of this skyscraper are "disappointing," but you be the judge!)

In no way are you bound to this one-bedroom or its layout, and that's because there are plenty of other options available to lease. Studios, with around 550-square-feet, begin around $1,324. Convertibles start at $1,599 for 615-square-feet. And for a two-bedroom with 815 square feet, the rent jumps to $1,883.

Unlike lofts in other newly-developed sections of town, like the South Loop or the West Loop, these high-rise apartments offer less square-footage for the money. But then again, in many locales you can't grab your towel and walk across the street to the beach, or walk up to Millennium Park for a summer concert.

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