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

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.