Chicago Rental: 2 BR Penthouse in Bucktown for $2,200
For the new two-bedroom, two-bath residence, the monthly rent is set at $2,200 per month. According to Chicago Apartment Finders, the average rental price is $1,474 a month, about 33 percent less than this featured multi-level penthouse. Yes, that rooftop terrace with unobstructed views is terribly enticing, but before you make a final decision, let's explore whether the premium on this sweet rental is worth it.One thing that gives this rental additional merits is that it's a new-build with beautifully detailed decor. Because it's a new construction, the approximately 1,200-square-foot apartment has many amenities that would be found in an owned condo, including stainless steel appliances, cherry cabinetry, a wood-burning fireplace, a jacuzzi in the master bedroom, and a covered parking garage. Though certainly not unheard of especially in this market, a penthouse rental in an attractive neighborhood is always a commodity.
Aesthetically the flat appears nearly flawless, but don't forget that location is the biggest factor in determining price. As advertised, this place is in "West Bucktown," but just west of Bucktown is the more affordable, gentrifying neighborhood called Logan Square. (Western Avenue is the dividing line). Pinpointing exactly where this property is situated -- particularly, if it is west of what's historically been accepted as Bucktown's borders -- will help indicate whether the price is spot-on or inflated.
My advice to you is to first confirm the apartment's location and check out the locale: Is it a quiet, mostly residential street? Is it walkable to Bucktown's main drag on North Damen? How far is public transportation? If the answers to these questions fit your expectations, then figure out how much extra you are willing to pay each month for the newness factor and the amenities.
Once you've got a number in mind, see if there's the opportunity to negotiate a little whether it's on the price, utilities, parking or on the terms of the lease. Remember, it should be easy, now that you've got all the supporting information in your back pocket and you know -- in your mind -- what the place is worth.
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