Things are finally starting to look better for Chicago renters, with properties offering more affordable rents and high-quality apartment living. Rents are coming down in popular neighborhoods such as the Gold Coast (-13%), River North (-7%), and Streeterville (-4%) as compared to the fourth quarter of 2011. Rental prices remain at fair levels in other areas like Evanston ($1196), Edgewater ($903), Ravenswood ($994), and Rogers Park ($913).
The Loop, on the other hand, remains a top-performing market that continues to boast an average asking rent of $1,958, according to a RentJuice report.
The current economic trend seems to favor renting rather than buying, mainly due to the high number of residential foreclosures and short sales recorded in the last period. But sometimes there are other reasons behind this way of life, not related to the general national trend and the development of the real estate market; we choose renting just because we love the “no-strings-attached” philosophy; we don’t want to constantly mind about the annual real estate taxes, home repairs and maintenance; we can easily relocate if a nice job offer comes our way; and also being trapped in a 20-30 year mortgage can be quite demoralizing, especially when you’re young and eager to explore.
Though the occupancy rate is still high in the Chicago metro area, there are plenty of great neighborhoods in and around the Windy City that offer a wide selection of condos, lofts and apartments for rent.
If you’re a young professional looking for a nice place to live, Lincoln Park, the Gold Coast and Lakeview are probably your three best bets. Each area is distinctly unique and home to several Chicago landmarks, yet the one thing they all have in common, which is also most appealing for socialites and out-goers, is urban dynamics.
All three neighborhoods feature a great variety of upscale shopping, dining and night life in a very cool, safe and lively background, populated with young professionals, college students, sports enthusiasts and other fun-prone, interesting people. In addition, they are also very walkable, according to walkscore.com (Lincoln Park 87, the Gold Coast 94, and Lakeview 91) and easily accessible by public transportation.
Which Chicago neighborhood would you recommend?