Chicago Relocation
 

Chicago Northside Rents Rise

April 21, 2014

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John D’Ambrogio

As reported last week in Crain’s Chicago Business – the market recovery is creating some interesting market micro-situations. Despite both serving a similar upscale white collar clientele, a whopping 6,200 apartment units are slated to open up in downtown this year. Just ask me – As a South Loop resident I can see a good 400 of them from my balcony window. Not surprisingly, Crain’s reports that “the battle for tenants is just beginning.”

But it’s a different story a few miles north in the upscale Lincoln Park and Lakeview communities. Why is that? Frankly, much of the land is long spoken for up there. Not that things don’t open up or change over. Although when they do, you sometimes have half decade delivery dates – Think 2550 Lincoln Park on the site of the old Columbus hospital.

Plus, zoning for many of the parcels are low density by tradition and design. That is in contrast to the loop, where through the years you have seen high rise office buildings convert the entire space to condos.

Crain’s admits that finding reliable vacancy information outside the great loop is difficult (they cite a fragmented market, among other reason). They do feel, however, that the south side still lags behind either market.

So what does that mean for a transferee relocating to Chicago? As a renter – high rise living in the center of the city is going to be a relative bargain, while the charm of the city’s Northside may cost a bit more.

Read the entire article HERE.