I've been working with people looking to rent properties for the last couple of months. This has been alot of fun. I've met alot of new people. I've seen alot of great rental properties and I've seen alot of really bad rental properties. Just the other day i realized how many luxury two and three bedroom apartments/ condos there are for rent in the West Town neighborhood. In Wicker Park Bucktown East Village and River West there are over two hundred listings for these units.Â Some of which are simply amazing. Beautiful European cabinet work, Jacuzzi tubs, many are duplex units some even with sauna's and steam rooms. Wow! I was floored by the quality and price of these places.
I rented a three bed two bath unit with a couple of friends in Wicker Park for 2400 a month. We though it was a great deal for what we were getting. That unit does not even come close to the quality of places which are on the market right now for the same price!
There is alot of real estate literature and opinions out there that predicted an increase in rent prices do to a shortage of available rental units. In the West Town area I really do not see that happening. A huge amount of condos were built which are not being sold. Developers and individual owners are putting these units on the market for rent. I can really see rental prices dropping forÂ luxury apartmentsÂ in the West Town neighbor hood.