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Jonathan Satizabal's Blog

By Jonathan Satizabal | Agent in Chicago, IL

Luxury Rental Property in West Town Chicago

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. 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 for luxury apartments in the West Town neighbor hood.

Comments

By Phil Burnstine,  Tue Feb 17 2009, 14:38
Rentals throughout the city seem to be dropping, not just in West Town. Luxury rentals in the South Loop seem to be dropping as well. You can get a two bedroom luxury condo for $1,950 - $2,050 facing the lake! Parking is $175-200 on top of that.
By Jonathan Satizabal,  Tue Feb 17 2009, 19:33
I wonder if less affluent neighborhoods are less likely to see rent decreases. Since the increased amount of forclosures will decrease the amount of units available to rent in these areas. Especially since abandonded buildings tend to get vandalized and require a lot of money and work to improve them. I just helped a lady find an apartment on the west side. Her house was foreclosed on. She's a section 8 tenant so the rental commission was pretty good considering the area. Might be a good time to invest in the hood?
Section 8, it's gauranteed government money.

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