Chicago's Luxury Rental Rates Hold Strong
What happened
The average cost per square foot for premium rentals in Chicago remains robust, according to recent market data. This sustained pricing power in the luxury segment reinforces the market's strong fundamentals. The data supports a strategy of holding firm on pricing ahead of the peak leasing season.
Why it matters
- The average rent for an apartment in the Gold Coast is $2,519, which is a 4% increase compared to the previous year. - Competitor Millie on Michigan, a modern luxury high-rise built in 2021, is currently listing studios starting at $2,550, one-bedrooms from $3,138, and two-bedrooms from $3,697. - At Park Tower, which is situated atop the Park Hyatt Hotel, two-bedroom condo rentals are listed as starting at approximately $8,000 per month. - The Deco, a renovated Art Deco building from 1927, presents a more vintage-style luxury option with studio apartments starting from $1,803, and one-bedrooms from $2,150. - To attract new tenants, some Gold Coast properties are offering incentives; for example, 21 E. Chestnut is offering six weeks of free rent for leases of 14 months or more, and Chestnut Place is providing a $200 rental credit for applicants who apply within 24 hours of a tour. - Within the Golub & Company portfolio, current starting rents include $2,075 for a studio at 21 E. Chestnut and $2,169 for a studio at Chestnut Place. - At the higher end of the market, Two West Delaware lists one-bedroom apartments starting at $3,353 and two-bedrooms from $5,692. - The Gold Coast rental market is predominantly composed of renters, with 62% of households in the neighborhood being renter-occupied.
Key numbers
- - The average rent for an apartment in the Gold Coast is $2,519, which is a 4% increase compared to the previous year.
- Competitor Millie on Michigan, a modern luxury high-rise built in 2021, is currently listing studios starting at $2,550, one-bedrooms from $3,138, and two-bedrooms from $3,697.
- At Park Tower, which is situated atop the Park Hyatt Hotel, two-bedroom condo rentals are listed as starting at approximately $8,000 per month.
- The Deco, a renovated Art Deco building from 1927, presents a more vintage-style luxury option with studio apartments starting from $1,803, and one-bedrooms from $2,150.
Quick answers
What happened in Chicago's Luxury Rental Rates Hold Strong?
The average cost per square foot for premium rentals in Chicago remains robust, according to recent market data. This sustained pricing power in the luxury segment reinforces the market's strong fundamentals. The data supports a strategy of holding firm on pricing ahead of the peak leasing season.
Why does Chicago's Luxury Rental Rates Hold Strong matter?
The average rent for an apartment in the Gold Coast is $2,519, which is a 4% increase compared to the previous year. Competitor Millie on Michigan, a modern luxury high-rise built in 2021, is currently listing studios starting at $2,550, one-bedrooms from $3,138, and two-bedrooms from $3,697. At Park Tower, which is situated atop the Park Hyatt Hotel, two-bedroom condo rentals are listed as starting at approximately $8,000 per month. The Deco, a renovated Art Deco building from 1927, presents a more vintage-style luxury option with studio apartments starting from $1,803, and one-bedrooms from $2,150. To attract new tenants, some Gold Coast properties are offering incentives; for example, 21 E. Chestnut is offering six weeks of free rent for leases of 14 months or more, and Chestnut Place is providing a $200 rental credit for applicants who apply within 24 hours of a tour. Within the Golub & Company portfolio, current starting rents include $2,075 for a studio at 21 E. Chestnut and $2,169 for a studio at Chestnut Place. At the higher end of the market, Two West Delaware lists one-bedroom apartments starting at $3,353 and two-bedrooms from $5,692. The Gold Coast rental market is predominantly composed of renters, with 62% of households in the neighborhood being renter-occupied.
