Chicago's Luxury Rental Rates Hold Strong

- 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.