There are thousands of new luxury apartments being built in downtown Chicago, some of which will come on the market later this year.
They have all the luxury features of many condos, including stone counter tops, new kitchen cabinets, stainless steel appliances, and hardwood floors in the main living areas.
This 1 bedroom plus den in The St. Clair at 550 N. St. Clair in Streeterville just came on the rental market.
At 1125 square feet, the listing says the den can be used as second bedroom.
This unit has upscale kitchen appliances and cabinetry and marble bathrooms.
It has a terrace that overlooks Michigan Avenue, floor to ceiling windows, and an in-unit Bosch washer/dryer.
This is currently listed at $2400 plus $200 a month for parking.
Given that many of the luxury 1-bedroom apartments, which are only 700 to 750 square feet, rent for this (and more)- isn’t this a deal?
Are luxury condo rentals going to have to lower their prices to compete with the apartment rental inventory that is coming on line in 2014?
Will some luxury condo owners actually have to upgrade their units (new appliances, counter tops, bathrooms) in order to compete in the rental market?
Jeff Leong at @Properties has the listing. See the pictures here.
Unit #1005: 1 bedroom, den, 1125 square feet
- Rented for $2600 a month in 2013
- Currently listed for $2400 plus $200 a month for parking
- Deposit: $2400
- Rent includes cable, gas, heat, a/c, pool
- Central Air
- Washer/Dryer in the unit
- Bedroom: 14×12
- Den: 14×10