550 n st clair approved

Will Luxury Condo Rentals Be the Deal of 2014? 550 N. St. Clair in Streeterville

Jan 7 • Streeterville • 1285 Views • 9 Comments

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

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9 Responses to Will Luxury Condo Rentals Be the Deal of 2014? 550 N. St. Clair in Streeterville

  1. Sabrina says:

    There are other condo rental “deals” out there right now.
    Check out this 800 square foot 1-bedroom in the Heritage for $1900. That includes the parking.
    http://www.realtor.com/realestateandhomes-detail/130-N-Garland-Court-Unit-1608_Chicago_IL_60602_M73247-61046?source=web
    This is significantly under what you’d pay to rent in a luxury apartment building for the same square footage.

  2. chuk says:

    This does look like a deal. Another 1br in the same building is asking $3k.

  3. sonies says:

    Its also the best time of year to be searching for a rental too… doubt you find something like that in April or August IIRC which are the most popular leasing months
    Those are both sweet deals however

  4. AnonIDGAF says:

    1BRs in that building were going for that rate in 2011. Not a bad deal. Having shades already installed is nice too. Save a couple grand with a unit like that.

  5. Icarus says:

    well this site has really changed. How’s the traffic, Sabrina?

    Sorry this is late, meant to post this a week or so ago

    On the twelfth day of Christmas
    Sabrina sent to us:
    12 Commentors Commenting
    Eleven Trolls a Trollin
    Ten Flippers a Flippin
    Nine New Constructions
    Eight Jumbo Mortgage a defaulting
    Seven Short Sales a Selling
    Six Gut Rehabs
    Five GZ Unicorn Properties
    Four Condo Conversions
    Three Forcloses relisted
    Two Turnkey Properties
    and a Penthouse in the Polimolive

  6. Sabrina says:

    “well this site has really changed. How’s the traffic, Sabrina?”

    Um…DUH!!!!!

    Where have you been?

    I’m not running the site and haven’t been for 3 months.

    Lol.

    This is the most hilarious comment ever.

    The site is on hiatus. Duh!

    I’m only posting this week because I’m stuck in my house (am not leaving for my new job overseas for a few more weeks) and I’m actually, gasp, finding some interesting things to chatter about.

    As for traffic, since you asked, surprisingly- it’s about the same as it’s been the last 6 months even though I’m only doing 1 to 2 new posts a month now. I think lots of people find the 6 years worth of content on this site useful.

  7. Sabrina says:

    “Its also the best time of year to be searching for a rental too… doubt you find something like that in April or August IIRC which are the most popular leasing months.”

    I believe if you look up the St. Clair rental, it rented for $2600 last spring (which would be PRIME rental period.) So, no, that’s not it. Although they may get a little less this year with the thousands of new units coming on the market.

  8. Mike says:

    Agree, both pretty good deals. The luxury buildings are dropping their prices though. I think only AMLI on Hubbard is commanding much more rent than this for a 1br. 500NLSD, Optima and Hubbard Place are all right in there. The big differences are the square footage vs amenities. This unit is a solid 400sf bigger than the rental building 1br’s, but those buildings also have absurd amenities. It’s still two different types of renter, although admittedly with more overlap now that the rental highrises are catching up in terms of finishes and finally installing some hardwood floors.

  9. Pete says:

    $3k a month for ANY one-bedroom condo in Chicago is delusional silly-talk. That price point is not supported by market fundamentals nor is it sustainable. The apartment market is overdue for a correction, which is already in progress. A year from now, rents will be lower not higher. And anyone listing a 1 bedroom for $3k/mo will see it sit empty until they lower the price. Not even in the peak spring and summer months of this year will people pay that much.

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