Should You Rent or Should You Own? A 2-Bedroom at 118 E. Erie in River North
This 2-bedroom rental in the new Ritz-Carlton high rise at 118 E. Erie in River North came on the market in June 2013.
The listing also says it’s the only rental currently available.
On the 24th floor, it is a split 2-bedroom with 1505 square feet.
It has luxury finishes throughout including stone bathrooms and a full size back splash in the kitchen along with stainless steel appliances.
The rent includes cable, gas, heat, water, a/c, doorman and parking.
The unit directly below it, Unit #23B, is currently for sale for $1.63 million.
It is the same square footage, 1505 square feet, but is a 1-bedroom plus den. It has monthly assessments of $1734 a month.
Originally listed for $7,000 a month, Unit #24B has been on the market nearly 2 months and was just reduced to $6,000.
Should you rent or should you own?
And given the caliber of this building, is this rental a deal at $6,000 a month?
You can see the rental listing here.
Unit #24B: 2 bedrooms, 2 baths, 1505 square feet
- Originally listed for rent in June 2013 for $7,000 a month
- Reduced
- Currently listed for $6,000 a month
- Rent includes cable, gas, heat, water, a/c, doorman, parking for 1 car
The second bedrooms screams ‘lux’. It’s the size of a closet. This is a bubble property still stuck in bubble pricing.
“The second bedrooms screams ‘lux’. It’s the size of a closet.”
15×10? That’s a big closet.
I wonder if it’s really just a “den” like the other units in this tier appear to be (i.e. it has no closet.)
If it’s really a second bedroom with a closet then $6,000 a month for this building doesn’t seem too bad to me. You’ll easily pay $3,500 to 4,000 or more for a 2/2 in many of the “luxury” apartment buildings in the area.
No pets? For $6k a month, I better be allowed to have pets.
Is there a character limit for the description? Beyond the private club, what else do you get since luxury is the selling point of this place.
LOL what? Now here would be an example of flushing rent money down the toilet
I was skeptical. But since it comes with a parking spot, I’m sold.
Would probably be better off with all the new amenities at apartments like 500 n lake shore, coast at lakeshore east, k2, Hubbard place, or amli river north. You can get a 2/2 1200sq ft with parking for around 4k and not have to put up with all of the condo b.s.
I’d much rather pay $6k a month for a few years than buy this for $1.63MM
i’m with slumlord.
it’s not even close with such a ridiculous asking price.
Renting seems like a good idea with this place. You get a lot for your money, including parking, and you avoid the assessment/taxes which are bound to be high in a place like this (probably $4,000 or more per month combined). The price seems logical for this building. Hard to tell what the unit is like without furnishing, however.
neither. rent/buy at these price is a losing proposition. There are better many options.
After deducting $1734/mo for A and $20k/yr for T, the remaining rent at $6k/mo is under a 2 cap on the ask (and the $7k only a 2.7). So, rent or buy is clearly rent, not that either is necessarily a good idea.
>15×10? That’s a big closet.
You can fit a full sized bed, dresser, and desk in this space. It’s not huge but it is a real bedroom. My 2nd bedroom is 12×10 and it fits all these things.
Needless to say, I don’t have the wherewithal to spend $6,000 a month on an apartment and wouldn’t do so even if I did have it. I’d rather pay less for a vintage place in a less glamorous location. But if you have to have Michigan Avenue and a new building, this might fit the bill.