Median rent for a two bedrooms apartment in Lincoln Park, Chicago is $3,000/ month

Lincoln Common in Lincoln Park (shown here on Monday of this week) is a sexy rental and retail development on the former Children's Memorial site.  All photos Eric Rojas, Broker, Kale Realty

The median monthly rent for a two beds apartment in Lincoln Park over the last twelve months is $3,000. A three bedrooms apartment has a median rent of $4,200.

I was in Lincoln Park this past week looking at relatively higher-end rentals for a client moving to the city. We passed the Lincoln Common Apartments entrance at 2345 N Lincoln Avenue, Chicago IL 60614. Rents at Lincoln Common Apartments are listed from $2,600 to $12,500 a month on Apartment.com. Affordable apartments are also offered to qualified candidates based on income and other factors.

I've written about the Lincoln Common development several times in the past. It was built on the former Children's Memorial site. The old Children's Hospital and location is near and dear to our hearts... my wife has worked with Children's (and now currently named Lurie Hospital)  for over 22 years. My old office was around the corner.  We loved our time in Lincoln Park.

To buy, sell or rent in Lincoln Park and most Chicago and near suburbs please contact my team at erojas@kalerealty.com  

Visit my business page for recent posts, off market listings and more www.facebook.com/chicagorealestatelocal

Condo rental views from 340 on the Park, Lakeshore East

 

40th floor balcony views at 340 on the Park in Lakeshore East, downtown Chicago (all photos Eric Rojas, Broker, Kale Realty)

It's hard to place a value on great views... unless you are at 340 on the Park in Lakeshore East! 

Our clients viewed a rental condo unit at 340 on the Park, 340 East Randolph Chicago IL 60601  at Lakeshore East last week... and caught the only peek of sunshine all week! The views and location are spectacular. Rents for a condo unit in the building over the last 12 months have ranged from $3,300/ month to $16,500/ month.

25th floor amenity deck views from 340 on the Park.

Amenity deck views of Millennium Park and Michigan Avenue skyline

Motivation Monday! I would even get on the elliptical for these Lake Michigan views.

Downtown condo rentals (owned by an individual in a 100% condo building that is allowed to be leased to a tenant) are often desirable to high-end renters.  They seek a more predictable condo association environment of longer term owners and less turn-over of neighbors. There are certainly well run 100% rental buildings with great amenities. However, anecdotally speaking, the building will be more transient with constant move-in and out tenants. High-end condo renters may also choose to negotiate and communicate with the condo owner/ landlord rather than a large rental office management company. 

To purchase, sell or rent condos in downtown/ Loop locations please contact us for our recommendations and resources. 

Eric Rojas, Broker

Kale Realty

2447 N Ashland, Chicago IL 60614

773-510-1597

erojas@kalerealty.com

Looking for Chicago Loop condo rentals

Gray views this morning from the 43rd floor at the The Heritage, 130 N Garland, Chicago 

Nothing a double shot can't solve! Despite April snow flurries Bob is in the Chicago Loop this morning looking at three bedrooms condo rentals with our clients. The median price of a three bedrooms condo rented in the Loop is $5,900 a month! (Stats over 12 months for 59 closed three bedrooms units in MREDLLC.com)

Nothing better than a double espresso to get you going in the Loop

Our sellers are under contract on their sale and want to stay downtown for another year... but they prefer renting from a condo owner rather than a 100% rental building. Gloomy views from the 43rd floor are better than no views!

Taking a look at a condo rental in Aqua, at Lake Shore East. We have no problem waiting in these gorgeous lobbies!

 

Downtown Evanston church conversion shaping up years later

 

A church is being converted into seven residential units while a 23 unit apartment building goes up at the former parsonage house and parking lot. All photos Eric Rojas, Broker, Kale Realty

The downtown church conversion with new construction apartments first proposed in 2021 is making it's way to the finish line.  The sharp looking renovation and modern structure at Oak and Church Streets definitely catch the eye. It's taken awhile though.  Evanston Now first wrote about the proposal in March 2021 and followed up in 2022.  Completion looks to be sometime in 2024.

About 161 downtown Evanston condos have sold over the last 12 months.  The median price of a sold condo in the downtown footprint is about $330,000.  The lowest priced condo sold for $80,000 and the highest priced condo sold for $2,000,000. 

About 116 downtown apartments were rented in the last twelve months with a median monthly rental price of about $2,600. 

All data gathered from MREDLLC.com  and analyzed by Eric Rojas, Broker, Kale Realty. Questions, buying or selling contact  erojas@kalerealty.com

New West Loop rental! Furnished two bedroom loft, utilities included, Skinner School district

1224 West Van Buren, Unit 624, Chicago IL 60607 for rent $2,200 per month furnished and  available now.

Upgraded kitchen with Bosch appliance package and utensils. All photos Eric Rojas, Broker, Kale Realty and VHT.com

We're excited to offer a new two bedroom rental listing at 1224 West Van Buren in West Loop. Monthly rent includes: Electric, gas, 5G Internet, basic cable, IN-UNIT washer and dryer.  Freshly painted condo rental in amenity building featuring fitness room, yoga studio, media room, roof deck and 24/7 doorman. Permit parking district. Garage parking may be available in the building. Sorry no pets, no smoking. Tenant responsible for daily supplies (i.e. light-bulbs, detergents etc...).

*Applicants must have 650 credit score and 2.5x yearly rental in gross household income (roughly $66,000)* Voucher applicants welcome.

Entry lobby with 24/7 doorman staff.

Furnished living room with plenty of space for a dining table.

Kitchen equipped with plates and silverware.

Master bedroom easily fits the king bed and furniture. Organized closets.

Double vanity master bathroom.

Huge second bedroom. Currently set up with two beds.

Balcony off the living room.

Great West Loop location just steps from Target, UIC campus, Rush University Medical Center, Skinner Elementary, Skinner Park, Racine CTA Blue Line and a billion restaurants and services.

The condo building resides in top rated Skinner School district just steps away.

Escape the bustle in Skinner Park

Exclusively listed by

Eric Rojas, Broker

Kale Realty

2447 N Ashland, Chicago IL 60614

773-510-1597

erojas@kalerealty.com

New construction rental building proposed for 2150 West Lawrence Avenue, Lincoln Square's Surpless Dunn building

There is a development proposal for 2150 West Lawrence that would add 59 rental units, commercial space and 50 parking spaces to this booming strip of Lawrence next to popular Roots Pizza.

The latest 47th Ward Zoning Advisory Committee update shows another significant Lincoln Square rental development proposal.  We pointed out last November the Surpless and Dunn building was for sale.  Check out the renderings of the proposed 59 unit rental development at 2105 W Lawrence that would add to the existing structure and build a second new building with 50 parking spaces...  Wow!

The parking lot at Surpless, Dunn and Company would be replaced by a new building. All photos Eric Rojas, Broker, Kale Realty

#ANewLawrence keeps on trucking.  As a long time resident near this building I've really enjoyed all the foot traffic Roots and The Sixth have brought to Lawrence.

Construction begins at new Lincoln Square apartments on Lawrence Avenue.

Another construction project begins at 2208 W. Lawrence Ave of mixed-use residential/commercial complex that would include 21 apartments and three to four small retail spaces (photo Eric Rojas, Broker, Kale Realty). Read about the planned development HERE

The renewal (read construction) of West Lawrence Avenue in Lincoln Square has been a little bit of a tough pill to swallow for some locals.  The Lawrence Avenue Streetscape project between North Ashland Avenue and North Western Avenue has lingered a bit compounding the usual barrage of summer construction projects. 

I'm sure it will be pedestrian terrific (my phrase). At the moment it's still a minefield of equipment, cones and signs... lots and lots of signs. Don't forget to call us to buy, sell or rent in around Lincoln Square.

Rented! We found an "off market" unit at the Marlborough in Lincoln Park

The Marlborough at 400 W Deming Place in Lincoln Park has pre-war New York style apartments in a hard to beat location. Well managed condo buildings are appealing to professionals that don't want to be in a strictly rental building.

A client contacted us looking for an in-town home for work.  He specifically asked for The Marlborough condo residence building at 400 W Deming Place in Lincoln Park.  Although there were no listed units for rent on the market we were able to identify a home that was coming up for rent in a month. 

Our Streeterville professional did not want to be located immediately adjacent to work.  There are few places we like better than the Lincoln Park lakefront location of West Deming Place and North Lake View Ave.  A large vintage apartment in this prime location is a dream lifestyle.

The going rate for a relatively updated one bedroom rental apartment at the The Marlborough is about $1,800 a month.  That includes your heat and basic cable.  The homes have radiant heat and coin laundry is located in the building.

We secured the rare condo unit rental before it went to market.  Enjoy summer in the city across from beautiful North Pond!

Renting Streeterville now!

We're in Streeterville showing rental apartments to future Chicagoans today (right now!).  The clients have narrowed it down to 222 East Pearson or 253 E Delaware to be super close to work.  The units average about $1,600 a month and tenants usually pay electric and Internet.

222 East Pearson.  The units here are smaller than others we looked at but feature IN UNIT WASHER/DRYER. The building amenities include doorman, fitness room, roof deck, bike room and laundry facility.  No pool and no balcony with the unit.

253 East Delaware. The units here are good sized one bedrooms. Amenities include 24/hour doorman, fitness room, sun deck, bike room and laundry facility. No pool and no in-unit washer/dryer or outdoor space with the unit.

Once they decide on a unit we make an offer with terms (years, pets etc...) and the rent price.  If accepted the tenant will fill out an application and credit check typically provided by the owner or broker.  Typical fee for this is $50.00.  We also have our own application and credit check service at Kale if the lessor wants to use it.

If all is clear, we tender the actual written lease and City of Chicago disclosures, cut checks and get signed off.  There is a lot of paperwork involved in renting Chicago homes "above board".

Looking for house rentals in Forest Glen's Edgebrook and Wildwood neighborhoods

A wide street and forest-like parkways in the Wildwood neighborhood of Forest Glen, Chicago (Photos Eric Rojas, Broker, Kale Realty)

We were out over the weekend looking for higher-end house rentals in Forest Glen for a client.  There are few highly updated or newer single family homes to rent in Forest Glen.

The mostly brick homes and lots of Forest Glen can be modest or amazing (like this one), but always interesting to look at.

Forest Glen single family home rental STATS
-19 single family homes are listed as rented in the MLS for the greater Forest Glen community area over the past 12 moths. 
-Most of the homes were modest in size and finish level. 
-The majority of the houses rented for under $2,200 per month. 
-One house rented for over $3,000
-Only two homes are currently listed for rent on the MLS in Forest Glen.  Others may be available through private owners.
-Few houses were rented in the Edgebrook and Wildwood School districts

 Check out YoChicago.com's photos of the Wildwood neighborhood



Stats from MREDLLC.com and anecdotal experience gathered by Eric Rojas, Broker, Kale Realty

Consulting "Mr. Joe" on Lincoln Square rental renovations

Take down that wall!

We recently consulted one of our long time clients ("Mr. Joe") who is renovating Lincoln Square vintage units in his buildings to fit modern expectations. We know what renters and buyers want for their money... open it up! 


Many Chicagoans are familiar with these smaller separate kitchens and pantry spaces in their vintage rental units.  Our long time landlord client is gutting each unit as tenants move out.  Mr. Joe's Lincoln Square and North Center tenants stay for an average of 10 years!

 

Solid doors and original brass hardware stay.

 

As professional real estate brokers we make relationships that last a lifetime and benefit our clients.  Our landlord client is also a home remodel company and refers us his tradesman. He also works and consults for our clients on a regular basis on their repairs and home renovations.  It's good to have skilled partners that have seen it all and can bail us out!

 

Remember, our hard earned partners are your partners when we represent your sale, purchase and rentals. We continue advising while you live in your home too.  Just ask!

Bob stops at the Belden Stratford, Lincoln Park

Photo taken by Bob today at the Belden Stratford 2300 Lincoln Park West in Lincoln Park. 

Bob met a customer in the lobby of the landmark Belden Stratford today.  The re-location couple is moving here from Texas and they currently have temporary housing in one of the best spots in Chicago.  They will be renting one of our property listings. 

Recently purchased for $60 million and remodeled, the Belden Stratford offers a sophisticated New York state of mind existence for corporate relocations, short term rentals and those looking to live longer term in boutique hotel style.

Check photos of the gorgeous lobby, amenities and apartment offerings at the Belden Stratford HERE

The setting at Mon Ami Gabi housed at the Belden Stratford is still one of my favorite spots for guests visiting Chicago in the summer.

Rented! Renovated single family house in Portage Park ... without the hassle!

 A friend and associate recently asked for help while looking for a rental house for their family.  They at first tried calling Craiglist and other third party advertisements.  They ran into bait and switch ads and dubious offers. They quickly realized this was not a reliable, or even safe, way to find a rental home.

We recently helped our clients rent this newly renovated 4+ bedrooms single family house near North Austin and West Irving Park Road in the Portage Park neighborhood for $1,895 per month.

She called me and asked if we could even help with this.  Sure! We quickly got them up to speed on the market in their budget, scheduled showings of legitimate rentals (where we were present to show the houses) and found a newly listed renovated house close to their work and family.

Bob and I help our clients, friends and associates find homes to rent.  We also handle professional listings for rental homes.  Please contact us if you are looking for a place to rent or need to rent out your home.

For good information on renting in Chicago, visit www.YoChicago.com and browse their many posts on rental ads, services, buildings and tips.

Video! Listing your property for sale while tenant occupied

We've had a lot of discussions lately with our clients concerning when to list a property.  Several clients have renters in their condo units or houses.  Their leases will be coming up early next year and they have to give 60 days notice that they will not renew the lease.



Here's a re-post of a video we did with www.YoChicago.com this year explaining a few factors involved with listing your home for sale when it is tenant occupied.

Just rented! A furnished two bedroom at swanky 400 N LaSalle

400 N LaSalle (photo Bob DePalma)

We just represented relocation clients on a rental condo at 400 N LaSalle #4402 in River North... steps from the Financial District.  The executive couple wanted something close to work (which is also on LaSalle).  While initially looking further east in Streeterville this furnished 2 bedrooms, 2 bathrooms home on the 44th floor was too good to pass up at $3,200 a month asking.  The "stand alone" location offers great views and a sense of open space.

Bob has owned and lived in many near north and downtown locations.  He's very particular and knowledgeable about tangible and intangible building features such as unit location, unit construction quality, finish levels building location and transportation options.  We love downtown living and we want our clients to have a great experience especially when new to Chicago.

Owners and tenants are greeted by a nicely landscaped drive and attractive lobby.  The outdoor pool and common sky deck are very attractive.  The location can be very peaceful too even when so close to the action.

The unit features newer finish level and sought after balcony.  The building has everything an executive needs: 24/hr doorman, pool, fitness center, business center and available garage parking.

Bob and I welcome our clients to fantastic city living.  If you are looking for a quality rental situation  or need to rent your home please contact us direct. 

Watch one of our former high-end rental videos in Old Town!
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Showing rental and condo properties in "River East" of Streeterville

Bob and I have been down in Streeterville and it's sub neighborhood of River East showing condos and higher-end rental apartments.


The 500 N Lake Shore Drive shown in the middle is a newer rental apartment building in River East. (Photo Eric Rojas, Real Estate Broker)

 

I showed a few rentals last week in 474 N Lake Shore Drive.  The condo building recently has a rare Streeterville 3 bedrooms, 2 1/2 baths rental offering under $4,000 with spectacular city and lake views.  Our clients also viewed a couple two bedrooms, two baths units with great views from this building.  Prices for two bedroom condo rentals started at $2,700 a month plus parking.

At the moment, there are 13 condos actively for sale at 474 N Lake Shore Drive.  One bedroom and studio units start at $270,000.  One three bedrooms condo is listed at $599,000. The highest listed condo is $1,399,000 for a three bedrooms, two baths corner home with "maid's room" and family room.



Views from 474 N Lake Shore Drive

Photo Bob DePalma

The River East Art Center is one of the anchors to this unique downtown area that is just steps from the lake paths and Navy Pier.  Next door to 474 N Lake Shore Drive is the upscale market and cafe Fox and Obel.

Got dog?

 

The rental factor when buying and selling a condo

The number of rentals in a condo building can affect the pricing and financing options for a condo sale.  Interestingly it can have a negative OR positive affect depending on the over-all situation.  Here's a few examples:

NO RENTALS! If a building does not allow rentals or has capped any new rentals it can be a turn-off for buyers looking for more flexibility. For example, some buildings only allow 25% rentals at any time or require owners to live in a unit for 24 months prior to allowing the unit to be leased out.

On the other hand, buildings that don't allow rentals or have capped them to a low percentage will usually be attractive to mortgage lenders.  A "no-rental building" will also attract a certain market looking for more stability and less issues come re-sale time.  All things being equal, a "no- rental" building may command a little higher price.

HIGH RENTAL OCCUPANCY! If a condo building has 50% or more rental occupancy it may be hard to get a conventional loan or to use your lender of choice to do a loan in the building.  In these cases, some specialty lenders for the building may be one of only few options.  These higher rental occupancy buildings often require 20% down loans or cash purchases.

Condos in high rental occupancy buildings with restricted future rentals may have to be priced 10% to 20% less (we've seen up to 50% less) than other comparable condos without the rental issues.

The rental situation in your building matters when it comes to pricing.

NO RENTAL RESTRICTIONS!  This can cut both ways.  A building with no rental restrictions and low rental occupancy can command a good price.  It gives the buyer the most flexibility (of course, the building could become a high rental occupancy building in the near future and change the game).

A building with no rental restrictions and HIGH rental occupancy may need to be priced lower than comparable units OR may still command a higher price.  In fact, because a lot of buildings in certain desirable locations are restricting rentals there may be high demand for a rent-able condo.   Some buyers are willing and able to make a larger down payment and pay a higher price for the flexibility to rent out the unit as they have few other options in a desirable location.


When pricing a condo for sale or working with our buyer clients we make sure to get all this information up-front to better understand the value of a condo.  It's also important to understand the risk tolerance and goals of the client.

Photos! New construction update at Division and Ashland in East Village/ Wicker Park

Rent a new apartment here in East Village/ Wicker Park and "Eat Great, Even Late!"

You can read coverage of the new mixed commercial and rental apartment building at 1611 W Division at Curbed and Yo Chicago.  Here's a couple photos of the construction taken by Bob while doing business in the neighborhood today.

 

For rent? YoChicago.com on renting, tenants rights

www.YoChicago.com (a video service vendor of ours) does great writing on the apartment rental business and legal real estate practices in general.  A recent topic deals with when or not a landlord can show a rented apartment that has tenants living in it.

Make sure your rental manager or leasing agent is professional, licensed and "by the book" (photo Eric Rojas)

The topics range from tenants rights to illegal business practices by leasing brokerages and non-licensed "brokers".  I have both dealt with - and heard first hand of - shady rental dealings and advertisements.  Just look at Craigslist today for maddening results.

Bob and I are Illinois licensed Real Estate Brokers and members of our local MLS (MREDLLC.com) and various Realtor associations (CAR, IAR, NAR).  We personally deal mostly with MLS listed rental properties when representing our own rental listings or if representing a client looking to lease a property.  We use updated Chicago Residential Landlord Tenant Ordinance (CRLTO), proper disclosures and best practices as prescribed by the City of Chicago and our state regulated professional standards.

If we show a rental unit not listed on the MLS it must be by a legitimate and professional property leasing representative that equally follows CRLTO and best practices.  We don't typically deal with a private owner direct when representing a rental client. We feel our professional standards will result in the best outcomes for owners and prospective tenants alike.

Landlords, change those locks

Photo, Eric Rojas - Real Estate Broker

We recently rented out a house for one of our clients and were reminded of a new(er) Public Act. According to a summary on www.tenants-rights.org Public Act 97-470 requires all landlords to "change or re-key" locks of rental property when a renter moves out and a new renter moves in with a lease agreement.  Read more about the Act, exemptions and link to it HERE