Discounts and Deals Still to be Found in Chicago’s High-Demand Rental Market
CHICAGO (February 8, 2016) – Would-be renters may have experienced a case of sticker shock in recent months when shopping for a new apartment in the Chicago area. According to Appraisal Research Counselors, rents on Class A apartments in the city were up 36 percent from 2009 and, in the suburbs, were up 31 percent in the same time period.
But the winter months may bring some relief, with several area multi-family managers offering hot incentives during the cold weather. Here are five Chicago-area luxury communities offering deals this winter:
Residences at NEWCITY in Lincoln Park – Valid on new leases only, residents will receive $500 off the first month’s rent at the newly built, 199-unit luxury community that is part of the 8.5-acre mixed-use NEWCITY development located at 1457 N. Halsted along the Clybourn Corridor in Chicago’s Lincoln Park neighborhood.
Floor plans at NewCity measure 590 to 1,315 square feet and include studio, convertible, one-bed/one-bath, one-bed-plus-den, and two-bed plans. All homes feature quartz countertops; GE Energy Star clean steel appliances; plank flooring throughout; 9- to 10-foot ceilings; floor-to-ceiling windows; in-unit washer and dryer; and private balconies.
Amenities include a 24-hour doorman, cyber café and coffee bar, reservable conference room, bike parking and repair station, and a fitness studio with interactive classes. Residents also enjoy an outdoor grilling area, lounge with a fire pit, swimming pool and spa, and dog run; a theater room; and a 24-hour gym. Reserved parking is available.
73 E. Lake in the East Loop – Another building offering $500 off the first month of a new lease is also one of the newest luxury addresses in Chicago. The 42-story luxury tower opened last year and is approximately 95 percent leased – so renters interested in this special need to act fast.
73 E. Lake has 332 units ranging in size from 682 to 1,246 square feet. Plans include convertible/studio-style layouts, as well as one-bedroom and two-bedroom layouts. The apartments offer a high level of interior finishes, including GE stainless steel appliances and quartz countertops in the kitchen, 9-foot ceilings, hardwood flooring, floor-to-ceiling windows, and a full-sized in-unit washer and dryer.
The building has multiple floors of luxury amenities. For example, the ninth and tenth floor has an indoor pool; oversized spa with waterfall; sauna and steam rooms; and a state-of-the-art gym with separate fitness room featuring a Fitness on Request class kiosk, plus a Core Fitness studio ideal for personal training sessions. These floors also contain a business center and two conference rooms, cyber café, event room/demonstration kitchen, theater, and sundeck with cabanas and a BBQ area equipped with grills. The eighth floor has a heated and covered dog run, while the second floor includes a pet spa. The 42nd floor is home to the Sky Lounge, a 2,000-square-foot event room, and separate formal dining room, both with 18-foot ceilings.
The Oaks of Vernon Hills in Vernon Hills – It’s a “bakers’ dozen” promotion at this newly-built, luxury garden-style suburban community: pay for 12 months and get the 13th free on a new 13-month lease.
Located along Route 45, just west of Milwaukee Avenue in Vernon Hills, the 32-acre development features 288 apartments in eight three-story buildings, and 48 rental rowhomes. The apartments include one-bed/one-bath and two-bed/two-bath plans measuring 696 to 1,212 square feet. Each luxury building is served by an elevator and also includes attached garages. The rowhomes, measuring 1,487 to 1,800 square feet, offer two or three bedrooms with 2½ baths and an attached two-car garage.
The Oaks offers residents a host of amenities including a clubhouse with a catering kitchen, theater/gaming room, state-of-the-art fitness center, and outdoor swimming pool with sundeck and fire pit. The community also features a bocce court, pergola, five grilling stations, dog park and open green space throughout, connected by walking trails.
Northgate Crossing in Wheeling – Be among the very first residents at this brand new luxury community and earn a free month rent this winter on any new 13-month lease. Additionally, those who sign a lease within 48 hours of a tour will have their application and admin fees waived.
Located between Lake Cook Road and Dundee Road on Northgate Parkway in Wheeling, the 20-acre Northgate Crossing development is located two blocks north of the Metra station, and features nine three-story luxury apartment buildings on a heavily landscaped, amenity-rich site. The residences include one-bed, one-bed-plus-den and two-bed/ plans measuring approximately 696 to 1,212 square feet.
There is no shortage of amenities at Northgate Crossing, including an approximately 7,000-square-foot clubhouse with a state-of-the-art fitness center, club room, business service center, demonstration kitchen and gaming/theater room. Residents will also enjoy outdoor features, such as a resort-style swimming pool and sundeck, grilling stations, ample patio seating, fire pit, bocce ball court, and walking paths. First move-ins began at the end of December.
Prices are subject to change.