chicago-condos & downtown chicago condos pcherry on 07 Jun 2011 09:18 am

Top 10 Most Expensive Downtown Chicago Apartments

June 7, 2011 - Yesterday we posted about how rents for Downtown Chicago apartments are predicted to go up another 10% this year. We also told you about a Crain’s article that stated the 97% leased Parc Huron is the most expensive downtown Chicago apartment tower right now. The article named the top 10 towers behind the Parc Huron so we thought we’d pass those along to you.

#1) Parc Huron on 469 W Huron at $2.73 per square foot.
#2) 215 West on 215 W Washington at $2.69 per square foot.
#3) One Superior Place on 1 W Superior St. at $2.68 per square foot.
#4) Aqua 225 on N Columbus Ave. at $2.67 per square foot.
#5) EnV on 161 W Kinzie St. at $2.66 per square foot.
#6) Flair Tower on 222 W Erie St. at $2.64 per square foot.
#7) Streeter Place on 355 E Ohio St. at $2.63 per square foot.
#8) The Bernardin on 747 N Wabash Ave. at $2.61 per square foot.
#9) One East Delaware on 1 E Delaware Place at $2.57 per square foot.
#10) Alta at K Station on 555 W Kinzie St. at $2.53 per square foot.

Some interesting points that the article made included Appraisal Research Counselors stating that the 171 apartment Bernadin has the highest jumpin rent with a 21.4% increase.

At 215 West, where the average monthly apartment rent is $2,221, Jupiter Realty will probably raise rents another 6% to 8% nest year and the free rent concessions will most likely stop by the end of this summer. Developers usually stop offering a month or two of free rent once a building is 90% leased.

So if you’re already renting, expect your rates to go up. And if you’re looking to rent Downtown Chicago apartments, expect to pay more next year.

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