If you are looking for a luxury condo to rent in Chicago where do you start? What buildings are top quality but at the same time typically have the great amount of condos for rent? What are the most luxurious buildings in Chicago?
First – I have yet to find an “all rental building” that is anything close to luxury. Even some of the most expensive per square foot pale in comparison to condo buildings. That is why, if you are looking for a luxury rental, you should avoid most rental buildings and look to rent a condo. For those of you relocating from a different area it is good for you to know that Chicago does have a very strong rental market. Because of the strong rental market prices have increased substantially over the past two years. At the end of the day however, if you want to spend the money you can find what you want for lease.
Lets discuss some of the most popular condo buildings that will almost always have condos up for rent:
Trump Tower – 401 N. Wabash
Trump Tower is located on the edge of River North. It is on the corner of the river and Wabash Ave. Trump Tower is a full amenity building and also comes with all the amenities of the hotel since the hotel is located in the same building. Condos in Trump start on the 29th floor and carry upwards to the Penthouse on the 89th floor (sorry that isn’t for rent!). Pricing in Trump will of course vary with availability but you are typically looking at he following:
1 Bedrooms in Trump starting at $3,400/mo
2 Bedrooms in Trump starting at $6,000/mo for units with obstructed view by IBM building. $7,500/mo for units with views
3 Bedrooms in Trump starting at $9,000/mo but many have been renting in excess of $12,000 to $14,000 this summer.
340 On the Park located at 340 E. Randolph
340 On the Park is Chicago’s first LEED certified all residential building. It was completed in 2008 and is located in the Lake Shore East neighborhood. Not familiar with that location? Lake Shore East is on the South side of the river where the river meets Lake Shore Drive. 340 E. Randolph is the blue glass building you may have noticed while traveling north on LSD. This property over looks Millennium Park.
While this condo building doesn’t have a great deal of rentals in the building it does occasionally offer you some options. You’ll notice in this building that living spaces are huge and 1 Bedrooms start around 1200sf. The building itself features an indoor pool, large fitness center, lounge area, winter garden, 24hr door staff, etc. The finishes in this building are actually above Trump in my opinion. Higher quality stones from bathroom tile to kitchen counters were used and the use of the space in each unit is definitely maximized.
One Bedrooms at 340 On the Park start around: $3,000/mo. They can sometimes be had for cheaper or demand more depending on time of year and view.
Two Bedrooms at 340 On the Park start around $4,500 on the low end but don’t be surprised if you see them listed at or around $5,o00.
Three Bedrooms at 340 On the Park will start around $7,000/mo
600 North Lake Shore Drive
600 N. Lake Shore Drive is broken up into two towers. The building is lower on amenities in the fact that it does not have a pool but does have a nice fitness and business center along with an amazing rooftop deck in addition to having a gorgeous lobby. Security at this building has always been a top priority and you will always see two door staff on duty.
This building is a slight step down from Trump or 340 on the Park due to finishes. However, the quality is still excellent and the living space is well utilized. The building is located in the Streeterville neighborhood and well, you can tell from the address it is right on Lake Shore Drive! To help you understand the location a bit better it is good to note that 600 N. Lake Shore Drive is just north of Navy Pier and the building sits a few feet south of the W Hotel Lake Shore.
One Bedrooms in this building will typically start in the mid $2,000s (around $2,500 on up).
Two Bedrooms in this building will typically be priced around $4,000/mo give or take.
Three Bedrooms will vary in the building depending on size and view. They can be priced around $5,500 or upwards to $8,000/9,000 per month. Realistically I think around $6,500 to $7,000 is a good price for a 3 Bed in this building that has both good views and space.
The Fordham 25 E. Superior
The Fordham was in 2003 and at the time was considered the most luxurious of new construction buildings in Chicago. It is still considered one of the best buildings due to its service and amenities. The building not only has superior door staff but also has concierge available along with private wine cellars & humidors. Indoor Pool, Fitness Center and lounge are some of the other amenities. The feelings of this building is much more traditional than when compared with buildings such as Trump or 340 On the Park which take on a more modern design concept.
One Bedrooms will start around $2,200 to $2,500 depending on the unit and view.
Two Bedrooms will start around $4,000/mo and can vary a bit lower for some of the smallest 2 bed plans or more for the larger, higher floor 2 Bedrooms
Three Bedrooms will start around $5,000/mo but can easily rent for above $7,000 or 8,000 depending on the square footage, layout, view etc.
The Fordham also has a similar building next door called The Pinnacle at 21 E. Huron. This building is very similar (personally I like it a bit better) but they do have a rental cap in place that has been exceeded so you won’t see as many rentals come to market in this building. Pricing, however, is very similar to that of the Fordham.
The Elysian 11 E. Walton
The Elysian is the newest luxury building in Chicago. It features only 51 units that are either half floor units or full floor units. Yes, believe it or not some have come up for rent. This building is a full amenity building connected to what was the Elysian Hotel which is now the Waldorf Astoria. Options such as Room Service exist along with the typical high end amenities you would expect. Exclusivity and amazing location is what draws renters and buyers to this property. It is traditional in nature but well designed with modern touches.
Rents in this building range from $14,000/mo up to roughly $40,000 for full floor units. None are available at the current time.
1211 S. Prairie – South Loop “Museum Park”
1211 S Prairie is the premier building of the South Loop. It is located in Museum Park which starts at the corner of Lake Shore Drive & Roosevelt. This building specifically has a dome shaped top which is light up at night in the color blue. This may help you remember it. This building has both indoor and outdoor pool, large party room and sundeck along with a great gym facility.
One Bedrooms range from $2,200/mo on up
Two Bedrooms range from roughly $3,500 on up
Three Bedrooms come in different sizes. The smaller ones will start around $4,000/$4,500 with the larger three bedrooms on higher floors starting above $5,000 and rising up from there.
SINGLE FAMILY LUXURY OPTIONS
Luxury Single Family rentals exist throughout the city of Chicago but are most prominent in Lincoln Park and Lakeview. Newer construction single family homes with 4 bedrooms will typically start around $6,000/mo and go up to $15,000 or higher. More economical options around $4,000 to $5,000 a month can be had in areas such as North Center, Lincoln Square and occasionally areas such as Edgewater or Andersonville.
Single Family rentals in areas such as the Gold Coast and River North are possibilities but they are few and far in between if any are on the market at all. Here you are looking at pricing above $12,000 sometimes ranging up to $20,000.
For more information on Luxury Condos Rentals or Luxury Single Family Rentals in Chicago please e-mail Paul Blackburn at Paul@PKBlackburn.com Paul Blackburn is an Illinois licensed Realtor & Associate Broker with @ Properties in Chicago.