Wicker Park Rentals – New Development to Meet Demand

Both Wicker Park and Bucktown have recovered leaps and bounds better than most neighborhoods after the crash. Rentals in Wicker Park and Bucktown have sky rocketed in price year after year. While the sales inventory in Wicker Park and Bucktown is slim to none so are the rentals. However, a new building is bringing new inventory.

I’ve represented a building in Wicker Park for almost three years called “Vision” which is located at 1624 W. Division. See photo below:

Vision_FrontPhotoVHTFor those of you not familiar with this building it sits next to the CVS on the corner of Division & Ashland (North West corner). My client owns the entire building. It was originally built as condos but as the real estate market took a turn for the worst several years ago my client decided to rent out the entire building instead. When we first came to market we were starting rent prices around 2200/2300 for a Two Bedroom / Two Bath unit. Now, our cheapest is $2,800 for a Two Bedroom and our Three Bedrooms are starting at $3,500. Demand remains strong with units rarely lasting more than a week or two on the market. We even rent some before placing them on the MLS.

The concept for our building are very high end finishes, tall ceilings and massive living spaces. Our smallest unit is 1338sf. The majority of this space is in the living room / kitchen.

Across the street 1611 W. Division has popped up. You may recognize it by its futuristic design. See photo below:

1611Division_1While our development is only comprised of 33 units plus retail space, this development boasts 99 units. Many of which are Studios and One Bedrooms. Pricing will vary but will be around $1,500 for smaller units and obviously much more for two bedrooms. This development, however, is going after a different type of consumer than we are. These units are small, but efficient. The building has only 9 parking spaces which are reserved for the 2 bedroom units. This building is being marketed as a “commuter building.” There is no doubt their studios and one bedrooms will rent out quickly as they are rare in Wicker Park and Bucktown. While some believe “no parking” will be an issue for the building it is right off of the blue line which offers quick transportation to the loop and ORD as well.

Buildings like this show the increased demand for quality housing in Wicker Park and Bucktown without breaking the bank, albeit you won’t have too much living space. Our building, however, at 1624 W. Division has set the new high end rent standard for Wicker Park. While many thought we were crazy and would not be able to achieve the rent prices we were asking in 2011, we’ve definitely proven them wrong. Rent prices do continue to rise in the area. 1611 Division is a perfect example of “Build It and they will come.”

 

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