Apts in suburbs cost same as the city. Why? (Chicago: real estate, apartment)

[oakparkdude]

Its probably all supply and demand.

[Vlajos]

Originally Posted by oakparkdude

Its probably all supply and demand.

Exactly, the supply of apartments in Naperville can't be all that big.

[jman07]

Originally Posted by Vlajos

Exactly, the supply of apartments in Naperville can't be all that big.

Why hasn't supply met demand? Zoning issues?

[oakparkdude]

Originally Posted by jman07

Why hasn't supply met demand? Zoning issues?

My educated guess is that suburbs like Naperville discourage apartment construction and encourage SFH construction (zoning is probably one aspect of this strategy), thus artificially lowering the supply of apartments relative to what the market would normally supply.

[Sarava]

Originally Posted by jman07

Which is about what it costs in the city! It doesn't make sense because if you tried to have a house in the city that had the same yard and square feet as a house in Naperville, the price would probably be double if you could find on that size, yet apartments are the same. There's only on Chicago, but many suburbs.

So I guess a better way to look at this question is why would a home with a yard in Naperville cost so much less than a similar sized on in Lakeview, yet apartments are about the same?


Why did you get a place in Napeville over the city?

More space, less crime, less congestion, friends that live nearby, ez drive to work...it was an easy call for me. Ultimately my 2nd choice was Lombard.

My job is in Broadview, which is close to the city, but not close to any part of the city that I would consider living in. My new apartment is 3 minutes off of I-88 and a straight shot right to work...I can't beat that. I am moving from Algonquin, which is a horrid drive to and from Broadview...so lessening the drive was a big deal to me. I have wasted too much of my life commuting to and from work.

I would consider living in Chicago someday. But probably not unless I landed a job on the north side or in the north suburbs.

[Vlajos]

Originally Posted by jman07

Why hasn't supply met demand? Zoning issues?

Many suburbs in the area are notorious for not allowing apartments. Mod edit.

[jamaicabound60565]

Originally Posted by Vlajos

Many suburbs in the area are notorious for not allowing apartments. Mod cut

its not like there's no apartments in naperville there's plenty of apartments spread across variou parts of naperville. i know you think its kinda hoity to not allow apartments but in all honestly all the worst areas of naperville, i realize the worst area of naperville is still not bad bad, are in apartments. the apartments off baily and washington are bad. there's more apartments on ogden and aurora ave behind the landrover dealership that just had a giant drug bust encompassing the entire neighborhood and the apartments across from railway the brown ones are problems music til 3 or 4 am, some shooting incidents, etc.

i do wish naperville had some apartments downtown naperville or nearby. currently the only houses/townhouses/apartments down ther are like half a million no the low side

[linicx]

The biggest problems with apartments anywhere are lax/no rules and slumlords who do not care. If the apartment is nice, with reasonable rules that are strictly enforced, there is no real reason to worry about a Sec 8 tenant. Not all poor are the dregs of society and dangerous.

[Sarava]

There are a lot of apartment complexes throughout Naperville. My friend gave me the tour 2 weeks ago, and we only covered the northern part of Naperville....and that took a good while. The ones I rented a place from are right behind the Ogden 6 theatre. I have a friend who lives there, and the tenants there don't seem trashy at all to me.

[lizcharlene]

That's because Naperville is an affluent suburb with nightlife, shopping centers, and a big commercialized downtown area. Not to mention the Riverwalk, pool, and other points of interest. This is like comparing Palo Alto to San Francisco.