what's the average rent for a 1 bed in downtown these days? (Chicago: 2014, apartments)

[YoungTraveler2011]

here in LA i would say average is like 1600-1700 for a 1 bed.

more if you want a newer condo.

what about chicago?

[Windy5555]

about the same

[chicago103]

Originally Posted by YoungTraveler2011

here in LA i would say average is like 1600-1700 for a 1 bed.

more if you want a newer condo.

what about chicago?

Less than that, of course this depends on what exactly are you defining as "downtown". Also many studios in luxury buildings are quite large, about the same square footage or more as 1 bedrooms in older buildings. If you only count the Loop itself and Streeterville then I would say $1,500 to $1,700 would be average, if you count a few fringe areas just outside (Gold Coast west of State Street, townhouse garden apartments or old one bedrooms on the Gold Coast east of State Street, River North and South Loop fringes) then I would say $1,000 to $1,500. If you expand even further to include areas near UIC such as Little Italy you might be able to find older buildings with one bedrooms for less than $1,000.

[emathias]

Originally Posted by chicago103

Less than that, of course this depends on what exactly are you defining as "downtown". Also many studios in luxury buildings are quite large, about the same square footage or more as 1 bedrooms in older buildings. If you only count the Loop itself and Streeterville then I would say $1,500 to $1,700 would be average, if you count a few fringe areas just outside (Gold Coast west of State Street, townhouse garden apartments or old one bedrooms on the Gold Coast east of State Street, River North and South Loop fringes) then I would say $1,000 to $1,500. If you expand even further to include areas near UIC such as Little Italy you might be able to find older buildings with one bedrooms for less than $1,000.

Where in River North or Old Town south of North Avenue are you seeing 1-bedrooms for $1,000?

Loop, Printers Row, near West Loop, River North south of Chicago Ave, Gold Coast east of Clark and Streeterville surely average $1500 at least. Little Italy is nowhere near being downtown, so it's completely irrelevant what rents are there. I mean you could live in Brighton Park and be in the Loop faster than from most of Taylor Street, but no one is comparing downtown rents to Brighton Park.

[ChiGuy2.5]

Originally Posted by emathias

Where in River North or Old Town south of North Avenue are you seeing 1-bedrooms for $1,000?

Agreed. I would also say a 1 bedroom near or close to downtown is at least $1500. In a majority of the areas around river north its more likely to be $1800 though. If my life depended on a solid guess of the average, I would guess $1600. In fact, I have some semi recent data to support it.

Top Secret Apartment Data - Average out the costs between the loop/south loop/river north/gold coast/west loop and you will get around 1600-1700

[ChiCityChiCity]

Rent has gone up tremendously in the past couple of years, especially in River North.

A 500sf studio in RN is at least $1500/mth. A nice 1 bed goes for $2000/month. You can find a 1 bed in RN for $1800 but it has old finishes and around 700sf.

The average rent is $2.35/sf in prime downtown areas (RN, Streeterville, Gold Coast, Loop, West Loop)

[PerseusVeil]

The median price for the Loop is a bit more than $1,900. Near North Side (Streeterville, River North, etc) is about $1,850.
http://chicago.curbed.com/uploads/Fe...o1BR-final.jpg

[Freefall18]

Originally Posted by ChiGuy2.5

Agreed. I would also say a 1 bedroom near or close to downtown is at least $1500. In a majority of the areas around river north its more likely to be $1800 though. If my life depended on a solid guess of the average, I would guess $1600. In fact, I have some semi recent data to support it.

Top Secret Apartment Data - Average out the costs between the loop/south loop/river north/gold coast/west loop and you will get around 1600-1700

That data is from 2011. Rents have gone up pretty consistently every year in the last 3 years.

[huckc]

Originally Posted by PerseusVeil

The median price for the Loop is a bit more than $1,900. Near North Side (Streeterville, River North, etc) is about $1,850.
http://chicago.curbed.com/uploads/Fe...o1BR-final.jpg

God is it refreshing when people post facts instead of outdated secondhand anecdotes.

[marothisu]

Originally Posted by huckc

God is it refreshing when people post facts instead of outdated secondhand anecdotes.

The link used is more accurate than some others, but it's not 100% correct. This is data that's available on that site only. It doesn't represent what's on the entire market. The average price is probably a little lower, maybe $1600 - $1800. The Loop is always almost generally cheaper. However, there are a few buildings that were just completed (Summit on Lake, Waterview) that have probably single handedly increased these numbers due to their pretty damn high rents.

The prices of places downtown have increased a bit. I live in the Gold Coast near Chicago Ave and my 1 bedroom is $1400/month. This is under average for my immediate area. There may be others in that price range, but there are others near me that are around or over $2000/month. There are many newer luxury buildings in Chicago where the price of a 1 bedroom could be over $2500/month. When I looking to move here 5.5 years ago, some of the 1 bedroom places in Lakeshore East at The Tides, Shoreham, etc were $1400-$1500 per month. I'm pretty sure they're closer to $2000/month right now. I have a friend who lives in a vintage building a few blocks north of me also in Gold Coast who pays $1500/month for his studio. 5 years ago he was paying maybe $1000-1200/month for it.