Tuesday, July 1, 2014

South Loop Rents Among Highest in the City

The rent is too damn high!  Or is that a good thing?  Guess it depends on your perspective.

CBS 2 recently had this post:
In another mark of the evolution of the South Loop and West Side, the neighborhoods currently have a higher median rent than Lincoln Park and are approaching the high-end rental prices of the Gold Coast and Streeterville. 
In the 1980s, much of the South Loop was railroad tracks and factories. 
As those rail lines were no longer needed and has industries closed, developers began massively building and rehabbing in the 1990s. 
Similarly, the West Side was a former manufacturing and warehousing area, and many of the buildings have been converted to loft condominiums, restaurants, and galleries. 
Now, the median rent for a one-bedroom apartment in the South Loop is $1,815, compared with $1,640 for Lincoln Park, according to Zumper, a rental listing company. 
Median prices for two-bedrooms are $2,286 for the South Loops and $2,100 for Lincoln Park.
Take it for what it's worth.

(Hat tip: JG!)

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