Rentals

Chicago Ranks Among the WORST Cities for Renters

Manhattan is notoriously expensive. And so is Chicago. But how do these cities compare to others across the globe?

From a renter’s perspective, both Manhattan and L.A. are more “cost burdensome” than Chicago. But before you assume Chicago rents aren’t that bad, Chicagoans are still paying 38% of their income each month for rent.

The research teams at PwC and RENTCafé looked at rental prices in the world’s 30 best cities to live in and compared them with the local median incomes to see just how (un)affordable these fine urban hotspots are.

While Chicago is seen as a city with great opportunity, we still fall among the worst cities in terms of rent burden:

 

The-world-best-cities-for-renters-RENTCafe

A few additional highlights from the research:

  • Among the 30 global hubs that made PwC’s “Cities of Opportunity” list, NYC’s Manhattan is the priciest place to rent in the world and the second-least affordable. Manhattanites shell out an astounding 59% of their income on rent.
  • Deciding between Chicago and Los Angeles as your next place to live? Both cities are moderately rent burdened, but L.A. takes the lead in the unaffordability race. The 47% rent burden places Los Angeles fourth among the cities with the worst rent-to-income ratio whereas housing eats up “only” 38% of Chicagoans’ median income.
  • San Francisco’s median income – approx. $92,100 – is one of the highest in the world’s cities of opportunity, second only to Singapore. Think that’s enough to avoid affordability problems? Not really. San Franciscans pay approx. $37,800 on rent per year, pushing the rent-to-income ratio to 41%.
  • At the other end of the spectrum, Kuala Lumpur emerges as the best choice for renters in search of more relaxed lifestyles. Rent barely takes 20% of the median household income in Malaysia’s capital city.

 

For the full study, visit here. Main photo credit.

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Rentals

5 Cool Wicker Park Apartments to Satisfy Your Dreams

Wicker Park, Chicago’s beloved trending hipster neighborhood is more than just mustaches, bikes, and craft beer. This vibrant neighbored tucked away on Chicago’s near West Side has it all. And if there’s something think is missing, never fear, transportation is everywhere! With fast, easy access to downtown, Restaurant Row, and the up and coming neighborhoods of Logan Square and Avondale, Wicker Park is the dream for those who want the feel of Chicago without the hustle and bustle of Michigan Avenue. These beautiful loft apartments show the best that Wicker has to offer.

1. 1478 N Milwaukee Ave Unit 2 – $6,500/month

2. 1550 N Damen Ave Unit 201 – $3,750/month

3. 1570 N Milwaukee Ave Apt L – $1,900/month

4. 1422 N Milwaukee Ave Unit 302 – $1,750/month

5. 1400 N Milwaukee Ave Apt 407 – $1,695/month

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Rentals

Inside Gold Coast’s Hottest New Apartments

Let’s take a look at a latest development in Chicago’s apartment scene: the Aurélien.

Located at the corner of Clark and Chestnut, the 31-story apartment tower recently opened and is generating buzz around the Gold Coast. Aurélien, which translates to ‘golden’ in French, is a chic and urban industrial style rental development of 368 units. The building offers studio, 1, 2 & 3 bedroom luxury rental homes with hardwood floors, quartz countertops, stainless steel appliances and floor to ceiling windows. Amenities include an outdoor pool, luxury sundeck, garden terrace, a fitness center and pet-friendly perks. Rents begin from $1,860/month.

 

See inside the new Aurélien building…

 

Photos via Curbed

What do you think of the Aurélien apartments?

 

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