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.
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:
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.
Ever wonder how far your money would go in Chicago, rent wise? We set a monthly rent budget of $1,500 and searched available apartments across a variety of Chicago neighborhoods.
What some apartments lack in space, offer excellent location — while others have multiple rooms and newer finishes. From Buena Park to Old Town, South Loop to Lakeview, and beyond, take a look at these budget-comparable apartments in Chicago.
Here’s what $1,500 a month will rent you in Chicago:
Buena Park (1 Bedroom, 1 Bathroom)
Address: 718 W. Irving Park Road
Irving Park (3 Bedroom, 1 Bathroom)
Address: 3426 N. Keeler Avenue
South Loop (Studio)
Address: 2101 S. Michigan Avenue
Address: 3170 N. Sheridan Road
Old Town (1 Bedroom, 1 Bath)
Address: 1923 N. Sedgewick Drive
Edgewater (1 Bedroom, 1 Bath)
Address: 5600 N. Sheridan Road
Gold Coast (Studio)
Address: 20 E. Scott Street
Which apartment would YOU choose with a $1,500 budget?