Historic High-Rise Buildings and the Ultimate Luxury in Chicago’s Gold Coast
As part of the city of Chicago’s north side, the Gold Coast Historic District’s perimeters are North Avenue, Lake Shore Drive, Oak Street and Clark Street. In 1882, after the Great Chicago Fire, a millionaire by the name of Potter Palmer had a swamp area filled--this became Lake Shore Drive--and then built the Palmer Mansion, a veritable castle with 42 rooms. Shortly thereafter other wealthy Chicagoans joined Palmer in the area, and it became the wealthiest neighborhood in Chicago. The district was added to the National Register of Historic Places in 1978. Today the Gold Coast is a mix of mansions, high-rise buildings and row houses.
The Gold Coast neighborhood has a total population of 7,565 people and the median age of the residents is 36. Of those, 37.88% have a bachelor’s degree and a significant 56.34% of households are childless. The average income is $149,900. Rent prices are around $1500 per month for a studio apartment, $3255 per month for a two bedroom and over $5000 per month for a three bedroom unit.
As you walk through the Gold Coast neighborhood you will find the Charnley-Perskey House Museum, designed by Louis Sullivan and his apprentice Frank Lloyd Wright. Tours are available by appointment. The Museum of Contemporary Art, founded in 1967, is a venue for performances and original exhibitions. In warm weather months the Oak Street Beach is a wonderful place to enjoy the sun, watch volleyball or just gaze into the water. East Lakeshore Drive and the Magnificent Mile are not included in the Gold Coast’s historic designation but generally are considered part of the neighborhood. If you like to shop, the Magnificent Mile is the place to be. Anchored by three large vertical malls called 900 North Shops, Water Tower Place and The Shops at North Bridge, shopping has never been so fun. The restaurants are too numerous to name and there is food for every taste and pocketbook.
Welcome to the May 2020 Chicago Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the May 2020 key findings and figures for the Chicago rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago rent prices in the chart below.
Chicago rent prices decreased over the last month. From April to May, the city experienced a -0.95% decrease for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,768.0.
When we take a look at the two-bedroom comparison from April to May, Chicago experienced a -1.51% decrease for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $2,023.0.
Rent prices have decreased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Chicago suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Evanston, IL, Lombard, IL, Schaumburg, IL, Hoffman Estates, IL .
Rent decreased in Oak Park, IL, Naperville, IL, Arlington Heights, IL.
7 suburbs are currently priced lower than the city of Chicago.
Rent growth in Chicago over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago rent prices appear to be relatively affordable for local residents.
The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of ABODO's May 2020 National Apartment Report and data set here.
For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.
|1 BR May||1 BR M/M % Change||2 BR May||2 BR M/M % Change|
|Oak Park, IL||$1,203.0||-2.91%||$1,719.0||-0.69%|
|Hoffman Estates, IL||$1,322.0||0.15%||$1,545.0||-0.39%|
|Arlington Heights, IL||$1,187.0||-7.34%||$1,447.0||-2.56%|
Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.