Apartments Downtown Chicago - 5 reasons to rent an apartment in Downtown Chicago
Chicago is one of the most famous and beloved cities in the USA. There are many amazing things to see and do in Chicago and many would find it hard to decide between buying or renting an apartment in Chicago, especially in the most popular area: Downtown Chicago.
As a result of the pandemic which has affected the United States more compared to other countries around the world, rent fell 12% in Chicago in 2020. Areas like Bucktown in Chicago went down in rent by $50 per month. (source).
Lower monthly rent is only one of the many great reasons to look for downtown Chicago apartments for rent. We will discuss 5 reasons to search for apartments in downtown Chicago in the below article.
1. Price of renting apartments in Chicago have gone down
The cost of purchasing an apartment in Chicago has remained roughly the same, so you might not find a great deal when looking for apartments in downtown Chicago for sale. However, the average rental price has gone down as a result of the pandemic, so you might get lucky when searching for an apartment rental. While COVID-19 is, unfortunately, a terrible pandemic, it has resulted in the rental price dropping by 12% in 2020. In addition to that, the amount of inventory of rental units has gone up so good deals are much more likely to be arranged. Finding downtown Chicago apartments for rent under $1000 might be a bit ambitious, but we still encourage you to check out the current state of the market!
2. Trendiness of the area
Another reason to rent an apartment in downtown Chicago is due to the trendiness of certain areas in the downtown core. One great area is the Logan Square community. This community offers many great restaurants, cultural venues such as the historic Logan Theatre, and Sunday Farmers Market. Further north, another popular area and neighborhood is Wicker Park. This area features many book stores, vintage stores, art galleries, and so much more. Popular among students, be sure to check out Wicker Park when searching for apartments in downtown Chicago for students!Click here to learn more about the Logan Square neighborhood in Chicago.
3. The average apartment size in Downtown Chicago is High
Among the top 5 reasons to rent an apartment in Chicago is the average size of an apartment in downtown Chicago. According to market data, the average size of an apartment in Chicago Illinois is 749 square feet. Keep in mind that this greatly depends on the unit type you are looking for. Studio apartments in downtown Chicago will always be smaller than a 2-bedroom apartment.
4. Tourist attractions nearby Chicago
Another reason to rent an apartment in downtown Chicago is the many tourist attractions nearby.
Having given an example of Bucktown as a neighborhood to look at nearby downtown Chicago. This area has a population of only 13302 and is located in Cook County, which is considered one of the best places to live in Illinois. The residents can enjoy an urban-suburban mix and the majority of the residents rent their homes there. (source)
Wrigley Field, home to the Chicago Cubs, is one great example of a major tourist attraction that makes it very worthwhile to rent an apartment in Chicago. Wrigley Field, which opened in 1914, is the second-oldest ballpark in the United States. The scoreboard in the park is well known because it is one of only a few scoreboards still operated by hand. If you’re a big baseball fan, who is looking to live within walking distance of the stadium, be sure to check out the Wrigleyville area.
The iconic scoreboard at Wrigley Field.
5. Less responsibility for someone renting than to own an apartment in downtown Chicago
Last but not least, another good reason to rent an apartment in Chicago over homeownership is that you’re not tied to the property long term. That also means no responsibility for things like property taxes, homeowner insurance, and repairs As a result you might have lower monthly expenses when renting compared to purchasing. Whether you’re looking for 2 bedroom apartments in downtown Chicago or a studio apartment; renting can help you save money compared to buying. (source)
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We don’t offer short-term downtown Chicago apartments like Airbnb. Instead, try searching our site for ‘condos for rent downtown Chicago’ or ‘Studio Apartments downtown Chicago’ and compare thousands of long-term rentals directly on our website. Our vast database of listings guarantees you will find what you are looking for. There will be no need to look further for apartments for rent in downtown Chicago on Zillow or other rental websites.