Situated on the shores of Lake Michigan in north eastern Illinois, Chicago is a city characterised by its steel-framed high-rise buildings, plentiful green spaces and beautiful beaches. One of the most balanced economies in the world, Chicago thrives on multiple business sectors notably finance, food manufacturing, healthcare and engineering.
Chicago is one of the most affordable among large US cities, with an average house price of $228,500. Despite strong price growth over the past few years average prices still remain some 13% below their previous peak in 2007. As a result, many homeowners (8.7% in Q2 2018) still hold mortgages that are worth more than the value of their home. This is contributing to a lack of property available for sale, as some homeowners cannot afford to sell.
With interest rates rises, and continued weak employment and population growth, house price growth begun to decelerate in 2017, and this has continued into 2018 with year-onyear growth at 3% in September 2018. High levels of new multifamily supply coming to the market over the past few years have also taken some heat off Chicago’s rental market. Annual rental growth was marginally negative at -0.1% in Q2 2018, compared with the long term average of 1.9% per annum.
However, Chicago will see a number of improvements to its local transport infrastructure that will drive economic and employment growth in the next few years. An $8.5 billion upgrade and expansion project for O’Hare airport begins this year and is timed for completion by 2028, increasing passenger capacity and the number of departure gates available to airlines.
The enlarged airport will be complemented by the O’Hare Express, a high speed rail link that will connect downtown Chicago to O’Hare International Airport, reducing the journey time by half to just 20 minutes.
A third project, the modernisation of the North Side public transport lines run by the Chicago Transit Authority (CTA) will cost $2.1 billion and create 2,100 direct new jobs.
What you can rent in Chicago: OneEleven
Completed in 2014, OneEleven was originally designed to be an 89-story hotel but halted mid-construction. The project was redesigned as a LEED Gold, 58-story, luxury apartment development comprising 504 units, 38,000 SF of retail, and 440 parking spaces. Apartment sizes range from 545 SF studios to 2,500 SF penthouses, with an average unit size of 832 SF.
|Address: 111 West Wacker Drive|
|Status: Fully-stabilized multifamily rental
|Residential units: 504|
|Average rent: $2,000-$14,000/month|
|Developer: Related Midwest|
|Architect: Handel Architects LLP|
The property is situated along the Chicago River in the heart of downtown Chicago. The property enjoys sweeping views, excellent transport connections, and is within short walking distance of Chicago’s CBD, shopping district, and the lakefront. The 28th floor is dedicated to resident amenities, including a swimming pool, health club, movie theatre, private outdoor dining/grill rooms, and twolevel sun deck. Apartment homes feature floor-to-ceiling windows, quartz countertops, white marble tile details, custom wood flooring, in-unit washer/dryer, and stainless steel appliances. Professional resident services include 24-hour concierge, pet services, package delivery, valet dry-cleaning and 24-hour maintenance and cleaning.