When I moved from Indiana, nobody could change my mind about wanting to live on the Northside. It was non-negotiable for me and when my friends kept pushing me, I just looked at them and rolled my eyes. Now, as a leasing agent, whenever I tour the South Loop, I just keep kicking myself! The buildings are new, the transit is accessible, and the lake is right there. Oh yeah… and you can’t beat the prices!
Let me humbly walk you through some of the great things I missed out on by not moving to the South Loop.
Mo’ Money in Yo’ Pocket
There are two important factors that have kept the rent low for apartments in the South Loop. First, the majority of the new apartment development has happened within the last 10-12 years while the neighborhood has been developed. The second is competition – there are many new developments, continuing to pop up. When you combine these factors with the redevelopment of the whole neighborhood (the place is booming), you end up with great apartments at reasonable prices. It’s pretty simple if you ask me.
This isn’t the case with every neighborhood. Take the Gold Coast, for example, where there isn’t a lot of space for new development. Most luxury apartments there were built in the 70s, so whenever new buildings go up, their features, qualities, and modern amenities command higher prices than the traditional apartments on the market. It works beautifully in the Gold Coast… but now you can get that stuff in the South Loop cheaper.
Upgrades for Everyone
The new apartments in Chicago offer amazing features and amenities that the older developments just don’t have. Prepare yourself for upgraded kitchens and appliances, hardwood floors and even some modern loft-style spaces. Newer apartments also got smarter by adding full fitness centers, basketball courts, movie screening rooms and bars with weekly beer tastings. You know our parents are jealous!
I did a quick comparison of one bedroom apartments in River North and you can get a comparable apartment in the South Loop for about 20 percent less. That could be $500 or more in savings… per month!
The Lake and… Oh Those Views!
The South Loop shares the same proximity to Lake Michigan as Streeterville. But unlike Streeterville, which has a high density of high rises, the South Loop has a great mixture of high, mid and low rise buildings. This broad mixture of building types and open spaces, such as Grant and Roosevelt Parks, leaves great sight lines of both the city and the lake. Practice waving at boats instead of office workers in your neighboring building! Remember that 20 percent rule? I checked on it for Streeterville and yep, you’re going to save about 20 percent here, as well.
Everyone knows the Loop is where all of the transit lines ”loop” through, but the South Loop shares a ton of easily accessible transit options. At the Roosevelt station, you get the Orange, Green, and the non-stop running CTA Red Line. There’s also a handy Blue Line stop at Clinton. The neighborhood includes three Metra Stations and easy access points to all four major highways, including 90/94, 290, 55 and 41 (Lakeshore Drive). My friends never told me I would need to pack a picnic if I wanted to access some of these highways from my current place.
City Parking is Expensive
Back to those Indiana roots – I was not prepared for a monthly parking fee that exceeded my car payment when I moved to Chicago. But, as they say, that’s life in the big city. If you don’t need that car, you might want to ditch it and get a bigger/nicer place to live. But if you do need parking, the South Loop offers the best options in the City. It’s the cheapest and you can actually get street or permit parking, whereas, in a neighborhood like Lakeshore East, the only option is garage parking, which can be a little pricey.
As you can see, you really get a lot of bang for your buck in the South Loop. We put this handy little chart together so you can compare. It even highlights how dog friendly this great neighborhood is.
For all of you with ”Champagne taste and a beer budget,” cheers to the South Loop!
If you’re ready to live in a South Loop luxury apartment, but don’t want to break the bank, reach out to us at hotspotrentals.com and we’ll help you find exactly what you’re looking for.