For a while discounting in the form of “free rent” offers had been limited to the new apartment towers scrambling to fill apartments as the winter approached.
Whether it’s due to seasonal factors or competition from those new buildings, the “free rent” offers began surfacing recently at some of the older apartment complexes.
The latest offer comes from Chestnut Tower, a boutique 230-unit high-rise a block from River North on the Near North Side. The building, at 121 W Chestnut St, is offering a month’s free rent and discounted parking on select units. Rents in the building range, before discounts, from $1,400 to $1,800 for studios, from $1,650 to $2,400 for one-bedrooms, from $2,500 to $3,400 for two-bedrooms and from $4,900 to $5,400 for 3-bedroom, 3-baths. The building has some of the very few 3-bedroom, 3-bath apartments in the neighborhood, and they span nearly 2,000 square feet.
Discounting rent isn’t the only way in which Chestnut Tower is vying to be competitive. Despite the fact that it’s only 13 years old, the building has been renovating apartments with new kitchens and baths and hardwood floors. The building had been one of the first in the area to offer in-unit washers and dryers in all apartments. The fitness room is slated to receive new cardio and weight equipment next summer, and there are plans to add gas grills on the rooftop sundeck.
Chestnut Tower also offers a “Resident Rewards Program” that gives its residents discounts at local businesses, and hosts two happy hours a month at discounted rates for residents at neighboring bars and restaurants.
Join me in the video for a look at the building, two of the apartments, and the neighborhood.