Late last week The Seneca, 200 E Chestnut, sent an updated price sheet to brokers reflecting price cuts. One-bedroom rents dropped by $80 a month to as low as $1,672 for a one-bedroom. The only available two-bedroom, a unit with 2 ½ baths, dropped by $140 a month to $2,620. That’s $600 less a month than a higher-floor unit in the same tier was asking 2 months ago.
The Seneca’s website also indicates that special offers are available on select one-bedrooms.
Directly across the street at The Chatelaine, 215 E Chestnut, available one-bedrooms start at $1,800 a month and the six available 2-bedroom, 2-bath units that had been renting from $2,915 a month saw prices fall to as low as $2,590 a month.
Rent prices are constantly in flux, so it’s worth your while to check in with the websites and the buildings for more up-to-date info.
Are these price changes a sign of a softening market, increased competition from newer Streeterville buildings – or just reflecting the onset of the traditionally slower rental season in Chicago?
Note: You can see more info about The Seneca, including video, at our recently-published review page.