Rent and build equity on a Chicago condo

Renters who are thinking of buying but want to test out a neighborhood first have an interesting new option at the Lakeshore East development, a 28-acre planned community between Randolph St and Wacker Drive, west of Lake Shore Drive. Renters at The Shoreham can enroll in its RentBUY program, where 25 percent of their rent is put towards equity on a condo at one of Lakeshore East’s other developments, The Regatta, The Chandler (see picture), or 340 on the Park. Apparently it’s a Chicago first and renters are liking the idea. The Shoreham is 90 percent leased and most renters have enrolled in the RentBUY program, agreeing to rent for at least six months and build equity up to 2.5 percent, a spokesperson says. It doesn’t come cheap – two-bedroom apartments are still available at The Shoreham from $2,350 to $2,700 a month and condos at The Chandler range from the $190s for a studio to $1.7 million for the largest three-bedrooms.