In a sign that the seasonal softening of the rental market has begun, two adjacent Streeterville high-rises are offering rent discounts and other incentives for tenants.
The Streeter, the older of the two buildings, is offering a $1,500 rent reduction on selected units. Rents for studio to 3-bedroom with den units at The Streeter, 345 E Ohio St, range from $1,497 to $4,825 before applying the discount.
Studio to 3-bedroom apartments at Streeter Place, 355 E Ohio St, rent from $1,538 to $5,103 before taking into account 3 weeks to one month free rent on select units. The rent discount is applied to the second full month of rent. The building is also currently offering a $155 a month rate on parking – a bargain in Streeterville.
New rental towers planned or proposed for the area – although a year or more away from completion – should put additional pressure on rents in the area. Previous cycles of multiple building openings in Streeterville have seen offers of up to 3 and 4 free months’ rent for new renters.
Tenants who don’t mind moving annually can probably count on taking advantage of “free” rent offers for new tenants for the next 3 to 5 years in Streeterville. The low-demand late fall / winter season might just be the right time to start the cycle.