The rent premium for a second bedroom in the Loop

Renters often begin their apartment search with a fixed notion of what they’re looking for. All too often their expectations are dashed – the size apartment they seek with their desired amenities simply isn’t available in their preferred location at a price they’re able or willing to pay at the time they want to move.

The amount of information that’s now available online at building websites makes it easy for renters to adjust their expectations to the realities of a marketplace that changes daily. YoChicago’s at-a-glance apartment lists enable quick comparisons of building features and, in many cases, near real-time information about prices and move-in dates.

Many renters lock down their search by focusing on 1-bedroom apartments, on the assumption that they can’t afford the 2-bedroom, 2-bath they’d prefer. We decided to calculate the cost of a second bedroom and bath at immediately available apartments in the Loop, using our Downtown at-a-glance apartment list as a starting point.

We gauged the cost of the extra bedroom and bath by calculating the spread between the highest-priced 1-bedroom and the lowest-priced 2-bedroom in buildings with online availability info. We’re aware of just how arbitrary that comparison is, and invite you to make your own.

At Randolph Tower the priciest 1-bedroom (apart from the penthouse floors) is $2,225, and the least expensive 2-bedroom is $2,365, a difference of only $140.

The highest-priced 1-bedroom at Aqua is $2,658 and the lowest-priced 2-bedroom is $3,051, a difference of $393.

At MDA City Apartments the spread between the highest-rent one-bedroom ($1,785) and the lowest-rent 2-bedroom, 2-bath ($2,345) is $560.

There are no 2-bedrooms immediately available at Columbus Plaza, The Shoreham or The Tides. North Harbor Tower has no 1-bedrooms available at this time.

NOTE: The quoted rents and available units may have changed by the time you’re reading this. Several of the buildings are offering move-in specials that vary by unit type and that may change the rent spread between 1- and 2-bedrooms. Always ask about special offers at the leasing office.

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