David Nadler of City Ranch Real Estate is a staunch proponent of the notion that condo and townhome rentals are value-priced in comparison to rental apartment buildings.
I asked David for some recent examples, and he sent along a half-dozen, ranging from a studio at Sandburg Village to Lincoln Park townhomes. David singled out a north-facing 2-bedroom, 2-bath he recently rented at Water Tower Place as “the most interesting of the properties.”
Unit 3402, which spans nearly 1,800 square feet, rented for $3,900 a month. David’s take:
In a ‘healthy’ housing market, renters would not have the opportunity to live in Chicago’s landmarks, which were traditionally reserved exclusively for purchasers.
Water Tower is a special landmark building. $3,900 represents a very fair price for a 2-bedroom right now in general. This home has unobstructed lake views and includes a separate dining room, a full-size laundry room and walk-in closet.
Access to the recently renovated Carlton Club is included in the rent. The Ritz Carlton Hotel services, including room service, are available to residents of Water Tower.
There are several luxury rental buildings nearby with 2-bedroom rent rates ranging into the high $3,000s, but none with comparable square footage or a level of service and ambiance comparable to that of Water Tower Place.
Another 02-tier unit in the Water Tower, Unit 4002, is currently offered for rent at $7,500 a month. From the pictures, it appears to have a much higher level of finishes than Unit 3402.
You can see some of the properties that David considered bargains in the following video, shot several months ago, and see the second and third parts of our tour at YouTube: