If you’re looking to invest in real estate property, one of the keys to making the best investment possible is knowing where to buy. Chicago has many popular neighborhoods, but these are the five best for rental properties.
Lincoln Park Neighborhood
Located on the northern side of Chicago, Lincoln Park is a popular area thanks to its close vicinity to Diversey Parkway, the Chicago River, and Lake Michigan. The average home price for three-bedroom, two-bathroom units in this area is $444,000, with homes ranging from the $70,000 range up to $1 million plus.
The Old Town Triangle area of the neighborhood is particularly well-known thanks to the St. Michael’s Church. An average home there costs approximately $335,000. The old Lincoln Park Hospital is also being set aside to be redeveloped into medical offices, apartments, and condominiums.
Gold Coast/Old Town
This neighborhood is located between Lake Michigan and North Avenue south to Chicago Avenue. The neighborhood is popular for many reasons, but for developers, the beautiful lake views and high prices commanded here are key. The nightlife and business district draws in many high-end clients. Expect to pay an average of $250,000 for a three-bed, two-bath home in this community.
This neighborhood borders on the Chicago River on the south and west, and it’s probably best known for its art scene. It has the greatest concentration of art galleries in Chicago, and the world’s largest commercial building is located in the neighborhood. For developers looking for higher-end clients, look no further; this area is very well-known among athletes and celebrities. An average home with three beds and two baths costs approximately $223,000 in the area.
Development in Streeterville is strong, making it a great candidate for those looking to develop a rental portfolio. The neighborhood runs along Michigan Avenue, which means landlords can ask higher rent prices. Know that this area is known for offering more than the usual amenities, so renters will be looking for more bang for their buck. Three-bed, two-bath units average out at around $250,000 each in this community.
Home to trendy nightlife hubs and boutiques, this neighborhood is located between Western Avenue east to Damen Avenue and continues between Grand Avenue and Division Street. Grand Avenue and Division Street are both known for being home to many of the communities commercial centers, with popular restaurants and shops dotting the location. A basic condo with three bedrooms runs around $350,000 in this area, and thanks to the unique and historical feel of the village, it is pulling in more business professionals to the area.