Let’s be frank – West Loop luxury apartments aren’t exactly cheap. Many renters find private condos for rent far more cost-effective and spacious. However, renting a private condo in Chicago sometimes mean sacrificing upgraded finishes like quartz countertops and enticing amenities like onsite gyms and rooftop pools. For some, contemporary interior design and onsite comforts are the most important must-haves of all. It all comes down to personal preference, and of course, budget.
Once you’ve decided you want to rent one of West Loop’s many luxury apartments, you still need to make smart financial decisions – especially if you’re trying to save for a down payment concurrently. That’s where apartment concessions come into play. Fortunately, apartment hunting in the winter (i.e. now) puts you in a great position to take advantage of some of the best deals all year.
Keep on reading to see the top deals on West Loop luxury apartments available now.
The Parker Fulton Market
Current concessions:
- 2 months free on a 13-month lease
- Holding apartments 30 days out
Studios at the Parker are currently listed at a market rate of $1,885 to $2,005 per month, with price depending on square footage, floor and layout. With two months free on a 13-month lease, studio tenants pay a net effective rate of as little as $1,595 per month.
The Parker’s one bedroom apartments range between $2,280 (639 square feet) to $3,480 per month (843 square feet), which comes out to $1,930 and $2,945 per month, respectively, with the special averaged over the lease term.
For a two bedroom, one bathroom at the Parker, expect to pay a market rate rent of $2,985 (for 935 square feet) per month, or $2,525 averaged out over a 13-month lease term. The best price on a two bedroom, two bathroom unit is $3,375 per month with a net effective rate of $2,855 per month.
Three bedroom, two bathroom units at the Parker range between 1,376 and 1,662 square feet. The only presently available apartment in this layout costs $5,080 per month. With the special, the net effective rate equals just under $4,300 per month.
Emme Apartments
Current concessions:
- 2 months free on 14- to a 24-month lease term
OR
- 1 month free on terrace & 14thfloor units
- Concession applied to the 2ndand 8th month of lease term
- Holding apartments through May 31, 2018
Studios and convertibles at Emme normally range between $1,895 and $2,350 for anywhere from 460 to 500 square feet of space. But with the current special of two months free rent, tenants who lease now pay as little as $1,625 per month for one of these brand new West Loop luxury apartments.
One bedroom units at Emme – 582 to 650 square feet – typically cost $2,260 to $2,800 per month, depending on size. After two months free, tenants who lease now will pay an average price of as low as $1,940 per month. If you need a little more space for an office, a one bedroom plus den (635 to 671 square feet) would usually set you back $2,350 to $2,925 per month, or as little as $2,015 per month with the special.
Finally, Emme’s two bedroom apartments have a net effective rate of $2,695 per month, which is a great deal considering these layouts ordinarily range between $3,145 to nearly $4,000 per month for 927 to 965 square feet.
Spoke (River West)
Current Concessions:
- 2 months free on a 15-month lease
- Holding apartments 60 days
Like Emme and the Parker, Spoke in River West – a brand new apartment building that opened at the end of 2017 – is offering two months of free rent and a $500 waived admin fee if prospective tenants apply within 48 hours of their showings.
Studios at Spoke generally cost between $1,600 and $1,700 per month, but the net effective price with the special brings the average monthly rent down to just $1,470 per month. Spoke has two studio layouts, one at 417 square feet and another at 507 square feet.
Right now, convertibles at Spoke (571 to 642 square feet) net at $1,770 per month. The market rents are above $2,000. One beds (665 to 811 square feet) are on special for $1,875 per month and normally cost at least $2,300 per month. Two bedroom apartments at Spoke, which range between 951 and 1180 square feet, cost $2,565 per month with the special. The market rent on the lowest-priced two bed is $3,180 per month.
For a brand new building with attractive amenities and a location close to major corporate offices, including Google and McDonald’s new HQ (coming 2018), these units are moving fast.
Landmark West Loop
Current concessions:
- 2 months free on select apartments
Another brand new property west of I-94 is Landmark West Loop, where studios are priced at a market rate rent of $1,880 to $1,965 per month. If the unit qualifies, the net effective rate on the lowest-priced Landmark West Loop studio comes out to just under $1,615 per month on a 14-month lease.
Convertibles are priced a bit higher at $2,245 per month or $1,925 on a 14-month lease term. The best-priced one bedroom, with a market rent of $2,620, averages out to $2,250 after the special. At a market rent of $3,855, a two bedroom unit at Landmark is on special for just over $3,300 per month.
Keep in mind, these rent prices and concessions do not include the cost of parking, which can range anywhere between $200 to $250 per spot in the West Loop. If you have furry friends, you may pay deposits or a pet rent to offset any possible pet-related damages.
You’ll also pay an administrative fee (in lieu of a security deposit), but many buildings will credit this fee back to your account if you apply for an apartment within 24 to 48 hours of your showing.
Some utilities may be included in your rent but many professionally-managed buildings offer a utility package fee which covers things like water, trash, gas, sewer, cable and internet. Electric is almost always separate with costs varying depending on your lifestyle and square footage.
Editor’s note: Many professionally-managed apartment prices are generated by an algorithm, relying mostly on supply and demand to gauge fair market rates. Each time one apartment rents in the building, the prices of all other available units with a similar layout change accordingly. This happens almost daily, so we apologize in advance if the numbers differ after publishing. Please contact a Z Chicago leasing agent directly for the most current prices and concessions on both West Loop luxury apartments and other rental buildings throughout the city.
