River North Apartments
Discovering River North Apartments
For those considering a move to a vibrant urban environment, the River North neighborhood in Chicago is a fantastic option. Known for its dynamic atmosphere and artistic flair, River North offers a unique blend of culture, entertainment, and convenience, making it an ideal place to call home.
River North Neighborhood Overview
River North is an exciting area filled with art galleries, trendy restaurants, and bustling nightlife. Its proximity to downtown Chicago makes it incredibly appealing for both professionals and students alike. Residents enjoy easy access to public transportation, making commuting a breeze. The neighborhood is also known for its stunning architecture, with modern high-rises standing alongside historic buildings.
The community is lively and welcoming, with numerous parks and green spaces that provide a nice escape from the urban hustle. Families, young professionals, and artists all find a place within this charming neighborhood, creating a diverse and inclusive atmosphere.
For those interested in apartment living, River North offers a wide variety of options that cater to different lifestyles and budgets. From luxury high-rises to cozy lofts, there is something for everyone.
Popular Apartment Buildings in River North
Several apartment buildings stand out in River North, each offering unique features and amenities. Here are a few popular choices:
| Apartment Building | Address | Notable Features |
|---|---|---|
| Exhibit on Superior | 100 W Superior St, Chicago, IL | Rooftop deck, modern finishes |
| The Gallery on Wells | 600 N Wells St, Chicago, IL | Art-inspired design, fitness center |
| River North Park Apartments | 320 W Illinois St, Chicago, IL | Spacious layouts, pet-friendly options |
These buildings provide residents with access to a variety of amenities, such as fitness centers, rooftop terraces, and communal spaces, fostering a strong sense of community. For more information on specific apartments, check out reviews on platforms like Yelp.
When searching for the perfect apartment in River North, it’s essential to consider individual preferences and needs. Whether one prefers a bustling high-rise or a quieter setting, River North has plenty to offer for anyone looking to make this vibrant neighborhood their new home. For additional apartment options, explore listings for yuma apartments rent and other nearby apartment complexes.
Rent Trends in River North
Exploring the rental landscape in River North, Chicago, reveals exciting trends and opportunities for residents. From the median rent to the breakdown by bedroom count, this area continues to attract interest with its vibrant atmosphere.
Median Rent Prices
As of August 2024, the median rent for all bedroom counts and property types in River North stands at an impressive $2,941, which is a whopping 51% higher than the national average. Over the past month, rent prices have seen a 3% increase, while the year-over-year trend shows a decrease of 11% (Zumper).
| Property Type | Median Rent |
|---|---|
| All Apartments | $2,941 |
| 1-Bedroom | $2,709 |
| 2-Bedroom | $4,390 |
| Houses | $3,350 |
Rent Prices by Bedroom Count
Diving deeper into the rent prices by bedroom count provides a clearer picture of the options available in River North.
| Bedroom Count | Average Monthly Rent |
|---|---|
| 1-Bedroom | $2,709 |
| 2-Bedroom | $4,390 |
| 3-Bedroom | Increased by 36% in last 30 days |
| Houses | $3,350 |
It’s noteworthy that the average rent for a 3-bedroom apartment has surged by 36% in just the last month and 35% over the past year. This dynamic environment makes River North an exciting option for those seeking to rent in a lively neighborhood.
For more insights about specific properties, check out regency square apartments or the palms apartments for a closer look at what River North has to offer!
Apartment Reviews in River North
For those looking to settle in the vibrant River North area, numerous apartment options offer unique experiences and amenities. Below are reviews of three notable apartment complexes that highlight their features and resident experiences.
Exhibit on Superior
Exhibit on Superior is a stylish apartment building that captures the essence of modern living. Located in the heart of River North, it boasts a range of amenities that cater to the lifestyle of its residents. Spacious layouts, contemporary finishes, and stunning views of the Chicago skyline make this a desirable choice for many.
Residents appreciate the rooftop terrace, fitness center, and communal spaces designed for social gatherings. The building’s proximity to art galleries, restaurants, and nightlife adds to its appeal. Many reviews highlight the attentive management team and quick response times for maintenance requests, which contribute to a positive living experience.
The Gallery on Wells
The Gallery on Wells stands out with its handsomely designed studio, convertible, one, two, and three-bedroom residences. With incomparable views and an emphasis on luxury, this apartment complex has garnered praise from current residents. A notable aspect is the exceptional customer service exemplified by staff members like Gabby, who went above and beyond during the Covid-19 pandemic to assist residents with various tasks.
| Apartment Type | Features |
|---|---|
| Studio | Incomparable views, stylish design |
| One Bedroom | Modern finishes, spacious layout |
| Two Bedroom | Luxury amenities, community spaces |
| Three Bedroom | Family-friendly, ample space |
River North Park Apartments
Located at 320 W Illinois St, River North Park Apartments offers a convenient lifestyle for its residents. The building features a fob system for added security and swift maintenance responses, contributing to a safe and comfortable living environment. However, some residents have reported issues with the laundry card machine being out of order for extended periods, which has caused inconvenience when trying to use the laundry facilities.
| Feature | Details |
|---|---|
| Location | 320 W Illinois St, Chicago, IL 60654 |
| Security | Fob access system |
| Maintenance | Quick response times |
| Laundry Facilities | Issues with laundry card machine |
Exploring these apartments provides valuable insights into the living experience in River North. Each of these complexes offers distinct features and amenities that cater to various lifestyles, making it easier for potential residents to find their perfect home. For more options, check out yuma apartments rent or explore other apartment complexes like regency square apartments and river park apartments.
Chicago Property Tax Insights
Understanding property tax dynamics is essential for residents and prospective apartment seekers in Chicago. This section explores assessed value growth and the property tax reassessment dashboard to provide insights into how these factors may influence living in River North apartments.
Chicago Assessed Value Growth
The total assessed value of properties in Chicago has seen significant growth, increasing by 31% since 2018 and reaching an impressive $47.02 billion in 2021. This growth reflects a broader trend impacting property taxes for both residential and non-residential properties. Residential assessed values rose by 10%, while non-residential values surged by 56% (Cook County Assessor).
| Year | Total Assessed Value (in billions) | Residential Assessed Value Growth | Non-Residential Assessed Value Growth |
|---|---|---|---|
| 2018 | 35.9 | N/A | N/A |
| 2021 | 47.02 | 10% | 56% |
The increase in assessed values is likely to have implications for property tax bills released in 2022, which will affect residents living in various neighborhoods, including River North.
Property Tax Reassessment Dashboard
The 2021 reassessment conducted by the Cook County Assessor’s Office covered nearly 900,000 properties, including homes, apartments, grocery stores, and high-rise office buildings. This initiative aimed to provide more equitable assessments through improved data collection and enhanced transparency (Cook County Assessor).
The reassessment dashboard allows taxpayers to access their property assessment reports, review changes in assessments, and compare data across different neighborhoods. This tool enhances transparency and assists property owners in understanding their tax responsibilities.
Notably, appeals regarding property assessments have decreased by 28% in 2021 compared to 2018. This reduction indicates that the reassessment process has resulted in more accurate evaluations, leading to fewer disputes among property owners.
For those considering a move to River North, it is essential to stay informed about how these property tax trends may affect overall living expenses.
Chicago Affordable Housing Ordinance
Affordable Requirements Ordinance (ARO) Overview
The Affordable Requirements Ordinance (ARO) in Chicago is a significant initiative aimed at promoting inclusionary housing. This ordinance mandates that residential developments consisting of 10 or more units must allocate a portion of those units as affordable housing. Originally adopted in 2007, the ARO was revised in April 2021, with the updated regulations coming into full effect on October 1, 2021. The purpose of the 2021 ARO is to tackle displacement issues in rapidly developing neighborhoods while outlining Community Preservation areas based on housing market and demographic changes (City of Chicago).
ARO Regulations and Requirements
Under the ARO guidelines, units constructed must remain affordable for a period of 30 years. For owner-occupied affordable units, pricing must be set to accommodate households earning no more than 100% of the Area Median Income (AMI) or no more than 80% AMI, depending on the selected option. Rental units can be leased to households earning up to the targeted AMI for that specific unit, with the affordability restrictions lasting for 30 years.
Residential developments that gain City Council approval for entitlements, city land sales, or financial assistance after October 1, 2021, fall under the revised 2021 ARO. This includes distinct maps and tables related to the ARO, such as the Revised 2021 ARO Map by Community Area and Ward, which will be effective starting January 1, 2024, along with the 2021 ARO In-Lieu Fees Table effective from the same date (City of Chicago).
The ARO also includes specific regulations for residential projects located in the Near North/Near West, Milwaukee Corridor, and Pilsen/Little Village Pilot Areas, which must adhere to specific chapters of the Municipal Code of Chicago.
For projects that received City Council approval for rezoning, city land sale, or financial assistance before October 1, 2021, the earlier 2015 ARO applies. These projects are required to submit a building permit application before October 1, 2025 (City of Chicago).
Understanding the ARO is essential for anyone interested in the dynamics of affordable housing in Chicago, as it plays a crucial role in shaping the housing landscape.
