Chicago is one of the most populated cities in the Midwest and has been one of the top real estate markets in the country for years. As a result, there are plenty of options for investors and renters. About 3 million people live in the metropolitan area, and another 10 million live in the suburbs.
Since Chicago is a very attractive place to live and invest, wealthy foreigners are considering renting commercial properties here for the short or long term.
Let’s look at rental pricing in different areas of the city, the types of commercial buildings, and how to find the right property to rent.
How is the rent cost in Chicago determined
Chicago real estate market trends are pretty promising. There is an average annual growth rate of 4-5%. When looking for commercial real estate to invest in Chicago, brokers recommend looking at high-density neighborhoods, places with good infrastructure, and new construction. Here you can get a maximum profit from the rent.
So, the most attractive neighborhoods for real estate investment in Chicago, IL are:
- Bridgeport;
- North Central;
- South Shore;
- Old Town;
- West Loop;
- Lincoln Park;
- Lakeview;
- Wicker Park.
The rental property must be equipped according to its intended use. Business premises, for example, office space for rent in Chicago – with repairs, warehouses, and production facilities – with the appropriate communications, room parameters, transport accessibility, and convenience of loading and unloading.
Some are interested in temporary rentals for a year or two, while others are ready to rent real estate for decades because they believe in the prospects of their business plan. Analyze all offers to choose the best option for your project.
Rental prices in Chicago: trends 2023
| Complexes for rent in the Chicago metro area | Monthly growth |
| Oak Park | 6% |
| Joliet | 5,3% |
| Arlington Heights | 3,8% |
It is possible to rent commercial real estate in Chicago, which will be promising primarily for the investor. But it is also convenient for the tenant if there is no opportunity to buy his own premises for business.
How to choose a commercial property for rent
If you want to choose the right premise, you need to decide why you need it. And then select one of the types:
- office or several offices;
- retail space;
- manufacturing shop or warehouse;
- apartments for rent;
- free-standing property.
It is also essential to find a suitable location, clarify the age of the premises, examine their appearance, and decide whether they will suit your requirements. Then, discuss the terms of a lease or sublease.
Among the thousands of properties currently available for direct rental or sublet in Chicago or its suburbs, you will find one or more that fits your needs. You will always find commercial propertiesin ILthat meets your budget and your needs to run a promising business.
You can build a successful business when you choose an excellent rental property. For example, place a manufacturing facility in a rented space, open a store, or set up an office area with workspaces for staff.
Chicago, IL, is one of the most promising metropolitan areas in the United States for living and working. And if you can’t buy real estate, you can rent it. There are perfect deals in and around various parts of the city.