Gold Coast Neighborhood Information
Chicago’s Gold Coast Neighborhood is bound by Oak Street, North Ave, Lake Michigan and Lasalle Blvd. The Gold Coast is a well-established affluent neighborhood that offers its residents a rich lifestyle. The Gold Coast provides an excellent example of classic Chicago architecture at its best. Several luxurious boutiques and high-end shops are within walking distance for Gold Coast residents. Gold Coast is also home to some of the city’s best and most well-known restaurants such as Gibson’s Bar & Steakhouse, Carmine’s and Tavern on Rush.
The Gold Coast neighborhood continues to flourish as new mansions continue to spring up alongside the grand residences built by Chicago’s 19th century elite. Home to the original Playboy Mansion, Astor Street Historical District, and many beautiful brownstones on quiet tree-lined streets. The Rush & Division intersection hosts several restaurants, trendy bars & nightclubs and serves as a great people-watching location.
Gold Coast Condos and Homes For Rent
The apartment inventory in the Gold Coast neighborhood is mainly limited to high-rise rental buildings. Astor House is one of the most well-known Gold Coast rental buildings and offers spacious floor plans in a highly sought-after location within the Gold Coast. There are a small number of more intimate sized rental buildings with 3-5 units. For the most part the best rental opportunities in this neighborhood will be privately owned condos, townhomes and single family dwellings.
Since this is one of Chicago’s most historically significant and long-standing neighborhoods and offers a plethora of high-end shopping and top-notch restaurants, the rental prices can be steep. A single family dwelling on a quiet tree-lined street can run anywhere from $5,000-$25,000 depending on on the size of the home and how updated the interior finishes are. A “fixer-upper” on a narrow 16-foot wide lot with limited interior space (less than 3000 square feet) would fall in the $5,000-$7,000 monthly rental range.
There is a well-known gated community of townhomes called Beekman Place which features 3-4 bedroom units with large amounts of living space and privacy. These townhomes were originally built in the late 1980s and the amount of updating will differ from unit to unit. The address for Beekman Place is 55 W Goethe and each townhome has a unique unit number. There is a 24-7 security guard situated at the front gate to the property and each home has its own attached two-car garage, private front yard and entry way. A recent property tax report shows that the average property owner’s tax bill in Beekman Place is around $20,000 per year, so don’t be surprised to see rents in the $4500-$8000 range.
Finding single level flats or duplex units in the Gold Coast can be very challenging, but these might represent the greatest value in Gold Coast rental real estate. A 1-2 level unit in a privately owned walk-up style building in the Gold Coast can cost anywhere between $2,000-$5,000 per month. Many of these units have been very well cared for and some have excellent updates as well as unique floor plans.
The most common privately owned rentals in the Gold Coast are highrise condominiums. There are many very nice buildings to choose from and you can usually find a handful of rental opportunities in each building at any given time. Renting in one of these buildings can be an excellent experience as you get to enjoy all of the building amenities and neighborhood features without the burden of property taxes and monthly HOA dues. Many highrise rentals in the Gold Coast include heating, air conditioning and cable TV since these are usually part of the homeowner dues, which are paid by the landlord.