Streeterville, one of Chicago's most expensive neighborhoods, also had one of the highest rental vacancy rates in the city so far this year. Out of the 70+ neighborhoods in Chicago, Streeterville ranked as the third most vacant according to Apartments.com data. It also boasts one of the highest average rental prices in the city, second only to River North.
South Loop, another one of Chicago's most expensive neighborhoods, also placed high, ranking in at eighth.
These were the top 10 most vacant neighborhoods in Chicago, according to Apartments.com:
1. West Englewood: 19 percent
2. Bridgeport: 14.5 percent
3. Streeterville 12.4 percent
4. South Chicago 11.4 percent
5. Washington Park 10.6 percent
6. Grand Crossing 9.3 percent
7. West Garfield Park 9.2 percent
8. South Loop 8.5 percent
9. Gresham 7.6 percent
10. Roseland 7.4 percent
Alarmingly, most of these communities are on Chicago's South Side. But, hold the phone, this data isn't nearly as damning as it seems. These are rental vacancies, not abandoned homes. Not only that, but only one of these communities, Roseland, also places in the top 10 neighborhoods with the cheapest rents, according to the same data. Another thing to keep in mind—this also is only one study.
As for Streeterville, much of the reason the neighborhood has such a large amount of vacancies is due to the sheer amount of development. More than 2,200 new units were constructed in the downtown area, according to the Apartments.com report. It would understandably take some time to fill these new apartments. The same could be said as well for the high vacancy rate in the South Loop, where many new apartments are springing up.
Now these are the neighborhoods with the fewest rental vacancies, according to Apartments.com:
1. Smith Park 0.6 percent
2. Kilbourn Park 1.3 percent
3. Morgan Park 1.4 percent
4. Brainerd 1.5 percent
5. Bucktown 1.7 percent
6. Mayfair-Chicago 1.7 percent
7. North Park 1.8 percent
8. Far South Chicago 1.9 percent
9. Roscoe Village 2.1 percent
10. Lincoln Park 2.1 percent
One surprise is that Logan Square or Wicker Park didn't make this list. In fact, Wicker Park was more vacant than Chicago's average. Wicker Park's vacancy rate was 4.7 percent. Chicago's average vacancy rate was 4.63 percent.