With real estate prices continuing to spike around Chicago’s downtown and west side neighborhoods, both investors and home buyers are now looking for the city’s next “up-and-coming” communities for either an investment property or perhaps to even buy a new place to call home. And if you believe a recent report from The Tribune, Chicago’s Edgewater and Rogers Park neighborhoods may just be two locations in the city that fit that description perfectly.
According to the piece, investors are scooping up apartment buildings on Chicago’s far north side, hoping to attract young professionals who might not be interested in paying a premium for already established neighborhoods in the area like Lakeview or Lincoln Park. A California-based investor just purchased a 223-unit building along Sheridan Road in Edgewater Beach, while a Connecticut-based venture also followed suit and closed on a 160-unit building just a couple weeks ago.
Of course the close proximity to Loyola University makes Rogers Park and Edgewater a desirable location for investors specifically, but along with that, the lack of newly renovated apartments available in the area also makes the far north side ripe for an apartment renaissance.
As noted by The Tribune, average rents around Rogers Park have jumped by 12% in just the last 5 years alone, which could spell trouble for existing residents currently taking advantage of the area’s affordability. But just like what happened over in Bucktown, Wicker Park and even Logan Square nowadays, it might be only a matter of time before Edgewater and Rogers Park are Chicago’s hottest new locations for young city-dwellers to consider, especially given the area's easy access to the Red Line.