Best Areas to Invest in Chicago
As one of the most populous cities in the United States, Chicago is a haven for property investors. The demand for property is good and the economy has been performing steadily over the years. As a potential rental property owner, investing in Chicago real estate promises steady rental income, appreciation in value, and several tax advantages.
Chicago spreads over 200 square miles with tens of neighborhoods. To help potential investors make the right choice, the team from Domain Property Management has highlighted a few well-performing options.
If you have always liked being at the center of action, we recommend that you consider investing in the Loop, Downtown Chicago. Property investment options here are high-rise apartments offering modern amenities.
Residents of the Loop have access to most Chicago neighborhoods. In fact, all train tracks meet in this neighborhood hence the name ‘the Loop’. The centrality and accessibility that the Loop offers is what makes the neighborhood attractive to renters.
Some of Chicago’s biggest recreational activities and attractions are located here including Cloud Gate, Millennium Park, and the Art Institute. There are also several shopping and dining options should one wish to distract them from the everyday hustle.
This neighborhood is adored by young professionals and graduates of Chicago. River North is located adjacent to the Chicago River and is popular because of its location and proximity to the Loop.
Many love the convenience that the neighborhood offers. Because of its location next to the River, the area has a touristy feel. In addition, there are several museums and art galleries in the area. The nightlife is another significant attraction that draws in the youth.
The property options available here are a mix of condos and high-rise apartments.
If you prefer the older segment of the demographic as your tenants, we recommend that you consider Lincoln Park. It is an established neighborhood and considered the most popular. It fronts the lake and is a target for young and established families.
As you can imagine, the area has several family-attractive options. The local’s favorite has to be the Lincoln Park Zoo. Apart from the acres of green spaces available, other notable recreational options are the Farmer’s Market and the Chicago History Museum.
What adds to its upscale and serene ambiance is the location of DePaul University. The learning institution is a popular option for those considering higher education.
Fun Fact: Blockbuster films like the “Transformers: Age of Extinction” & “The Dark Knight” were filmed in the area.
Another family-oriented neighborhood that enjoys high rental demand is Lakeview. This neighborhood is located to the north and is known for its relaxed, chilled ambiance. The neighborhood is divided into East, Central, and West Lakeview.
Of notable mention in this neighborhood is Wrigley Ville, the home to the Chicago Cubs. You are bound to find several neighborhood joints, pubs, and bars in support of the team. Sports is not the only attraction here. There are several outdoor and indoor activities available.
With its population, it’s easy to get immersed in the hustle and bustle of the city. Should you want to invest in a neighborhood that gives you a break from it all, we recommend that you consider Lincoln Square.
It is one of the few neighborhoods that has that small-town feel. Once you drive in, you will be immersed in that old-charm feel that is represented by the specialty shops, cobblestone streets, and architecture.
Lincoln Square is known for its diversity of culture. This makes it easier for new tenants to move in and acclimate to the neighborhood. The friendly atmosphere will make your tenants want to grow roots here.
Wicker Park & Bucktown
The name is quite a mouthful and is representative of the artsy people that you will most likely find in the area. The neighborhood is situated to the West of Old Town and has its fair share of music venues, trendy restaurants, and local specialty shops.
Residents of Wicker Park & Bucktown are surrounded by several parks which increases its allure to both individuals and couples.
While we are still on the topic of art and culture, it would be illegal for us not to mention Pilsen. This neighborhood was rated by Forbes in 2018 as one of the coolest neighborhoods to reside in. And this is evident by the vibrant cultural scene here.
The neighborhood is quite colorful with majestic murals covering the sides of several buildings. If you love music, you will be spoilt for choice with the various music venue options in Pilsen. Thalia Hall is the renowned venue where musicians and comedians come to strut their stuff.
Property investment options here include condos, single-family options, and historic buildings.
Resting on Lake Michigan, we have Rogers Park. It is loved by architectural and planning enthusiasts. Several of the buildings here are over 100 old and often, people feel transported a century back thanks to the well-preserved architecture.
This neighborhood is known for its diverse communities. And as expected, you will be able to enjoy the true culture through the plethora of food establishments in Rogers Park. There are many other languages and cultures found in the neighborhood.
It’s time you considered Chicago as your new investment option. The diversity of options, the vibrancy of the economy, and the steady rental demand make it the ideal location. If you are locked in, we recommend that you consider the following Chicago neighborhoods: the Loop, Rogers Park, Pilsen, Lakeview, Lincoln Park, and River North.
Real estate investment is quite technical. You will be required to analyze each neighborhood critically to ensure its characteristics match your investment needs. Should you need a local, experienced, and reputable property partner, get in touch with the professionals at Domain Property Management.
We are the leading service provider in the area handling single-family and multi-unit properties. Our property managers have the experience, expertise, and local knowledge to comprehensively manage your property. Contact us today and receive a quote for our services.