What is Corporate Housing?
Corporate housing refers to fully furnished apartments or condominiums available for short-term or extended stays. These apartments are designed to cater to professionals relocating for work. Corporate housing offers a home-like feel with the convenience of luxury hotel amenities, making it an ideal choice for individuals seeking comfort, flexibility, and easy living.
Chicago Neighborhoods Best for Corporate Housing
Chicago, known for its bustling economic engine, has many neighborhoods that are significant hubs for large offices and corporate housing.
The Chicago Loop, Chicago's central business district, is the epicenter of business in the city. This iconic neighborhood is home to numerous corporations, financial institutions, law firms, and government offices. Skyscrapers like the Willis Tower (formerly Sears Tower) and the iconic Chicago Board of Trade Building dominate the skyline. The Loop offers hassle-free access to CTA trains, buses, dining, and famed cultural attractions.
Located just north of The Loop, River North is a thriving Chicago neighborhood known for its vibrant art scene, award-winning restaurants, and a significant amount of offices. This Chicago neighborhood has experienced substantial growth in recent years and is home to advertising agencies, technology companies, and creative studios. Its modern loft-style offices and proximity to the Loop offer a dynamic work-life balance with exciting dining and nightlife options.
The West Loop has rapidly transformed from a former industrial district into a bustling Chicago neighborhood with a vibrant mix of offices, residential spaces, and famous restaurants. It is a popular neighborhood for technology firms, startups, and creative companies. The West Loop is adjacent to the acclaimed Fulton Market neighborhood, packed with trendy restaurants, co-working spaces, and loft office complexes. With its blend of modern offices, loft-style conversions, and proximity to downtown, the West Loop has become one of the hottest neighborhoods in Chicago.
Situated along Lake Michigan, the Chicago River, and adjacent to the Magnificent Mile, Streeterville is another Chicago neighborhood with many offices and corporate housing options. This neighborhood has corporate headquarters, Northwestern Memorial Hospital, the University of Chicago Gleacher Center, Northwestern Law School, Northwestern Medical School, and thousands of luxury apartments and condos. Streeterville offers a vibrant work environment with easy access to downtown, the Chicago River Walk, and lakefront views.
Known for its luxury shopping and iconic architecture, North Michigan Avenue, also called the Magnificent Mile, is a shopper's paradise and a neighborhood with a notable concentration of offices. The area is a popular destination for retail, hotels, and many offices. This is a highly desired Chicago location with its prime location and prestigious address like the John Hancock Tower.
Factors Affecting Rental Rates of Corporate Housing in Chicago
The location of corporate housing in Chicago plays a significant role in rental rates. Neighborhoods in downtown, such as the Chicago Loop, River North, and Streeterville, typically command higher prices due to their proximity to the Chicago Lakefront, shopping, restaurants, nightlife, amenities, cultural attractions, and many offices. On the other hand, neighborhoods outside the downtown area may offer more affordable options but require a short commute to downtown Chicago.
The size of corporate housing apartments is another factor in determining rental rates. One-bedroom apartments are typically more affordable than larger ones, such as two or three-bedroom apartments or even condos for rent.
The various luxury building amenities and services offered in corporate housing can also impact the monthly rent. Furnished apartments with additional features like in-unit laundry, fitness centers, pools, roof decks, parking facilities, and 24-hour concierge services may command higher rental rates.
The lease length can influence rental rates for corporate housing in Chicago. Shorter-term leases, typically for one to three months, tend to have higher monthly rates than longer-term leases, which may offer more favorable pricing.