16-May-20 – Imagine what the shelter at home lifestyle is like in a high-rise tower with little or no outdoor space and long elevator rides while wearing a protective mask. During those elevator rides residents reportedly are required to face the walls in a six-foot-square box.

Sounds like being incarcerated at the Metropolitan Correctional Center, the 28-story federal lockup in the South Loop.

No wonder there’s an exodus underway at some downtown and suburban high-rises. More and more apartment hunters in Chicago are not renewing high-rise leases and hunting for safer housing in smaller walk-up buildings.

“Demand for residences in low-density walk-up buildings is at an all-time high, especially in Old Town, Lincoln Park, and River West,” noted broker Sara Benson (left), president of Benson Stanley Realty based in Chicago. “Rents for move-in ready units are on the rise.”

A retired suburban couple residing in a Wilmette high-rise condominium recently booked 60-plus nights in a one-bedroom Old Town Airbnb unit with a private garden. For a unit with hotel-like amenities, the rental rate was only about $68 a night, much more affordable than standard hotel rates.

“Even though their condo overlooks Lake Michigan and was close to the beach, they were worried about the negative impact of elevators and high-rise living during the pandemic,” Benson said.

While touring a one-bedroom-plus-den unit with an expansive deck, waterfall, and garden pool, Kiley Cox (right) of the Dawn McKenna Group of Coldwell Banker said, “High-rise renters seeking medical security say there is something magical about leafy outdoor space and the fresh air of a private garden in a walk-up.”

A woman in the medical profession could not wait to book an appointment for a two-bedroom-plus-den, two-bath unit in Old Town with a private deck and Weber barbeque grill.

“I’m looking to escape the congested high-rise life in River North,” she confessed.

To take advantage of the shift from swank high-rise living to the more down-to-earth walk-up apartments, many small landlords are offering significant cosmetic upgrades and flexible leasing terms.

A typical freshly upgraded two-bedroom-plus-den, two-bath apartment with fireplace on the second floor of a restored Victorian building in Old Town is available for approximately $2,700 a month – a few hundred dollars less than a comparable-size unit in a new high-rise downtown. The landlord recently installed new laminate wood floors in both bedrooms, and new ceiling fans.

The 1,000-square-foot apartment has a gourmet granite kitchen, stainless-steel appliances – French door refrigerator, range, dishwasher and microwave – LED lighting under-and-over 42-inch hardwood cabinets, a granite bar, and a ceiling fan. The unit has central air conditioning, gas forced-air heating, and an intercom system.

Amenities include a private 120-square-foot deck with Weber gas barbeque grill and chaise lounges.

The apartment also has access to a 1,200-square-foot outdoor entertaining space featuring a large deck with built-in seating and Weber gas barbecue grill and overlooks a gated private walled patio and garden with peaceful water features.

Some high-rise apartment managers are fighting back with incentives, including the first month’s rent free and other perks, from early payment discounts and flexible lease terms to online rent payments and property upgrades such as new paint and carpeting and appliance upgrades.

Tenants are paying rent on time

Nationwide, 87.7 percent of renters paid full or partial rent by May 13, according to the National Multifamily Housing Council’s rent payment tracker. The report was released after the latest job figures showed 36.5 million Americans have filed for unemployment.

During May 2019, some 89.8 percent of renters paid full or partial rent payments. The data analyzed 11.4 million professionally-managed rental units across the country that vary widely by size, type, and average rental price.