An affordable rent with a flexible lease in Lincoln Park. What's the catch?
CHICAGO (CBS) – A fancy new apartment with low rent and a flexible lease. The catch: your roommate is a random person.
CBS 2's Lauren Victory takes us inside a new concept dubbed "co-living" in Lincoln Park.
Construction crews are putting the final touches on what will be a beautiful park outside Post Chicago. The new apartment building at 853 W. Blackhawk St. opened earlier this month.
"My pillows are still on the way," said Arnab Datta, the building's very first tenant.
Victory: "That shows how fresh you are."
The bed, kitchen table and chairs, even the utensils, all came with the place.
"I was having a really rough time finding furnished housing," Datta said. "I was looking on Craigslist, I was looking on Facebook Marketplace, and there are a lot of dishonest folks on there."
Post Chicago provided relief along with weekly apartment cleaning, a washer and dryer, and a lease much shorter than the traditional 12 months.
"Three months gives me some time to search properly instead of jumping into a lease or jumping into buying something," Datta said.
Here comes the asterisk.
Tenants are renting out individual rooms in more than 100 different units. That means strangers are paired together in apartments.
Developer Mike Drew explained he invested in what's called "co-living" with the idea that people need flexibility for short-term jobs, internships, and more.
Victory: "We just finished being in a pandemic where social distancing was such a big deal. Why in the world would you think people would want to go for co-living?"
Drew: "That's a very good question."
He added that remote workers can use common area spaces while saving on rent.
"It's estimated somewhere between 25 and 30% more affordable than an alternative form of living," Drew said.
Datta's room, with a private bathroom, costs him $1,600 a month including utilities. CBS 2 asked the property manager: what would happen if co-residents don't get along?
"We will talk to each roommate separately and try to come to a compromise," said Bonnie Wu, the property manager.
Transferring units is always an option, so is going for a walk in the new park.
Future roomies are allowed to meet before agreeing to cohabitate. CBS 2 reviewed some of the co-living rules, which include a restriction on overnight guests to about twice a week.