The neighborhood of Lakeview has long been one of Chicago’s most vibrant and sought-after neighborhoods, offering a rare mix of lakefront living, historic architecture, iconic entertainment, and an unbeatable neighborhood feel. From the bustling streets of Wrigleyville and the nightlife of Belmont Avenue to the tree-lined blocks near Southport Corridor and the scenic paths along the lakefront trail, Lakeview offers something for nearly every lifestyle. It’s a neighborhood where you can catch a Chicago Cubs game at Wrigley Field, enjoy world-class dining on Broadway, and relax at the lakefront parks — all within a few minutes’ walk!
Today, Lakeview is entering an exciting new phase, shaped by a major community-driven development plan focused on affordable housing, commercial revitalization, and expanded public spaces. This transformation brings both opportunities and challenges for rental property owners who want to stay ahead in an increasingly competitive market. Lakeview property management services and tenant retention strategies can be essential in the right action of navigating these changes effectively.
At Landmark Property Management, we work closely with property owners to help them stay informed and adapt and respond as needed. Whether you’re looking to upgrade your current units or expand your rental portfolio, understanding Lakeview’s evolution is crucial to protecting and growing your investment. Today, we will share some of our insights with you - let’s dive in:
Introduction to the Lakeview Neighborhood in Chicago
The Lakeview neighborhood in Chicago, IL, is a popular area for rentable apartments, offering a unique blend of urban living and community charm. Located near iconic landmarks like Wrigley Field, home of the Chicago Cubs, and Clark Street, Lakeview apartments provide easy access to public transportation, amenities, and entertainment options. With its vibrant nightlife, restaurants, and shopping, Lakeview is an ideal location for those looking to rent in Chicago. To navigate the rental market, users can utilize online platforms, filtering options, and save search features to find their perfect Lakeview apartment or home.
Understanding the Rental Market
The rental market in Lakeview, Chicago, is diverse, with various types of properties available, including apartments, condos, and single family homes. Prices vary, starting at $1,350/mo and reaching $2,800/mo or more, with some properties featuring popular amenities like pet-friendly policies, in-unit laundry, secured parking, fitness centers, and outdoor spaces. To stay updated on new listings, users can register for a free account, receiving email alerts whenever new Lakeview units and apartments hit the market. By understanding the rental market, users can make informed decisions when searching for their ideal Lakeview apartment, using filters like metric and imperial units to refine their search.
New Developments and Redevelopment: Raising the Bar
Luxury apartment buildings and mixed-use developments such as 3310 N. Lincoln Ave are rising rapidly along Clark Street, Broadway, and surrounding corridors. Check out this full list of Lake View East's Chamber of Commerce's ongoing proposals and approved new construction. Many older properties are being torn down or gut-rehabbed to keep up with the new listings.
What this means for rental properties:
The quality of comps is rising. Owners of vintage buildings may need to invest in upgrades to remain competitive.
Tenant expectations have shifted. Features like in-unit laundry, smart home technology, energy-efficient designs, and pet-friendly amenities are no longer "nice to have" — they’re becoming the new standard.
Price pressure is two-fold. New, high-end units can command premium rents, while outdated properties risk lower occupancy or rent reductions if they don’t evolve.
Lakeview’s New Community Plan: Focus on Affordable Housing, Business Growth, and Green Spaces
The first comprehensive community plan in two decades, driven by Alderman Bennett Lawson and extensive resident feedback, highlights several key priorities:
Expanding affordable housing.
Revitalizing commercial corridors.
Adding more green, public spaces.
This emphasis on affordability and accessibility reshapes the rental market and opens up fresh opportunities for property owners who are prepared to adapt. Additionally, the plan promotes community engagement and sustainable development.
Opportunities for Rental Property Owners in Lakeview, Chicago
Increased Market Stability: A stronger, more inclusive rental market can attract a broader range of tenants for Lakeview Apartments and Houses in Chicago — from young professionals to small families — increasing rental demand across unit types. This also opens up new investment opportunities and highlights the need for effective property management solutions.
Improved Property Values: New amenities, pedestrian-friendly shopping areas, and public spaces are making Lakeview even more desirable, driving property values upward.
Higher Visibility: Revitalized streetscapes and community investments create a place that tenants want to be a part of, helping rental properties stand out to prospective renters and investors.
Potential for Strategic Upgrades: Local initiatives like the Affordable Requirements Ordinance (ARO) and targeted neighborhood investment programs offer opportunities for property owners to make tenant-focused improvements, including kitchen remodels, bathroom upgrades, and energy efficiency enhancements.
Challenges to Navigate
Increased Competition: The influx of new units, particularly affordable housing developments, may create more competition — especially for older, unrenovated properties. Market analysis and tenant feedback are crucial in navigating these challenges.
Stricter Rental Policies: Many Lakeview, Chicago buildings are adopting policies designed to preserve long-term community stability, which could limit rental flexibility in some cases.
Balancing Affordability and Profitability: Property owners must strike a balance between offering units that are competitively priced yet still financially sustainable.
Adapting to New Community Needs: With residents prioritizing green spaces and walkability, owners may need to adapt management strategies — such as adding bike racks, improving landscaping, or creating shared outdoor areas.
What This Means for You
If you own rental property in Lakeview, the time to act is now. Small investments — like modernizing interiors, adding energy-efficient features, or improving curb appeal — can make a big difference. Being proactive in adapting to Lakeview’s evolving character ensures you stay competitive and maximize your return on investment. Leveraging property management expertise can further enhance your property's appeal and profitability.
Consider Teaming Up With: Apartment Management Companies, Chicago-Based
At Landmark Property Management, we specialize in helping owners like you handle Chicago’s fast-changing locations. As one of the top-rated apartment management companies in Chicago, our team provides the market insights, hands-on property management, and leasing strategies you need to thrive. Our local market knowledge ensures that you are always ahead of the curve.
Whether you’re looking for a reliable rental agency in Chicago or want to work with an expert team that stands out among Chicago apartment rental companies, we’re a great connection to help you succeed. Toggle over to our website to learn more and don’t forget to do your due diligence and check the review section on Google! We are also happy to offer a FREE and clear rental analysis for your building or unit by providing us with the address. Even if you are not proceeding with our services we are here to help in any way we can in your process.
Contact Landmark Property Management today to learn how we can help you navigate, adapt, grow, and succeed in the new Lakeview.
