Chicago rents are on the rise, but a luxury home in Glencoe is in another league with a monthly rate of $47,000.
The lakefront property, developed by a couple of real estate agents, is Chicago’s second-priciest rental listing behind a 46th floor condo at River Plaza asking $49,800 a month.
The 10,000-square-foot Glencoe home is still listed for sale at $8.8 million, or $878 per square foot, but the seller is also seeking renters, according to a listing. The property, located on Longwood Avenue, has been on the market since May of 2022 and its list price has been cut by $1 million since then.
Luxury sellers may list homes for rent if they are unoccupied and taking a while to sell, or if they want to buy some time in figuring out how to better market the home for sale.
The seven-bedroom, ten-bathroom mansion was built this year and is owned by the broker overseeing its sale, Milena Birov of @properties Christie’s International Real Estate, and her husband.
Milena and Leo Birov purchased the property in 2021 through an LLC they manage together and built the house via their Winnetka-based company Heritage Luxury Homes. Property records show notice of a pending foreclosure case brought against the Birovs in May of 2022, just a few days before the property was listed for sale.
Milena Birov did not respond to a request for comment Tuesday afternoon.
Potential renters would need to have an annual salary of nearly $1.9 million before taxes for this rent rate to be considered affordable, per federal guidance that renters should not spend more than 30 percent of gross monthly income on rent. The median income in Glencoe is $93,320.
There are few other rental listings in Chicago this expensive, but rents in the Windy City are increasing, rising by 6.2 percent in the first six months of 2024, according to Illinois Policy.
Also at the top of that scale is an 8,000-square-foot Winnetka home on Hill Road, listed for rent at a monthly rate of $43,500 last fall without any takers.
A luxury Gold Coast condo at 4 East Elm Street was listed for rent at $40,000 at the end of May. Like the Glencoe property, it was initially listed for sale in 2021, but removed the following year.