Rents in Chicago are rising, but a luxury home in Glencoe is in a whole different league with monthly rent of $47,000.
The lakefront property, developed by a pair of realtors, is Chicago’s second most expensive rental property after a condo on the 46th floor of River Plaza, which is asking $49,800 a month.
The 930-square-foot home in Glencoe is still for sale for $8.8 million, or $878 per square foot, but the seller is also looking for renters, according to a listing. The Longwood Avenue property has been for sale since May 2022, and its list price has since been reduced by $1 million.
Luxury home sellers may offer homes for rent when they are vacant and taking a while to sell, or when they want to buy time to figure out how best to market the home.
The seven-bedroom, 10-bathroom villa was built this year and is owned by selling agent 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 co-manage and built the home through their Winnetka-based company, Heritage Luxury Homes. Land records show that a pending foreclosure proceeding was filed against the Birovs in May 2022, just days before the property was listed for sale.
Milena Birov did not respond to a request for comment on Tuesday afternoon.
Potential renters would need to have an annual salary of nearly $1.9 million before taxes for this rent to be considered affordable. Federal guidelines state that renters should not spend more than 30 percent of their gross monthly income on rent. The median income in Glencoe is $93,320.
There are few other rental options in Chicago that are as expensive, but rents in the Windy City are rising, rising 6.2 percent in the first six months of 2024, according to Illinois Policy.
Also at the high end of the scale is a 8,000-square-foot home in Winnetka on Hill Road that was listed last fall for a monthly rent of $43,500 with no interest.
A luxury Gold Coast condo at 4 East Elm Street was listed for rent for $40,000 in late May. Like the Glencoe property, it was initially listed for sale in 2021 but was taken off the market the following year.
