Development and popularity can very well be a curse, as house hunters in Arlington Heights are finding out the hard way. The top-notch urban infrastructure, vibrant community life, , stable communities, plethora ofamenities and hospitals make Arlington Heights one of the best places in which to live. What this means is that people who come usually stay put. And that’s bad news for the newcomers. Finding an apartment ranges anywhere between next-to-impossible to tough, depending on your preferred neighborhood. Don’t despair! Even as most neighborhoods have vacancy rates in the low single digits, and some actually have 0% vacancy rates, there are also a few neighborhoods with astonishingly high vacancy rates and modest rentals to boot, something usually too good to be true.
How Much Does it Cost?
You will have guessed it by now: the high-quality lifestyle comes at a price. Arlington Heights apartments cost about 35% more than elsewhere in Chicagoland, and overall cost of living mirrors likewise. If this is of any solace to you, an average household here earns about 33% more than what the average household earns in rest of the state.
There is a lifeline, though. Arlington Heights is noted for its diversity in accommodation offerings. While one bedroom apartments can go for a perfectly reasonable (albeit average), it’s also possible to rent a three bedroom apartment for the same cost...or 4x higher.
What Do You Need?
In a few neighborhoods of Arlington Heights, you can walk in and dictate terms.Try that in most of the neighborhoods, and the odds are that you’ll be laughed out and remain homeless. Either way, it pays to start your search early, especially if you want to nab the few good bargains that crop up from time to time. Adopt a professional demeanor, have a systematic procedure in place, and always carry your references and checkbook with you. If you sense a good deal, go for it, and do not dilly-dally.
Arlington Heights is prosperous and young. Median income is $69,002, which compares favorably to Illinois's average of $53,966. Most neighborhoods have a very high proportion of professional executives, employed as computer professionals, scientists, engineers, and office managers. It follows, then, that the neighborhoods would cater to the professional ilk. But if you don’t fall into that category, don’t despair. Chances are, you will find a community or two that has your name written all over it!
W Dundee Road / N Kennicott Avenue: If you are hard hit by the economy, head straight to the suburban neighborhood of W Dundee Road and N Kennicott Avenue. Average rentals are $671, a bargain for a neighborhood where more than 40% of the working residents have executive or managerial jobs, and no one lives below the poverty line. However, be prepared to flaunt all your charms. Most of the homes are owner occupied and vacancy rates are very low.
W Dundee Road / N Old Arlington Heights Road: If you ooze “urban sophistication,” and consider arts, theatre, weekend boutique-ing, and a weekend dinner with finely aged wine as essential as oxygen and water, you would be at home in the upscale neighborhood around W Dundee Road and N Old Arlington Heights Road. However, getting in there is easier said than done. Although there is diversity in stock, ranging from small to medium sized apartments and single-family homes, most homes are owner-occupied and vacancy rates are next to nothing.
Bayside Drive / W Rand Road: If you are looking for some peace and serenity in the heart of an urban jungle, then the neighborhood around Bayside Dive and W Rand Road is for you. What’s more, the real estate stock here is pretty varied, ranging from small to medium sized to luxury apartments, premium apartments and single-family home... and vacancy rates are high to boot.
E Hintz Road / N Arlington Heights Road: Who doesn’t love a bargain? A top-notch house at mid-range rentals counts for one in the reality business, and the neighborhood of E Hintz Road and N Arlington Heights Road may provide you with one. Median real estate prices are $354,681, higher than most other neighborhoods, but average rental prices are in resonance with mid-range neighborhoods. Unfortunately for you, this is the worst-kept secret in town, and as such, vacancy rates are very low. Competition to grab that apartment which has come up in the market is fierce, and that's putting it mildly.
W Northwest Highway / N Yale Avenue: Speaking of bargains, throw in neighbors in a peaceful and quiet neighborhood bang in the middle of an urban concentration, at below average rentals. Dream on? Well, it is actually possible in the W Northwest Highway - N Yale Avenue neighborhood. Average rental prices are lower than most major U.S. cities, even when this neighborhood is among the 15% highest income neighborhoods in America, and 54% of the working populace is managerial professionals.
Mt Prospect: The neighborhood around Mt Prospect, comprisingf E Rand Road and E Thomas Street, is probably the most expensive in Arlington Heights, with average rents of $1,526. The reasons are not hard to find: a unique combination of plenty of owner-occupied single-family homes that denote stability, and the landscape having the look and feel of a "Leave It to Beaver" episode make this neighborhood one of the best in Illinois.
Village Center: Arlington Heights’ “Village Center” is a dense urban neighborhood. The redevelopment that culminated in 2004 has made the downtown more appealing to families, the youth and empty nesters alike. In fact, more people fly solo in this town than most other neighborhoods in America.
E Euclid Avenue / N Forrest Avenue: The neighborhood of E Euclid Avenue - N Forrest Avenue is another urban neighborhood with medium to large apartments and single-family homes. Most of the houses here came up in the ‘50s and ‘60s, constructed mainly by war veterans, thanks to the GI Bill. The neighborhood retains the reminiscences of that bygone era. However, don’t bother actively looking for accommodation here. Most houses are owner occupied and vacancy rate is a grand 0.7%.
Scarsdale: The broad area of Scarsdale encompasses the neighborhoods of W Kirchhoff Road, W Central Road, E Northwest Highway and E Kensington Road. It is not everywhere you get to see a mix of Georgian, Colonial, Tudor, and even ranch homes, no two of which are alike, set amidst mature trees and meandering streets. Now here comes the catch: most homes are owner occupied and vacancy rates are next to nothing. After all, who in their right minds would have a home and not want to live here? Count your lucky stars in the instance you do manage to get in.
W White Oak Street / Weber Drive: If it is your burning desire to live amidst an exclusive crowd of those who value arts and the finer urban sophistications, look no further than the apartments and houses at W White Oak Street and Weber Drive. And this will just make your day: Average rental prices are modest and vacancy rates are among the highest in Arlington Heights.
E Central Road / S Arlington Heights Road: The neighborhood of E Central Road and S Arlington Heights Road neighborhood is another upmarket one, with average rental prices running higher than some nearby ‘hoods. The stock is primarily small to medium sized apartments and single-family homes.
S Meier Road / W Lincoln Street: The neighborhood is surprisingly peaceful and quiet and has a fair share of upper-middle income households. But don’t start celebrating yet. Everyone has the same idea, making the rental market hyper-competitive. Once you get in after the jostle, the last thing you would think of is leaving, meaning this area has very low vacancy rates.