Parking in River North can feel like its own market. If you are buying a condo, the type of parking attached to your unit can change your total cost, financing, and future resale. You deserve clear answers before you make a decision. In this guide, you will learn how deeded parking works, how it differs from assigned or leased parking, typical costs in River North, and the steps to verify what you are actually buying. Let’s dive in.
What deeded parking means
Deeded parking is a real property interest tied to a specific space. It is recorded with the Cook County Recorder of Deeds and treated like a unit or a limited common element that has been separately deeded. You can sell it, finance it, transfer it at closing, and in some cases it even has its own Property Index Number.
Assigned parking is not a separate property interest. The condo association allocates a space to your unit by rule or by the declaration, but the space remains a common element. It usually transfers with the unit and often cannot be sold on its own unless your condo documents allow it.
Leased parking is a rental arrangement with the association or a third party. You pay monthly for a license to use a space, and the owner or association can set or change terms based on availability and rules. No property right is created beyond the lease.
Why deeded parking matters in River North
Deeded spaces tend to be more attractive because you own them, can transfer them, and may have the option to rent them out if the association allows. That ownership can improve resale appeal for buyers who want parking certainty. Assigned or leased options can be cheaper up front, but they may not offer the same flexibility at resale.
Prices vary widely in River North. Deeded spaces have recently ranged from about 20,000 to 120,000 dollars or more, depending on building, size, and amenities. Monthly leased garage parking typically runs about 200 to 500 dollars or higher for full-size indoor parking, with premium features increasing cost.
How transfers and rules work
Illinois condominium law and your building’s declaration, plat, bylaws, and rules control how parking is created and transferred. The Cook County Recorder of Deeds is the official record for deeded spaces and plats. Your closing team should confirm the space in title and include it in the deed and title insurance.
Restrictions and mechanics to confirm:
- Can the space be sold separately from the residence, or must it transfer with the unit?
- Does the board require notice or approval for a parking sale or long lease?
- Can you rent a deeded space to non-residents, or only to owners and occupants?
- How are assessments allocated to deeded spaces, and are there separate fees?
- Does the space have its own tax PIN and bill, or is it included with the unit?
Buying checklist for River North
Verify legal status and title
- Read the condo declaration, plat, and any amendments to confirm deeded vs assigned vs leased.
- Ask for a title commitment that includes the parking space’s legal description and any separate PIN.
- Confirm recorded documents at the Cook County Recorder of Deeds.
Confirm association rules and costs
- Ask if deeded spaces have separate assessments or transfer fees.
- Find out whether you can rent the space to third parties and for how long.
- Check for any waiting list for assigned or leased spaces if you plan to rent instead of buy.
Inspect the physical space and access
- Measure stall size and height to fit your vehicle, especially SUVs and trucks.
- Note whether it is standard, tandem, or a mechanical stacker. Stacked systems can affect convenience and value.
- Check proximity to elevators, entry and exit flow, lighting, cameras, and whether the garage is heated.
- Ask about EV charging availability or the process and cost to install it.
Review financing, taxes, and insurance
- Confirm with your lender how a separately deeded space will be treated in mortgage collateral and loan-to-value.
- Ask whether the space has a separate tax PIN or is taxed with the unit, and how taxes will be prorated.
- Confirm what your unit owner’s policy covers and what the association covers for the garage.
Value the space with comps and rent data
- Look at recent closed sales of parking in the same building first, then nearby buildings.
- Compare monthly garage rents to estimate a buy-versus-lease break-even for your expected years of ownership.
- Include closing costs such as title, transfer taxes, and recording fees when you compare options.
Deeded vs assigned vs leased: cost math
If you plan to stay five years and monthly rent is 300 dollars, you would spend about 18,000 dollars in rent over that period. If a comparable deeded space costs 40,000 dollars and has separate taxes and assessments, your total cost could be higher up front but may yield resale value later. If you can resell the space near your purchase price, ownership can make sense.
If monthly rent is 500 dollars and you expect to live in the building for two years, leasing may be more cost effective. Run the numbers based on your time horizon, the space’s likely resale, and any rules about renting out deeded spaces.
Resale strategy and negotiation tips
Deeded parking often broadens your buyer pool among people who want ownership certainty. Assigned or leased options can work if the building offers easy access to inexpensive monthly parking, which can reduce the premium for ownership. In mixed buildings, deeded parking can create a pricing gap between otherwise similar units.
For negotiation, treat access to parking as part of the total purchase price. If a space is essential, be ready to pay a premium or adjust your offer on the unit. If you do not drive daily, leasing can keep your upfront costs lower.
EV capability is an emerging value add. A deeded stall with existing EV charging or a clear path to install it can command a premium. Mechanical stackers or tandem spots are usually less desirable and may trade at a discount.
Sellers: pricing a deeded space
Start with building-specific comps. Spaces near elevators, oversized stalls, heated garages, or EV-ready setups can support higher prices. Be transparent about any mechanical systems, height limits, or restrictions on renting.
If you are selling a condo and a deeded space together, clarify whether you are willing to split the package. Listing the space separately can reach more buyers, but some condo buyers prefer an all-in offer.
Common River North scenarios
- Newer luxury towers: Expect higher prices for deeded spaces, strong security, and amenities that push value. Supply can be tight.
- Older or smaller buildings: You may see assigned or leased systems, or a mix of parking types. Availability and rules vary by association.
- Transit-proximate blocks: Buyers who commute by train may place less value on ownership, which can change price sensitivity for parking.
Next steps
Your parking choice should fit your daily routine, budget, and exit plan. Start by confirming the legal status, then compare buy-versus-lease costs over your likely time in the building. Finally, look at resale potential based on building comps and rules.
If you want help reading a condo’s parking documents, running comps, or mapping a buy-versus-lease plan for River North, reach out to Julie Latsko for local guidance tailored to your goals.
FAQs
What is deeded parking in a Chicago condo?
- It is a recorded property interest in a specific space that you own, transfer at closing, and sometimes finance or tax separately, as described in the condo declaration and plat.
How do Cook County taxes work for deeded spaces?
- A deeded space may have its own Property Index Number and tax bill; if not separately assessed, taxes are reflected with the unit and typically prorated at closing.
Can I sell a deeded space without my condo unit?
- It depends on your building’s declaration; some allow a separate sale of the parking unit while others require the space to transfer with the residence.
Is leasing parking cheaper than buying in River North?
- Often in the short term, yes, since monthly rates commonly run about 200 to 500 dollars or higher; over longer horizons, deeded ownership can make sense if resale values hold.
What should I verify before buying a deeded space?
- Confirm the legal status in the declaration and plat, title coverage, association rules on renting and fees, stall size and type, EV readiness, taxes, and recent comps in the building.
