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Downtown Chicago Rents Climb to Record High


Top-end apartment rents in downtown Chicago rose 5.7 percent in the second quarter this year compared to 2017. Why? Simple supply and demand.

People are renting apartments faster than developers are building them “Class A” downtown apartments have an occupancy rate of 94% and climbing making landlords very happy. With more people opting to rent rather than buy and strong downtown job growth, demand for apartments is surging.

“It just keeps on going,” said Ron DeVries, senior managing director in Integra’s Chicago office. “It’s the gift that keeps on giving.

But not all is rosy. Because of an acceleration of new construction, there could actually be an excess supply by 2020. Developers will complete a record 4,500 apartments downtown in 2019 and another 4,700 in 2020. And if there’s a recession, landlords may find themselves in a challenging situation.

Read on HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

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