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Downtown Chicago Apartments Continue Their Strong Run

Chicago’s housing market may be in a slump, but it’s a different story when it comes to downtown apartments. The market is red hot with no sign of slowing down.

According to Integra Realty Resources, a Chicago appraisal and consulting firm, the average rent at top-tier downtown buildings rose to a record $3.26 per square foot in Q1, up 5.8 percent from a year earlier, and the occupancy rate increased to 94.3 percent, up from 93.2 percent a year ago.

What’s driving all this demand? The big reason is the strong downtown job market. That’s giving happy landlords the leverage to raise rents without having to worry about losing tenants.

Yes, demand is strong, but supply is also going through the roof. Since 2015, developers have built 47 new downtown buildings with 15,222 units. New buildings include Nema Chicago, an 800-unit skyscraper at the south end of Grant Park, and Paragon Chicago, a 500-unit project at 1326 S. Michigan Ave.

Read on at:

https://www.chicagobusiness.com/commercial-real-estate/downtown-chicago-apartment-markets-hot-streak-continues#adunit_path=real-estate/commercial-real-estate

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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