We’ve chattered extensively about the new construction high rises going up in downtown Chicago.
Some might have deja-vu with 2002-2006 except these are being marketed as apartments and not condos.
As of September 2012, 3018 units were under construction with delivery expected in 2013 or 2014. (I couldn’t find more recent data about 2013- but I’m sure Crain’s probably has updated numbers.)
Another 7500 units are “proposed”. It’s unclear how many of them will find the funding to get built.
See the Tribune’s September article on the downtown apartment boom here.
Every week seems to bring an announcement about a new apartment high rise or in the case of Old Town, a mid-rise.
These are mainly luxury units, with hardwood floors in the main living spaces and granite counter tops and stainless steel appliances in the kitchen.
Strong demand and low supply has pushed rents up about 20% in the luxury market downtown.
Will rising rents push more renters into buying condos in 2013?
Or will the apartment boom end up in a bust -and declining rents?