Today’s Chicago Tribune has a good article by Mary Ellen Podmolik on the deals available on downtown apartment rentals. According to the article, “A record 2,234 apartments will be added to downtown Chicago this year; increasing the supply of rental units at a time when inventory is already outstripping demand.”
According to Appraisal Research Counselor’s data, “Luxury apartment rentals are at their lowest level since 2005’s fourth quarter and rents at more modest buildings are at their lowest level since 2006’s first quarter.”
As shown in the Chicago Tribune’s chart of average rents, 2 bedroom rents in the West Loop are especially attractive.
For the full article read, “Apartment deals aplenty thanks to oversupply“.