Chicago

Crain’s Chicago Business: Chicago’s Apartment Market to Favor Tenants

With thousands of apartment units being made available to Chicagoans over the next few years, the city’s rental market is giving the power back to tenants.

It’s about to get easier for renters looking to find a deal on a brand-new apartment in downtown Chicago.

According to a recent article in Crain’s Chicago Business, the downtown apartment market is shifting to favor to tenants. After enduring significant rent hikes over the past few years, developers are now looking to fill up new buildings. That’s due to a building boom—about 8,000 new units are expected to go on the market through the rest of this year and in 2018. That demand isn’t expected to balance out with apartment supply until 2019.

Ron DeVries, vice president of Appraisal Research Counselors, said, “The spring leasing season should be pretty good. The challenge is what’s going to happen in the fall.” He continued to explain that by next winter, the market could get even tougher from a landlord’s perspective. “That’s going to be when there’s a lot of angst in the market,” said DeVries.

To read the original article, click here.