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Softness In Downtown Apartment Market And What That Means For You

This year has been interesting across the board and that also applies to the downtown Chicago and surrounding neighborhood (i.e. Streeterville, Gold Coast, South Loop, West Loop, River West, River North, etc.) real estate market both on the apartment rentals front and the residential purchase and sale front.

In this post we'll provide some anecdotal pieces of info on what our team has seen and how that may impact you. In a follow up post, we will talk about the condo purchase/sale side of the business.

Apartment Rentals

Within the full-amenity mid-rise and high-rise apartment market, through peak summer season for leasing we saw prime buildings offering one (1) month free and some two (2) months free. We generally noted activity picking up towards the end of the season as people took advantage of these offers.

Now as we enter the slower leasing season, we are seeing some prime buildings offer up to three (3) months free on already reduced rates.

Here are some anecdotal observations our team has seen:

  • People who currently live in the suburbs are taking advantage of savings and try out living in a high-rise in downtown Chicago.

  • Students at various universities are upgrading to a full amenity building.

  • We have had numerous condo owner sell (or in process) and move into a full amenity luxury building.

  • People who currently live in a full amenity luxury building are moving to another full amenity luxury building to take advantage of the savings and to try another building out.

How It Impacts You

This interesting dynamic may give you an opportunity to save $5,000 or more if you are moving to a mid- or high-rise full amenity building in downtown Chicago.

Take Action

If you want to take advantage of this, contact us by filling out this form and someone from our team will reach out to you.

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