Chicago Rents On The Rise
The Chicago Tribune reports that Chicago-area rents are on the rise and that the continuing boom in apartment construction hasn't hurt occupancy rates.
The average monthly rent for an apartment in Chicago is $1,100 for the third quarter, which represents an increase of about 1 percent. Vacancy rates were at about 3.5 percent.
Chicago is still a bargain compared to many other cities, including New York, San Francisco, Boston and Los Angeles, that top the list as the most expensive markets.
“New construction continues to increase over time and will likely reach a post-recession high this year,” Ryan Severino, Reis senior economist was reported in the Tribune. “Meanwhile, demand has clearly declined from levels observed during 2010 and 2011. This type of slowing is expected, but demand should remain robust.”
Read the full story here.
Groundbreaking Ceremony at 200 N. Michigan
Developers and representatives of the city celebrated a ground-breaking last Friday for the city's newest skyscraper, which will climb 41 stories at 200 N. Michigan.
The building, developed by the John Buck Company and designed by bKL Architecture will include 402 apartments. It will take 24 months to complete, according to estimates.
“We are thrilled that construction has begun on 200 North Michigan Avenue,” said Richard DeLeo, Senior Vice President, Development at The John Buck Company. “The site and surrounding area of Chicago’s newest skyscraper connects the Magnificent Mile and the Chicago River with Millennium Park, making it a vital breadth of activity for residents in this city. We’re very proud to help revitalize and illuminate this area of downtown Chicago.”
Americans keep building Bigger
Chicago Agent Magazine is reporting that the median size of a newly-built house in the United States continues to climb, despite well-publicized reports of continued financial struggles for many Americans.
What's behind the trend?
The magazine points to four primary reasons:
• Financing is still a challenge for many borrowers, so those building new homes are the individuals and families with means and disposable income, tilting the scales upward in size.
• Foreclosures have declined but are still a part of the market and an opportunity for small builders to buy and renovate instead of building new.
• American still have a preference for more space, rather than less. Trulia reports that individuals surveyed wanted houses with 17 percent more space than they had in their current homes.
To read the full report, head over here.
Big Ideas, Small Spaces
Last but not least for this fall day, head over to Chicago Magazine for their piece on big ideas for decorating small spaces.
They've got eight different ideas from a pair of architects and a pretty neat photo gallery.
It's all here.