Urban Real Estate

Downtown Luxury Apartments Rents Reach New High

Downtown Luxury Apartments Rents Reach New High

Downtown landlords saw their rents reach record highs this year, with a new report showing rents at an average of $3.03 per square foot this year.

Occupancy rates are also up, with vacancy at just over 5 percent. But there are signs that the days of record increases may be ending. Crain's and Curbed Chicago are both reporting that while our boom in apartments isn't the highest of major metros, we still have a large number of new apartments coming online.

Through 2018, downtown Chicago will see the addition of 13,000 new rental units. Will that finally fill demand for the city's hottest area?

Read more at Curbed Chicago here.