Luxury Living Chicago Featured in Chicago Magazine – Downtown Chicago Apartment Pricing Continues to Hold Steady
Luxury Living Chicago’s Broker, Aaron Galvin, is featured in the September 2011 issue of Chicago Magazine. Aaron sat down with Deal Estate’s, Dennis Rodkin, to discuss the major increase in rental pricing for downtown Chicago apartments.
This past summer pricing for luxury apartments soared. After a few years of slow or no change, downtown rents jumped by about 15 percent from summer 2010 to summer 2011. Even as we head into September and October, typically a slower time for the downtown Chicago rental market, prices continue to hold steady.
Aaron attributes the high prices to a shortage of inventory in the Chicago market. The summer of 2010 saw 3,500 new apartments come online, but no new buildings are set to open until later 2012 at the earliest. The lack of new units, coupled with the down housing market where people are opting to rent versus buy, has created the perfect storm for high pricing.
It’s the law of supply and demand.
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