New Towers Soar in the Chicago Loop Real Estate Market
The number of renters has led real estate developers to invest in rental buildings again. Within the next year, six luxury rental towers are set to rise from Chicago’s downtown area. 2,200 new apartments will fill these six new buildings, and experts say that the new developments will rent 90 percent of their residences within 12 to 15 months.
In order to rent out these new buildings, landlords or property managers are currently throwing in a month’s free rent and utilities. As floors or certain floorplans begin to sell out, however, renters can expect to see these deals dry up. Property manager Lauren Dolan stated to the Chicago Tribune, “I think the landlords are starting to regain control. A year ago, some properties were waiving three months’ rent or throwing in all utilities. We’re pulling away from that now.”
Rents may also rise over the next few years, as the apartment rental market becomes more competitive and the condo rental inventory downtown decreases. As the inventory of downtown homes for sale shrinks, many accidental landlords will be able to sell their properties instead of renting them at a discount. Renters should capitalize on lower rents now, and pay attention to the amenities they will be paying more for if they plan to stay in the building for a few years.The Luxury Amenities of Chicago Loop Real Estate
New and rehabbed buildings are placing a focus on lifestyle as their selling point. Instead of selling an apartment, developers are pushing a community and a way of life.Single, young professionals are overwhelmingly joining these communities and living their dream lifestyle — instead of popular neighborhoods for recent graduates like Lincoln Park and Lakeview, they are opting for Chicago Loop high rises where they can find people their own age and incredible amenities. Although each luxury tower offers a little something different, you can generally expect media rooms, business centers, fitness centers and pools in all of them.
Despite the opportune buyers’ market in Chicago real estate, many young Chicagoans are still looking to rent to ensure their mobility in the next few years. With so many competing new buildings with thorough amenities, shopping for an apartment can be as serious of a process as looking for a home to buy. Renters should make sure to have an agent with the proper expertise to find a rental that suits your lifestyle. Start looking for an agent here or check out Jameson’s new developments here.
