If you’re in the market for an apartment, you’ll soon have thousands of more to choose from in Downtown Chicago. Developers plan to complete 4,000 additional apartments in the area in 2015, plus nearly another 5,000 next year. According to researchers, the nearly 9,000 additional apartments will boost supply by about 28-percent.
While that may seem like positive new for renters experiencing regular hikes in rent, it may not necessarily translate to better deals. It’s expected the increased supply will test whether demand for apartments can keep up. Already, though, some predict that demand will only increase over the next couple of years, due to the area’s strong job market and a lack of buying options.
Rents have continued to rise, even as developers have finished an average of 2,000 new apartments each of the past three years in Downtown Chicago. New construction available to renters includes a just completed tower near the Merchandise Mart, one set to open soon in the South Loop and another tower expected to open in late spring near Millennium Park.