Despite a recent boom in the construction of new residential towers, it still appears Chicago may be lagging behind other large cities when it comes to new apartments. According to RentCafe’s analysis of the top cities when it comes to the number of new apartments delivered this year, Chicago comes in at number 14 behind such cities as Dallas, Houston, New York and Los Angeles.
Even so, the Chicago area expects to gain more than 8,300 new rental units in 2016, with a large number of them located in downtown. Already new apartment towers have opened with the addition of Marquee at Block 37 and Wolf Point West, bringing a total of 1,200 new apartments to Downtown Chicago. That’s encouraging news for Chicago’s rental market, which has been moving at an impressive rate these past few years and shows no signs of letting up in the near future.
As for the top cities, Houston is number one with nearly 26,000 new apartments due this year, followed by Dallas with an admirable 23,000 new apartments. Other cities that rank in front of Chicago, according to the data, include Denver, Charlotte, San Francisco and Phoenix.