(Crain’s) — A construction wave coupled with 11.2% unemployment would normally make life miserable for apartment owners, but downtown landlords are holding up surprisingly well.
The occupancy rate for top-tier downtown apartment buildings rose to 93.6% in the first quarter, up from 91.4% in the fourth quarter and 90.9% in the year-earlier period, according to Appraisal Research Counselors, a Chicago-based consulting firm. Please visit www.chicagobusiness.com/cgi-bin/news.pl?id=38336 for more details.
The rental building prices are the new east side is going up too. For example, at the Columbus Plaza, the one bedroom was rented for $1,275 just a couple of weeks ago, now they have increased to $1,350 for the flat rate, the North Harbor Tower was $1,250 and now to $1,400 per month, the Shoreham was running specials of $1,495 for any one bedrooms, and now the cheapest one is asking for $1,708 without a parking space. I did not check the price for Aqua yet, but I am sure it is going up even more, when I was checking a couple of months ago, they told me it was $1,750 for a one bedroom without parking.
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