Tag: Rentals

A panoramic Lincoln Park apartment view

We recently wrote about the wave of existing buildings playing catch-up to the amenities and in-unit creature comforts offered by Chicago’s new downtown high-rises and rental condos. The landmark Belden-Stratford apartments, built as a hotel in 1922, is one of the buildings undergoing a renovation under new ownership. I visited the Belden-Stratford yesterday to shoot... Read more »

Two new downtown Chicago apartment towers pass a milestone

A building’s “topping out,” i.e. completion of the top floor of its structural skeleton, is a major milestone. The Coast (center left, above) and 500 North Lake Shore Drive (center right, above) have both reached their full height and are proceeding toward planned occupancy next spring. If all goes according to plan the 49-story, 499-unit... Read more »

Tour week – apartment walks through the Gold Coast and New East Side

While I’m away on vacation this week, I’m dipping into the archives to show you around parts of Chicago we haven’t visited in a while. On today’s tour we’ll walk around two Chicago neighborhoods looking at apartment buildings. Chicago’s Gold Coast is one of the easiest locations you can imagine in which to find an... Read more »

Skip Craigslist and hit the streets for apartments

The most desirable apartments often rent quickly from site signage without ever being posted on Craigslist or being listed with one of Chicago’s sleazy apartment rental services. You can spend an hour driving yourself crazy and risking your financial health searching Craigslist for your next apartment, or you can spend less time driving yourself around... Read more »

Demographics favorable for landlords, reports Marcus & Millichap

One of the single biggest drivers of the health of the apartment market is the number of 20 to 34 year olds in the population. As that cohort grows, the apartment market typically becomes healthier. Marcus & Millichap recently published its Third Quarter National Apartment Outlook (pdf, registration required), with some positive news (for landlords)... Read more »

Landlords are cutting back on, cutting out rental services

During the past month I’ve been hearing that a number of major landlords have reduced or completely eliminated their reliance on apartment finders / rental services to bring them tenants. Several large landlords will no longer pay commissions to any of the rental services. Others have become more selective in the services they’ll do business... Read more »

From condo to rental to vacant land in the West Loop

Five years ago yesterday we picked up on a Crain’s report that Winthrop Properties had decided to build a 23-story rental apartment building rather than the 325 condos it had planned for a site at 1035 W Van Buren in the West Loop. Winthrop acquired the property for $8.2 million in March of 2006. Bank... Read more »

A video tour of the under-construction K2 apartments

K2 at K Station is a 496-unit 34-story apartment tower that’s under construction in Chicago’s Fulton River District. McHugh Construction Project Engineer Owen Smith showed me around the site yesterday, starting at ground level and ending on the 13th floor, which is partially complete. From the 9th floor on we climbed construction ladders. We stopped... Read more »

Streeterville apartment construction update

Two new apartment towers are currently underway in Streeterville, both targeting delivery next year. The 500-unit apartment tower under construction at 500 N Lake Shore Dr in Streeterville is more than halfway toward its 45-story height. In the picture above the building is framed by the RiverView Condominiums, 415 and 445 E North Water St.... Read more »

North lakefront rental supply trending up in the MLS

For the second week in a row the number of MLS-listed homes, apartments and condos in 6 north lakefront ZIP codes reached a new high since we began tracking earlier this year. There are currently 581 units listed for rent in the MLS from Lincoln Park north to Rogers Park. That amounts to less than... Read more »