Upscale apartments proposed for St Charles

The past ten years have seen a drought in the construction of new rental apartments in St Charles.

That drought may be ending, according to Crain's Chicago Real Estate Daily. A developer is proposing to builid a 375-unit luxury apartment complex just west of Randall Road and North Avenue.

Rising occupancy rates and rent levels are among the factors contributing to growing interest in the development of new apartments. Other trends contributing to the interest are the shrinking percentage of owner-occupied homes resulting from the economic downturn, and an anticipated surge in household formations once the economy begins to recover.

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