DealsChicagoDowntown / Loop

Alta slashes rents in Fulton River District

by Joe Zekas on 10/9/13

Yesterday morning Alta at K Station sent an email to brokers announcing steep discounts on the cost of renting at the two-tower, 848-unit project in the Fulton River District.

The discounts, which apply to five units, ranged from 17% to 23% on monthly rents. Alta’s website reported 29 units available for rent this month, 27 of them immediately available.

Studios that had been renting for $1,810, $1,850 and $1,785 were reduced to $1,399, $1,490 and $1,487, respectively. One-bedrooms that had previously been offered at $2,205 and $2,125 were reduced to $1,799 and $1,771. The discounts are the rough equivalent of two to three months free rent on a 12-month lease.

Alta is also waiving its $400 administrative fee for rentals within 24 hours of a tour and is paying brokers a month’s rent as commission, based on the net effective rent.

The deals may represent nothing more than an aggressive push to lock in as many renters as possible before the winter – or the beginning of a larger price war. Stay tuned for further clues to the answer.

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{ 2 comments… read them below or add one }

nwzimmer October 10, 2013 at 9:42 AM

Nothing to get excited about here; all their reductions did was bring the asking rents down to where they should have been in the first place. Even the reduced asking rent is still a bit high for this place and location.

But yes, this is yet another sign of the end of the rental increases of the past 4 years, and the coming correction in rental prices.


Simon October 12, 2013 at 1:30 AM

Has the dam finally been broken?


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