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.

Share:
  • Facebook
  • Google Buzz
  • Digg
  • LinkedIn
  • StumbleUpon
  • del.icio.us
  • Google Bookmarks
  • Live
  • Posterous
  • Reddit
  • Technorati
  • Tumblr
  • email

Related posts:

  1. K2 at K Station, 365 N Halsted St, Fulton River District
  2. Are River North rents drifting downward?
  3. An updated look at South Loop apartment rents
  4. Updated rents for South Loop apartments

{ 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.

Reply

Simon October 12, 2013 at 1:30 AM

Has the dam finally been broken?

Reply

Leave a Comment

Previous Post:

Next Post: