Crain’s Chicago Real Estate reported on what some are contending is a growing trend to renting rather than owning a pied-à-terre in Chicago. Developers took different approaches in estimating the number of part-time renters in their buildings.
Integrated Development:
Matt Phillips of Integrated Development Group estimates 12 to 15 percent of his new tenants at 850 N. Lake Shore Drive are part-time renters.
Related Midwest:
Related Midwest LLC, a Chicago-based developer that built and owns a 500-apartment tower at 500 N. Lake Shore Drive, is seeing a growing trend in pied-à-terre rentals. The company declined to disclose how many part-time tenants it has, citing privacy and security concerns.
I’m at a loss to understand how any renter’s privacy or security might be compromised by providing a number.