Subscribe: The number of condos available for rent in downtown Chicago remains high, by historical standards, but is continuing to shrink.
When we first began tracking late in November last year there were 1,927 units available for rent (spreadsheet) in the downtown Chicago market, almost all of them condos. As of last Friday that number had decreased by 33%, to 1,286.
We’re not, frankly, quite sure what accounts for the decrease. Anecdotal reports from brokers tell us that the market is getting stronger as potential buyers defer rental decisions. Traditional brokers have also sharpened their focus on rentals. It may be, also, that some of the decrease results from foreclosures on units that had been offered both for rent and for sale.
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{ 4 comments }
Does this mean the market is improving for Chicago Spire as well? Given the 3-5 construction period a smart financial institution would take over this project and finance it themselves.
There are smart financial institutions? Where?
There’s no market for the Chicago Spire except, perhaps, in Dubai or Hong Kong when market conditions improve there.
I agree with Joe in that there is still no market for the Spire in Chicago. Although the positive trends in rentals is encouraging, don’t let that fool you into thinking the market is back where it needs to be.
Josh,
I deleted the link to your site. Our “no promotion for apartment locators” is firm as can be.
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