A Crain’s article last week about The Streeter, a high-rise at 345 E Ohio St that sold for nearly $212 million, suggested that amid falling condo sales, the rental market is holding up much better.
One of the latest rental high-rises is The Habitat Company‘s Kingsbury Plaza, at 520 N Kingsbury St in River North.
About 200 of the building’s 420 apartments are reserved, and the building is 25 percent occupied, according to Erin Christman, leasing manager for Kingsbury Plaza. Rents range from $1,400 to $3,200 a month.
We asked Christman why renting might be a better option for some people.
“Right now, the condo market is down,” she says, “and we have a lot of people moving in who want to move into an apartment while deciding where to live or who are in transition with their jobs. Renting is a better idea for them.” She adds that some condos have “high assessments, so it’s more cost-effective to rent.”