Renters be warned – rent increases are on the horizon in 2006. Why? You can blame the phenomenally busy condo conversion market.
Last year, about 13 rental apartment buildings were sold off in downtown Chicago to eager condo developers and conversion got underway on some 3,965 units. Chicago hasn’t seen so many condo conversions in one year since 1979.
Fewer rental buildings on the market may mean higher rents.
The good news is that there are a few new rental projects coming down the pipeline, as we mentioned earlier today.
Another new rental apartment project coming to market later in 2006 or 2007 is the 421-unit Grand Kingsbury at 440 N. Kingsbury St. in River North. We’ll let you know when we have more info on these rental projects.
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