It seems like only yesterday that we were reporting steep price cuts on apartments at EnV in River North. It was, in fact, all of four days ago.
Yesterday’s email brought the details of another round of even deeper price cuts from EnV:
Bring a client into EnV Chicago and receive 100% commissions! This is for a limited time only; the client(s) must move in by 6/13/12. This week we are offering AMAZING specials – 2 months FREE on all floor plans if they sign a 13 month lease; they will get an ADDTIONAL [sic] 2 weeks FREE if they move in by 6/13/12. Finally if they look and lease within 24 hours they will receive 1/2 off the administration fees (we normally charge $500 so it would only be $250).
The latest discounting works out to 19.2% from pro forma rents, and 27% if you factor in the commission to the apartment rental services.
According to a recent Marcus & Millichap report, vacancy levels are low – in general – in Chicago.
EnV sold recently for a reported $483,000 a unit to a deep-pocketed owner – MetLife.
Given how “hot” the rental market is, I’d say the fact that EnV is still having offer such deep discounts is confirmation of what most on here have been saying: that their regular rates are ridiculously overpriced, or “stupid high”, even for this market.
Anyone considering renting here would do well to check the Yelp reviews first.
I would consider this but the giant marketing posters on the building are horrendous. The ’03 Paris Hilton reality TV show look isn’t a good way to go.