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.