Chicago’s luxury rental market has been scorching hot for awhile now, and as developers continue to deliver more and more units throughout the downtown area, signs of a slowdown appear to be nowhere in sight. Despite just coming to market within the past 12 to 24 months, buildings like 111 W. Wacker and 500 N. Lake Shore Drive seem like a distant memory, and even more recently completed buildings like 73 E. Lake and the North Water Apartments at the Loews Hotel seem like old news at this point.
As we move closer and closer to the busy fall market, Crain’s recently broke down Chicago’s crazy apartment boom, enabling us to see just how wild of a ride it’s been, and what might be in store for us moving forward over the next couple years.
In 2015, roughly 3,000 apartments will be delivered around downtown, while another 3,200 will be brought to market at some point next year. If that’s not enough, 2017 looks to be like an even bigger year for new construction rentals around Chicago, not to mention a record-setting one, with 4,500 units already expected to move forward in what’s already be a pretty saturated market.
Nevertheless, Crain’s has only taken into consideration projects that are completed, under construction, or already have financing and approval secured; so regardless of how silly the luxury apartment market in the Windy City has already become, expect the madness to continue at least through 2017.