More Luxury Chicago Apartments Coming – But Not Soon Enough
This week Luxury Living Chicago’s Broker, Aaron Galvin, was quoted in a story on MultiFamilyHousingNews.com about the start of construction of 500 Lakeshore Drive – a new luxury apartment building set to be delivered May 2013.
That’s not soon enough, believes Aaron. We are currently experiencing a lack in availability of apartments and condos for rent in downtown Chicago. We need more luxury Chicago apartments and soon. Occupancy has hovered around 95% for class A buildings all summer long.
Unfortunately, we’ll just have to wait, as no new buildings are set to open until late 2012/early 2013.
However, there are plenty of buildings in the works. Aaron believes it’s a great time for developers to get into the multifamily housing game, as this is the one sector of real estate thriving in the down economy. Aaron cautions developers that they need to build with longevity in mind. This means creating floor plans, amenities and other building features and conveniences that appeal to both renters and ultimately to buyers.
Search The Blog
Follow Us on Social
Apartment Experts
Featured Apartments
NEIGHBORHOODS
View All
Up Next
Luxury Living Chicago Featured in Chicago Magazine – Downtown Chicago Apartment Pricing Continues to Hold Steady
Luxury Living Chicago’s Broker, Aaron Galvin, is featured in the September 2011 issue of Chicago Magazine. Aaron sat down with Deal Estate’s, Dennis Rodkin, […]
Luxury Living Chicago Featured On NBC Nightly News and Wall Street Journal
This week, Luxury Living Chicago was tapped by two major media outlets to provide insight into today’s luxury rental market. First, on NBC Nightly […]
Spring ’11 Pricing Update—Sky High Pricing & Limited Availability
Spring is always the busiest time of year for downtown Chicago apartment rentals and this season has been no different. Even though Chicago still […]
Apartment Finding For A Cause: Common Threads
I have a passion for helping people. That’s partly why I’m in real estate. I love helping people find their new home. This year, […]