Renters’ lives have grown to be rather difficult in the last couple of years, with climbing rates and limited lease options mainly due to a lack of available units and a slowdown in apartment construction. Yet things are starting to change, hopefully for the best.
In what appears to be a national trend right now, major employment hubs like New York, Washington, or San Francisco are going through an important residential renaissance, seeing an increase in both new construction and revitalization projects that are focused on the redevelopment of stagnant neighborhoods. Chicago keeps itself ahead of the curve, with 4,600 units in the pipeline, including more than 800 units slated for delivery in the second half of 2012. According to real estate research company Marcus & Millichap, planned market rate projects total nearly 15,000 units, representing a potential 9 percent increase in inventory if all of them come to fruition. About 2,900 rentals are planned in the City West submarket, but high-demand Lincoln Park has fewer than 300 apartments under consideration.
If downtown was once buzzing only during daytime with busy professionals flocking to work, now it’s bustling with active residents day and night. Multifamily towers have popped up all around the inner city to cater to young couples, singles or small families looking to make the most of the urban experience. And it does not stop at that. Dormant neighborhoods all around Chicago are coming back to life, abounding in new developments, revamped apartment buildings and old warehouses being converted into condominiums.
For a variety of reasons, including youngsters’ preference for a more relaxed lifestyle, close to work and entertainment options, living in the ‘burbs has lost some of its appeal, which eventually translated into significant changes in terms of demographic trends.
The Chicago metro area experienced a large population growth in its downtown area, with a net increase of 48,000 residents over 10 years, and a large numeric gain on the periphery but saw a decline in many of its inner suburbs, according to a recent report released by the U.S. Census Bureau.
If you’re looking for an apartment to rent in the Loop, check out the Lofts at Roosevelt Collection, 150 W Roosevelt Road, or the Astoria Tower, 8 East 9th Street, two vibrant communities boasting exceptional living features just blocks from downtown.