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Landlords Losing Out: Apartment Supply Catching Up With Demand

  • February 15, 2012

by Erin Calandriello

Exterior of K2, a new apartment building going up downtown

In 2012, landlords in Chicago will likely have a strong year, but next year could be a different story. Crain’s Chicago Business reported today that as the surging supply of new rental units being built catches up with demand, Chicago rents could level off or even fall in 2013.

From Crain’s:

Downtown developers are poised to complete 1,219 apartments this year and 3,500 in 2013, and developers are projected to add another 2,000 in 2014. “It’s going to be heartache next year because 3,500 units is a lot of units, and we don’t have that much demand,” [Appraisal Research Vice-President Ron DeVries said]. However, he doesn’t expect a huge decline in rents, predicting they will likely stay flat in 2013. But he also doesn’t think the downtown market needs more apartments beyond what’s already in the pipeline..

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