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Supply & Demand: Apartment Rental Rates Set to Climb

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A handful of new rental high-rises have been added to the Loop and River North in the past year (EnV, Parc Huron and 200 Squared, to name a few), and several more are in the pipeline (the Peshtigo site, Clark and Hubbard), but demand for high-end rentals may still be outstripping supply. Crain's reports that downtown landlords are likely to jack the rent up by 8 to 10 percent in the second half of 2011. A whopping 2,324 rental apartments have been added to downtown Chicago this year, according to the report, and developers have announced plans to add another 800 to 1,300. The only thing standing in their way are stingy lenders.
· Big rent hikes foreseen for downtown apartments [Crain's]