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Apartment Boom, Condo Bust

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Demand for downtown rental apartments is higher than ever in Chicago. That's good news for landlords, as occupancy and rents continue to climb in the downtown market. Rents climbed 7.2% last year, and Appraisal Research Counselors expects them to climb another 7% to 8% this year. And in the near future, the largest contributor to the apartment supply will likely be failed condo developments, as there are 7 new condo buildings with more than 150 unsold units. [Chicago Real Estate Daily]