Apartment supply is outstripping demand in downtown Chicago, according to Crain's and a report by Appraisal Research. If the trend is real (and the market fails to correct itself), 8,500 new units of rental housing will be completed in neighborhoods comprising the center city by the end of 2015. Meanwhile, the absorption rate stands at 975 units over the last year— down from a 1,348 unit three-year average. Condo conversion, demand, and altered development plans can and will play a role in countering a glut. [Crain's, previously]
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