For the last few years, Chicago downtown apartment market has been favoring landlords as rental demand grew due to the strong job market, by hiring at tech companies and moving of many corporate headquarters to Chicago. In 2016, developers completed a 3800 units but as it often happens, the supply demand balance started to tilt toward tenants in spring of 2017. According to Appraisal Research‘s forecast, the rental occupancy will total about 5,900 units combined in 2017 and 2018 out of the approximately 8,000-unit supply. Some of the new developments opening this year include the Gallery on Wells, Linea and Optima Signature.
Some developers are now offering two months of free rent to tenants who sign leases of 12 to 14 months, according to Ron DeVries, vice president of Appraisal Research Counselors, a Chicago-based consulting firm.