Oversupply Crushes Rental Demand

February 16, 2010

Daily Real Estate Updates

Katie Anderson & Stacy Braack
sudler-sothebys-logo16 February 2010 ?

In today’s gloomy real estate market, things seem to only get gloomier for property owners. With an oversupply of rental inventory on the market, condo owners and developers are looking at creative measures to save time, money and their property. With that said, there are currently just under 1300 apartments available for rent in the downtown Chicago market and an additional 2294 set to be added to that number with condominium owners placing their units up for rent. This supply/demand imbalance is good news for the average renter. The tenant is in the driver’s seat. Landlords are drastically reducing rent, offering several months rent free, or reducing the amount of a security deposit just to get a renter into their unit. Times are tough across the board, unless you are a renter looking to score a great deal in a great location.

Email This Post To a Friend. Email This Post To a Friend.

About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

View all posts by Katie Anderson

Trackbacks/Pingbacks

  1. Loop Commercial Vacancies on the Rise, Rents Falling | The Chicago 77 - March 4, 2010

    […] Inc, just published the 2010 Chicago Skyline Review, its graphic report that highlights the downtown rental market. While vacancies in some key buildings are limited, including Willis Tower and several others, […]

  2. The Secret to Getting Your Home Sold | The Chicago 77 - March 9, 2010

    […] are no new laws created around supply and demand in the 2010 real estate market compared to any other year, decade or century. Years of data have […]