Katie Anderson & Stacy Braack
16 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.

Trackbacks/Pingbacks
[…] 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, […]
[…] 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 […]