More Luxury Chicago Apartments Coming – But Not Soon Enough

This week Luxury Living Chicago’s Broker, Aaron Galvin, was quoted in a story on MultiFamilyHousingNews.com about the start of construction of 500 Lakeshore Drive – a new luxury apartment building set to be delivered May 2013.

That’s not soon enough, believes Aaron. We are currently experiencing a lack in availability of apartments and condos for rent in downtown Chicago. We need more luxury Chicago apartments and soon. Occupancy has hovered around 95% for class A buildings all summer long.

Unfortunately, we’ll just have to wait, as no new buildings are set to open until late 2012/early 2013.

However, there are plenty of buildings in the works. Aaron believes it’s a great time for developers to get into the multifamily housing game, as this is the one sector of real estate thriving in the down economy. Aaron cautions developers that they need to build with longevity in mind. This means creating floor plans, amenities and other building features and conveniences that appeal to both renters and ultimately to buyers.