Rental boost: Chicago added 9,400 residential units to the market in 2016

March 31, 2017  |  Staff Writer  |  Print Article  |  Email this Article

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Chicago developers supercharged the market in 2016 by opening thousands of new, high-rise apartment buildings, according to research data from YardiMatrix and RENTCafe.

In 2016, about 9,400 new apartments in buildings with more than 50 units have been added to the rental market. That’s a 60 percent increase from 2015 when only 5,900 units opened up.

Much of the new product is luxury-focused and filled with amenities for tenants–such as Wolf Point West, Moment and MILA.

The largest project in 2016 was Marquee at Block 37 with 690 units at 25 W. Randolph St. The property is located in the center of the Loop and caters to those who want the live-work-play environment with mostly 1-bedroom units.

The 48-story West Wolf Point Plaza at 343 W. Wolf Point Plaza is the second largest with 509 units. The high rise is the first of a trio of buildings planned for the riverfront site. The building will feature floor-to-ceiling windows and have 18 penthouse apartments for upwards of $9,000 per month.

Moment, located at 545 N. McClurg Ct., is third on the list with 490 units. The 45-story building boasts amenities like a rooftop pool, lounge, wellness spa, a media theater, business center, pet spa, serenity garden, cabanas and grilling stations, a fitness hub and yoga studio.

Other large projects in Chicago include:

1000 South Clark Street with 468 units;
MILA at 201 N. Garland Ct. with 402 units;
1001 S. State with 297 units; and
NEXT at 347 W. Chestnut St. with 310 units.

Three projects in the top ten are located outside downtown Chicago and in suburban Vernon Hills, Northbrook and Aurora. The luxury, 417-unit building at 675 Station Blvd. is the first large apartment development to open in the suburb in years. NorthShore 770, located at 770 Skokie Blvd in Northbrook, has 347 units and amenities like a putting green, bocce ball court and a private outdoor terrace. Oaks of Vernon Hills is another 336-unit apartment community at 103 Oak Leaf Lane. It provides a resort-style atmosphere and is close to nature paths and lakes.

 

 

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