Chicago Apartments are Coming Down
Our friends at Rentcafe, have compiled data about construction in Chicago.
Following the national downward trend, construction in Chicagoland dropped by 26%, compared to last year, bringing the apartment supply to a 5-year low.
Here are the highlights:
- Chicago Metro is set to open 7,704 new units by the end of 2020, a disappointing number of completions compared to last year’s construction boom, which brought 10,473 new apartments on the market.
- How does Chicago compare to other large metros in the U.S.? It ranks 10th in our top 20 metros by projected apartment constructions, being overshadowed by Boston (8,709 units), Los Angeles (9,125 units) and Atlanta (10,208 units).
- In the first half of 2020, the city of Chicago delivered 2,134 new units on the market. Almost on par with Brooklyn, with 2,136 new completions, Chicago spotted the 6th place among the top 20 cities with the most completed apartments over a period of 6 months, outranking other important players like Manhattan (1,398 units).
What does the look like for home prices, condo prices, city home prices, and suburban home prices?