Chicago Apartment Boom Reaches Suburbs
|M&R Development's The Residences at Hamilton Lakes opened in Itasca, Ill., in 2017, offering convenient access to O'Hare International Airport as well as many suburban business hubs in Chicago's western suburbs.
For years, apartment development in the Chicago area was largely urban, with ubiquitous cranes working to meet seemingly unwavering demand for luxury high-rise rentals. But today, as downtown rent growth has leveled out, deal seekers are also eyeing the suburbs, which have benefitted from a lack of new construction and declining homeownership. Recent data speaks to the strength of the market: suburban rents have continued to climb even as new supply is added, and vacancy has continued to decline due to the pent-up demand. Seeing a trend, Taylor Johnson connected the Chicago Tribune with clients Marcus & Millichap, M&R Development, Draper and Kramer, Incorporated and Foxford Communities for market insights and representative projects that underscore developers' renewed interest in the suburbs. Read the story here.