CHICAGO—The city of Chicago is in the midst of an apartment boom as developers look to satisfy the growing desire among renters to adopt an urban lifestyle. But even with all of the units set for delivery in the near future, Dan Walsh vice president of development for Ryan Companies US, Inc. believes that 833 N. Clark St. Apartments, which Ryan and its co-developer Lincoln Property Co. broke ground on last month, has a leg up on much of the competition due to its Gold Coast location.

“When compared to other neighborhoods such as the Loop, River North, South Loop and River West, the Gold Coast definitely has much more of a residential feel,” he tells GlobeSt.com. “Just walk around Washington Square Park and the Newberry Library and you will feel the difference between this neighborhood and our competition.” Therefore, from a risk management standpoint, the 31-story, 373-unit tower at 833 Clark should be healthier than the city's other new apartment buildings. “If the market swings in favor of tenants, I think our rents will hold up better.”

However, Walsh doesn't expect that swing to happen any time soon. “I think what we've been doing is creating an equilibrium in the marketplace.” He points out that even with the opening of many new apartment developments, rents have continued to rise and occupancy has remained steady. Furthermore, “the renaissance of the city is going to continue as more corporations decide to relocate downtown. Every month, or every other month at least, we hear about another corporate relocation. As long as there isn't a major economic downturn, and even if there is a slight slowdown, I think the new apartments will continue to be absorbed and the market will continue to maintain this equilibrium.”