BY THE NUMBERS
CHICAGO—Apartment developers in Chicagoland continue to create new units at a record pace. After completing more than 9,000 new apartments in 2016, developers will finish another 8,580 this year, well above the 15-year average, according to a new market report from Marcus & Millichap. This total will exceed the demand, the report adds, and that will raise vacancy to 5.1%, after an 80 bps increase last year. The average effective rent will increase in 2017 to $1,422 per month, outpacing last year's gain of 4%.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
