CHICAGO—The rise of Chicago's market for luxury apartments ishaving an impact beyond the city's boundaries. Apartment managersin the suburbs are now seeing spillover effects as renters gettingpriced out of once affordable neighborhoods in the city seekalternatives. And that is creating a new frontier for those thatprovide luxury apartments.
“The renters that come to us now include many from the West Loopwho say they can't afford the apartments there since companies likeGoogle came in,” Drew Millard,principal, 33 Realty, tells GlobeSt.com. Thecompany manages about 2,000 luxury units in the metro area,with about 300 in towns such as Des Plaines and Arlington Heights,where it now sees record-breaking rents. “The suburban prices arestarting to get propped up because of these new renters.”
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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.
