chicago-condos & Chicago Real Estate & downtown chicago condos pcherry on 06 Jun 2011 08:54 am

Parc Huron Most Expensive Downtown Apartment Building

June 6, 2011 - Rents for Downtown Chicago apartments are climbing almost as high as the Chicago real estate developments themselves. According to a recent Crain’s article, downtown Chicago apartment rents could climb 10% more this year.

So which are the most expensive luxury rental towers? The recently completed 221 unit Parc Huron on 469 West Huron Street tops the list at $2.73 per square foot. That adds up to around $2,628 per month for an average unit. According to the article, Appraisal Research Counselors stated that net rents at the Parc Huron jumped 10% this past year.

So if tenants can pay that much in rent, why lease and not buy? Because buyers are still unsure of the housing market. prices have yet to rebound, so more people are still renting becuase they are afraid of too much depreciation.

RMK Management president Tony Rossi developed the Parc Huron and was quoted as saying that, “It’s fairly obvious that most (of the tenants in the building) would be able to buy a condo if they were willing.”

As for concessions like free rent? They may become fewer and farther between, at least in these luxury apartment towers. The Parc Huron is 97% leased, and Mr. Rossi said,
“When you get 97% leased, it’s kind of like, ‘What’s the point?’”

Tomorrow we’ll tell you which other downtown Chicago apartments are the most expensive after the Parc Huron.

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