Pied-A-Terre Rentals on the Rise
In a recent Crain’s Chicago Business article, reporter David Lee Matthews writes “the downtown apartment construction boom has fueled a new trend: the pied-a-terre rental.”
One prime example of a development that’s attracting people looking for a pied-à-terre is 850 Lake Shore Drive – the transformation of the historic Lake Shore Athletic Club to luxury apartments. At 850 Lake Shore Drive, 12 to 15 percent of new tenants own a primary residence elsewhere, according to Matt Phillips of Integrated Development Group. Phillips told Crain’s “Many people moving would rather have a new or newer unit, and there just haven’t been many new condominium projects.”
One resident, Elizabeth Khazzam, resides in Peoria and signed a 3-year lease at 850 Lake Shore Drive “after failing to find a suitable condo.” Having a city residence also allows Khazzam to visit her siblings who live downtown, she told Crain’s.
Read more about why people are renting pieds-a-terre here.