For Immediate Release
July 20, 2006
For More Information:
Larry Schaffel/PR Director: 312 642-8869
Christina Gaylor/VP Marketing – NNP Residential: 312 440-8500
If property managers were to start keeping RBI statistics (for Renters Back In) the way baseball managers keep RBI (Runs Batted In) data, it’s likely that they would be posting exceptional results in the current market.
NNP Residential LLC, a leading downtown apartment manager with a portfolio of high-rise rental towers in the Lincoln Park, River North, West Loop, and New East Side, reports leasing is at a record high level.
With close to 100 percent occupancy, net effective rents and a virtual erosion of concessions, NNP says the downtown rental market has never been stronger.
“There are several reasons for the transition from heavy concessions as recently as 2000 to the point where we are witnessing a rising tide of rent rates and the absence of concessions,” explains Christina Gaylor, vice president of marketing for NNP.
“For one, there has been a limited and shrinking inventory of rental apartments resulting from a low rate of new construction and a rising tide of conversions from rental to condominium ownership. Added to the mix for the past six months or so have been steadily rising mortgage rates that are nudging potential buyers out of the ownership quest and into the rental market.”
Gaylor adds that another ingredient of NNP’s success formula has been the fact that it has been able to offer many amenities as standards in the properties that it leases and manages. The roster includes 2555 N. Clark St. in the Lincoln Park area (162 apartments), 180 N. Jefferson in the West Loop (274), Grand Plaza apartments in River North (481) and The Shoreham at Lakeshore East, the mixed-use development in the rapidly growing New East Side for which it is also the co-developer (548).
“It is no coincidence that we include such amenities as cable TV, heating and air conditioning and gas and enjoying virtually 100 percent occupancy in all our properties. There are not many landlords that include so much in their base rent offering an easier lifestyle for our residents,” she proclaims.
In the case of Lakeshore East, another amenity at The Shoreham as well as The Tides, the community’s new 608-unit luxury rental tower now under construction, residents at each building will have free access to their own private Shore Club. Features include state-of-the-art fitness centers, expansive lounging areas, swimming pools, home office business centers, full-service catering kitchens, game room and WI-FI wireless technology.
Another incentive that has been helping attract out-of-state renters to Lakeshore East is an exclusive RentBUY program that allows renters to build equity toward the purchase price of participating condominiums at Lakeshore East.
“The fact that more than 70 percent of our renters at The Shoreham have signed up for RentBUY – and 15 have already purchase condominiums – demonstrates that aggressive moves like RentBUY and the Shore Clubs at Lakeshore East and including comprehensive amenities have energized the success we are experiencing,” said Gaylor.
And if property managers were keeping RBI statistics (for Renters Back In), NNP Residential would be a shoo-in for the All-Star team.
For more information on NNP and the properties it manages, please call Christina Gaylor at 312-440-8500 or visit the company Website, www.nnpresidential.com.