Bold and Beautiful: New Construction in Evanston!?

I’m not sure whether an exclamation point or a question mark is appropriate, but Evanston Devco is moving forward with plans to build a contemporary rental property on the corner of Chicago and Kedzie Avenues. EvanstonNow cites a strong argument from project developer Steve Ross, who believes that the housing market fallout will bump up the rental population in the area. Also construction costs are lower than ever at this point, and this company that bought the failing Fountain Walk out of bankruptcy in 2006 is ready to invest heavily in the future.

This new building will boast just over 200 rental units, and the mock-ups look like it will have a contemporary brick facade and a lower-level commercial space. While these units could sell like hotcakes in a better market, it will be interesting to see how this rental building, and renter’s culture in general, will change in the next few years. As demand grows, rent will inevitably increase (mine has!) and force us to ask the same question all over again: should I rent or should I buy?

Evanston is a special case: search for “new construction” units and you won’t find anything for sale. Vintage units, on the other hand, are a dime a dozen. You can easily find a two-bedroom for under $200k, and some rehabbed units rival the perks of new construction. Right now, new construction rentals are primarily owned by homeowners like this one who aren’t ready to sell in this market, and few developers have ventured into the rental arena on the North Shore. Devco might have the right forecast for the rental market; would you move in?

906 OAKTON St #2
EVANSTON, IL 60202
Price: $190,000
BEDS: 2 ON REDFIN: 142 days
BATHS: 1 YEAR BUILT: 1925

824 MULFORD #1W
EVANSTON, IL 60202
Price: $150,000
BEDS: 1 ON REDFIN: 178 days
BATHS: 1 YEAR BUILT: 1922