Downtown apartment owners have been bracing for increased competition from a building boom that will add about 5,000 units to the market this year and next. But new data show they have an additional and more immediate problem: Demand is slowing exactly when landlords need it to pick up.
The overall downtown apartment occupancy rate dropped to 92.6 percent in the third quarter, down from 95.3 percent a year earlier and the lowest rate since the end of 2009, according to a report by Appraisal Research Counselors, a Chicago-based consulting firm.
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