Chicago tops US rental competition amid apartment shortage

Rental conditions are diverging across markets. Denver is still absorbing a wave of new apartment construction, but developers warn that high costs and a slowdown in new projects could bring renewed supply shortages as demand grows. Chicago, by contrast, has become the country’s most competitive rental market, with limited apartment availability driving intense competition and higher rents. In Mississauga, Ontario, Morguard has topped off a three-building purpose-built rental development, with interior work now underway, adding new supply to the local market.