Property owners have noticed the surging tenant demand and new development — especially near the Loyola station — and many are now renovating their older buildings to catch up, according to Craig Martin, managing partner at multifamily brokerage Interra Realty.

“People have bought a lot of properties around there, gone in and modernized the vintage units up to what current-day users want,” Martin said. “It’s still a significant discount from other neighborhoods … but now you have a new crop of renters coming in who want those stainless steel appliances and stone countertops.”

Read article: The Real Deal