As discussed at yesterday's Appraisal Research Counselors luncheon and in Sunday's Chicago Tribune, the influx of new apartments in downtown Chicago has spurred existing rental communities - some of which are only five or six years old - to undergo renovations in order to stay competitive in the market. The Tribune story includes two Taylor Johnson clients that fall into this category: Atwater Apartments, which opened in 2009 and recently announced a four-year renovation project, and Waterton's Presidential Towers, which is wrapping up a top-to-bottom renovation that has helped put the landmark community back on the map as one of Chicago's premier rental properties. You can read the full Tribune story here.