Rents Drop in Some Chicago Neighborhoods

January 24, 2012

Yesterday, Chicago Real Estate Forum wrote about RentJuice’s newest whitepapers, a free source that offers real estate professionals tips on how to successfully tap into the hot rental market.

So, how hot is Chicago’s rental market?

Oprah's apartment for rent

Chicago rents may be going down, but Oprah hasn't lowered the $15,000-a-month asking price on her Streeterville apartment. Click to pic for that story.

While the city owns one of the lowest rental vacancy rates in the country, some neighborhoods saw a drop in rental prices during the last quarter of 2011.

According to the latest RentJuice Rent Index, asking rents in Chicago fell 4 percent from October through December of last year. The index measures average rents and changes in availability in each section of the city.

Some of the neighborhoods that saw declining rents during the fourth quarter of 2011 include:

*Buena Park: Down 3.8 percent

*Gold Coast: Down 3.2 percent

*Lincoln Square: Down 3.2 percent

*Lincoln Park: Down 2.9 percent

*Albany Park: Down 2.9 percent

In some Chicago neighborhoods, renters paid more during the last three months of 2011, in part due to the low availability rate, including Oak Lawn, which saw a rent hike of 8 percent, and Andersonville, River West and United Center Park, which all increased 2 percent.

Renters today will be most successful finding units with one or two bedrooms around Chicago. According to RentJuice, the availability of studio apartments fell 4.5 percent in the fourth quarter of 2011 and the number of three bedrooms dropped 6.9 percent. But the availability of one and two-bedroom units rose 0.5 percent and 4.8 percent, respectively.

Those looking for apartments with multiple bedrooms should check out such neighborhoods as Wrigleyville, where 88 percent of current listings have two or more bedrooms, as well as United Center Park (89 percent), Wicker Park (83 percent) and Roscoe Village (83 percent).

“The RentJuice Rent Index is so much more than a snapshot or survey of pricing data in Chicago,” said David Vivero, RentJuice CEO. “By tracking changes in the availability of real rental units in different neighborhoods and by specific configurations, for example, we can help shed light on all of the options available to aspiring tenants.”

RentJuice is an online platform that allows property managers and landlords to instantly share their availabilities with partner agencies for free to shorten vacancy time. The company also offers a paid upgrade that provides agents, brokers and leasing offices a “virtual rental office.” To check it out, visit RentJuice.com.

To download the RentJuice whitepapers and learn what it takes to be a successful broker in the rental industry, click here.

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