Nov
24

Rent for Chicago New Apartments is on the Rise

November 24, 2012

chicago apartments for rentPrices for Chicago new apartments will increase in 2013 and rental prices for luxury buildings are up 7.5 percent from last year, according to Crain’s Chicago Business. These luxury apartments are often given the title of “Class A” buildings, while downtown apartments in the non-luxury sector fit into the “Class B” category.

Class B rents are up 5 percent, and rents for apartments in struggling neighborhoods are up 2.5 to 3.5 percent, the largest increase in more than a decade. Rents tend to increase more rapidly in luxury apartments due to high rates of employment and income growth. The Lakeview, Roscoe Village, Edgewater and Lincoln Park neighborhoods are currently experiencing some of the most significant rent increases.

However, other downtown neighborhoods may soon experience higher rates of growth as part of Mayor Emanuel’s plan to create more jobs in the city. The job growth will most likely attract younger professionals, who have a tendency to purchase downtown condos as opposed to homes in the suburbs.

New apartments will soon be built above the Block 37 shopping center in the Loop and a 50-unit complex is planned in Bucktown.

Do you currently rent an apartment in one of the most popular neighborhoods?

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Jessica Thom

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