Dec
24

Lincoln Park is One of the Strongest Chicago Real Estate Markets

December 24, 2012

lincoln park chicago real estate

2012 has been a good year for Lincoln Park. The area is notorious for having the most expensive Chicago real estate, and investors are still taking an interest in the popular neighborhood. The latest Lincoln Park construction project will be headed by the Belgravia Group Ltd, which is currently planning a series of luxury townhomes that are expected to cost $1 million each.

According to the Apartment Reports by real estate brokerage firm Marcus & Millichap, Lincoln Park has the lowest apartment vacancy rate in the city of Chicago. The neighborhood vacancy rate decreased 70 points year-over-year and is currently at 1.4 percent. Lincoln Park rents are expected to increase in 2013 due to high rates of employment and income growth.

Aside from Lincoln Park, other city neighborhoods with low vacancy rates include the Belmont to Montrose area and the Rogers Park/Uptown neighborhoods. The Belmont to Montrose area has a vacancy rate of 2.7 percent, and the Rogers Park/Uptown neighborhoods have a vacancy rate of 3.9 percent. In the suburbs, Evanston/Glenview ranked at the top of the low vacancy rate list as did O’Hare. Apartment vacancy rates are 2.6 percent in Evanston/Glenview and 2.9 percent in O’Hare.

Vacancy rates tend to be higher in the suburbs, since there hasn’t been very much suburban apartment construction in the past few years. Although there are a few new projects planned in suburban locations such as Hinsdale and Northbrook, the volume of suburban apartments has yet to match that of the city.

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Jessica Thom

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