DEVELOPMENT PIPELINE AS OF SEPTEMBER 2019
UNDER CONSTRUCTION
PROSPECTIVE
PLANNED
SOURCE: YARDI MATRIX
CHICAGO RENT GROWTH BY ASSET CLASS SEQUENTIAL 3 MONTH, YEAR-OVER-YEAR
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
RENTER-BY-NECESSITY
LIFESTYLE
SOURCE: YARDI MATRIX
RENT TRENDS Rents in Chicago rose 3.3 percent year-over-year as of September, outpacing the 3.2 percent national rate. The metro’s average rent stood at $1,557, above the $1,471 U.S. figure. Despite consistent new supply coming online last year and in the first three quarters of 2019, occu-
pancy sat in a tight band, dropping just 10 basis points in the 12 months ending in August, to 94.6 percent. Higher-end Lifestyle rents led growth, up 4.2 percent to $2,184, while rates in the working-class Renter-by-Ne- cessity segment increased 2.4 percent, to $1,259. Household growth and increased hiring in high-paying
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