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Old 02-11-2021, 06:29 AM
 
928 posts, read 523,220 times
Reputation: 1514

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Just an update on what I'm seeing in the Chicago rental market from following the real estate market. Am curious what others are seeing as well.

High Rise
In Fall of 2020 rents had declined 20-30% with many buildings offering 2-3 months free to sign 12 month leases. Many young people grabbed the studios and one bedroom units in high demand areas at extremely cheap levels. Now in Feb 2021 rents have rebounded quickly to 10% discounts from pre covid levels and 1-1.5 months free. These numbers based on high demand areas like River North, Gold Coast and Old Town. Am curious what overall high rise vacancy rates are at now.

2-3 Flat Walkups
Weak demand for the vintage 3-4 bed / 1 bath units in roommate areas along blue line like Logan Square, Avondale, East Humboldt, etc. Hipsters and roommates do not want to live on top of each other through lockdowns again until things fully open up and covid is definitely in the past.
Still strong demand but much weaker income/credit scores in the family areas like West Humboldt, Bronzeville, and the West Side.

Overall
Pre covid the top priority for renters was being near the El or a major highway to get to work.

Post covid and the "work from anywhere" or "work where you live...not live where you work" has emphasized neighborhood amenities and personal/outdoor space above all else. Transportation options have declined in renter priority list.
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Old 02-11-2021, 07:11 AM
 
8,371 posts, read 7,226,577 times
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Rents have gone down in many buildings along the lake. My apartment lease is coming up for renewal and they have dropped the rent $200 a month with a discount amount added to the 1st month. however, in the suburbs some buildings have not gone down, guess that may be due to it being in suburbs, but definitely the buildings rent along the lake have gone down.
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Old 04-15-2021, 06:37 AM
 
928 posts, read 523,220 times
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Chicago rental market continues to be soft. Renters are returning but not in the volume as past spring rental market. High rises downtown continue to offer 1+ month of free rent while prices are still down 8-10% YOY. Amenity spaces continue to be limited so keep that in mind if you're renting a high rise. Walkups in pricier outer hoods are soft as well. While younger renters are returning to the city and looking for more space demand is too weak to meet the oversupply. Seeing discounts in outer hoods as well. Maybe it will pick up as summer rolls on but I doubt it...
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Old Today, 03:27 PM
 
Location: Kansas City, MO
199 posts, read 107,959 times
Reputation: 145
They should have dropped rent for me; I probably would have stayed. But at least I'm expecting to find a good deal elsewhere, and then I'll put the diff into investments. There's still a 0.5% chance I'll call an audible and move out to the boonies somewhere, though probably not.
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