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Old Today, 07:29 AM
 
882 posts, read 487,717 times
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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 Today, 08:11 AM
Status: "And just like that, Covid was gone." (set 6 days ago)
 
8,152 posts, read 7,048,546 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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