U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 02-11-2021, 06:29 AM
928 posts, read 523,220 times
Reputation: 1514


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.

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.
Rate this post positively Reply With Quote Quick reply to this message

Old 02-11-2021, 07:11 AM
8,371 posts, read 7,226,577 times
Reputation: 7630
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.
Rate this post positively Reply With Quote Quick reply to this message
Old 04-15-2021, 06:37 AM
928 posts, read 523,220 times
Reputation: 1514
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...
Rate this post positively Reply With Quote Quick reply to this message
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Quick Reply

Loading data...
Based on 2000-2020 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top