| Washinton, DC-based REIT Avalon Bay owns five communities in the Chicago suburbs, including Avalon Lombard, above, and they're all nearly 97% leased, says Avalon Bay's John Christie. He tells us the apartment market in the 'burbs started to turn as late last year. Avalon is even increasing rents 6-8% for new tenants and 2-3% for those re-signing. John tells us apartments are gaining ground from two renter groups: those who would have bought but don't feel comfortable in the economic climate, and those who feel confident in their jobs, and thus willing to move out of their parent's house. |
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories
