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We know from our recent multifamily summit that rent growth is strong. A new report from Axiometrics looks at the submarkets where that's particularly true. Let's just say landlords near Our Town's baseball stadiums have reason to root for more than the home team.
South Shore, near US Cellular Field, led the metro Chicago area for the second straight month with 7.1% rent growth in April. The Belmont to Montrose submarket, which includes Wrigley Field, was second with 6.6% rent growth and a 349 bps increase from March.
Other numbers:
The average Chicago renter paid $1,550/month/unit in April, $32 more than March’s average and $38 more than the April 2015 average.
Chicago’s average rent has increased $87 since its 12-month low of $1,463 last December. The increase from April 2015 represented 2.5% annual effective rent growth.
Chicago apartments were 95.3% occupied in April, the highest since it recorded the same rate in September 2015. April’s rate represented a 44 bps increase from March’s 94.9%.
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