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Chicago’s Stronger on Apartment Deliveries Than Rent Growth
The Chicago region’s annual gains in asking rents for apartments, while solid, ranged toward the bottom of the rankings among 20 “renter mega-hubs,” according to data from Yardi’s RentCafe. Asking rents in July appreciated by $54 from a year ago to $1,889, a 2.94% gain that puts the Chicago region in 15th place.
In terms of year-over-year growth in asking rents, Chicago’s pace was faster than that of Manhattan, Atlanta, Austin, San Antonio or Washington, D.C., and also above the national average of 2.8%. However, it lagged some of the leading Sun Belt markets, notably Orlando with its 7.69% Y-O-Y gains.
Conversely, Chicago is a leader for new supply. RentCafe data show that 10,713 apartment units are scheduled to come on line across the region in 2018, a 25% Y-O-Y increase over 2017 deliveries. Among the top 10 metro areas for deliveries, though, only Chicago saw a Y-O-Y population decline.
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