Class A Apartment Demand, Rent Growth Dovetailed Through Pandemic
Chicago’s Class A apartment market rent growth—or decline—mimicked demand patterns throughout the pandemic, Mark Ziemke, director of leasing strategy at Luxury Living Chicago Realty, said in a virtual conference earlier this month.
Specifically, rent growth decreased from its height in the second quarter of 2019 to a low in November 2020. It began rebounding in December, and Ziemke said LLCR is seeing significant increases in early 2021.
“The challenges really started in July 2020, and by the time we got to November, we saw Class A luxury one-bedrooms renting in the $1,500 to $1,800 range, which in summer of 2019 is lower than a studio would rent for,” Ziemke said. “The good news is, we ended the year strong, and were getting much closer to that $2,000 range. One-bedroom rents are on the rise and should continue to climb.”