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Apartment Rents Reach New High in Chicago Suburbs
The median net apartment rent for Chicago’s suburbs jumped to $1.60 per square foot in the first quarter, an all-time high and up 5.4% from a year earlier, Crain’s Chicago Business reported, citing data from the Chicago office of Integra Realty Resources. The suburban occupancy rate rose to 96.1%, up from 95.1% in Q1 2020 and its highest level since 2016.
Last summer and fall, downtown landlords suffered as professionals worked from home and civil unrest turned city life upside down. Although some moved out of downtown Chicago, a big drop in the number of people moving in had an even bigger impact on demand for downtown housing.
The suburban market fared better because factors that hurt demand for downtown apartments—corporate work-from-home policies and the decline in people seeking out dense, urban living—didn’t have the same effect on the suburbs, said IRR’s Ron DeVries.
Pictured: Hines’ One Oak Brook Commons.
- ◦Lease
