Chicago’s Mid-Market Apartments Reach 20% Rent Increases on New Leases
High Fidelity Property Management analyzed its data from 1,000 apartment units spanning 29 Chicago neighborhoods to see what’s happening in the mid-market, Class B, neighborhood apartment sector, specifically the North and West Side neighborhoods of Logan Square, West Town, Bucktown, Wicker Park and Pilsen. With average monthly rents ranging from $1,175 for a studio to $2,690 for a four-bedroom, new leases have averaged 17.51% rent growth since January 2022.
“During the pandemic investors were battered with vacancies, delinquencies, and reduced rental rates,” said High Fidelity owner John McGeown. “Our objectives have been to minimize leasing commissions and turnover costs while increasing rents whenever possible.
“Part that strategy was keeping an open dialogue with our residents and negotiating terms well in advance of lease expirations,” he continued. “When we weren’t able to renew residents, we’d market apartments at 20% increases year-over-year, and we’ve hit that number 90% of the time.”
- ◦Lease
