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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.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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