Reis: Chicago Rents Up 3.4% From Last Year

by Peter Ricci

In the last four years, the U.S. apartment vacancy rate has been cut in half; what’s happened at the local level?

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Reis, Inc. released its latest report on the nation’s rental markets yesterday, and it featured a stunning statistic: the rental vacancy rate in 2014′s first quarter was just 4.0 percent. That’s not only the lowest vacancy rate since 2001, but also, it’s half of what the vacancy rate was just four years ago.

How do those national trends, though, compare to what we’re seeing here in our local marketplace? To find out, we combed through Reis’ data (which they were kind enough to provide us) and assembled the following charts:

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