Reis: Chicagoland Rents Just Keep on Increasing

by Peter Thomas Ricci

The rental markets have been on a steady rise since 2009, but did that continue into 2014’s second quarter? In a word, yes!

The rental market in the Chicagoland area continued its ascent in 2014’s second quarter, according to the latest analysis from Reis, Inc.

The average effective rent in Chicago was $1,098 through the second quarter, according to Reis, which is up 0.9 percent from the first quarter and 3.7 percent from a year ago; similarly, the vacancy rate for the area was just 3.5 percent, virtually identical to where it was in 2013.

And such were the trends nationally: at 4.1 percent, the national vacancy rate was unchanged from the second quarter, but has fallen nearly 50 percent from its 8.0 percent at the end of 2009; effective rents were up 3.4 percent from a year ago; and the 33,210 new units of rental housing represents the highest Q2 total since 2009.

For a closer look at how the nation’s rental markets stack up, check out our infograph below:

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