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Chicagoland Rents Moderate Further in Second Quarter

by Peter Thomas Ricci

How has Chicagoland’s rental market developed in 2015’s second quarter? New data from Reis provides some perspective.

reis-2015-second-quarter-rents-rental-market-housing-recovery

In April, Chicago Agent noted that according to data/analytics firm Reis, the once-hot rental market in Chicagoland was cooling down, especially compared to other prominent metro areas.

Now, Reis is back with its second quarter numbers, and the trends are even more clear.

The graph below shows the effective rent growth from 2015’s first quarter to the second quarter:

Effective-Rent-Growth

At 0.9 percent, Chicagoland’s rental growth was second only to Houston’s 0.8 percent among large metro areas, and was far behind such markets as Boston, New York and San Francisco – where, as this next graph shows, rents are far ahead of Chicagoland:

Effective-Rent-Growth

At $1,135, Chicagoland’s average rent is far below Boston’s $1,939, San Francisco’s $2,316, or most of all, New York’s eye-popping $3,294.

Finally, here is a graph showing the longer-term effective rent growth over the last year:

Effective-Rent-Growth

Once again, Chicagoland had the second-smallest increase among large metro areas, with only Philadelphia’s 2.8 percent increase beating out the 3 percent increase in Chicagoland and Los Angeles.

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