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© Jake Tasharski | Chicago | Illinois

JAKE TASHARSKI IS A REAL ESTATE AGENT AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDES BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.

Rentals | Demand Outpaces Supply

May 20, 2014

The downtown rental market saw no relief this spring as we gear up for busy season. Effective rents at class A buildings are at a record high $2.70 square foot, up 2.7% from last year. Occupancies also rose 3% from the first quarter to 95.1%, about what it was this time last year. 

 

Skyrocketing rents continue to be great for landlords but it has been proved to be a challenge for renters who aren't seeing equal pay increases every year. Many tenants had to swallow 7-10% rent increases on their renewals this year. 

 

So what about this glut of supply so many speak of? I still feel it coming, but with the 1,000s of well paying tech companies setting up shop downtown there will surely be more demand to follow the increase in supply. 

 

What are your thoughts on the market? Is it worth it to continue paying rent increases or lock in an interest rate on an investment by purchasing? How much did your rent increase this year? 

 

More info at: http://www.chicagobusiness.com/realestate/20140519/CRED02/140519795/downtown-apartment-market-on-fire-in-first-quarter?r=6112G2595690E4Z

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