A new report says that while apartment rents have soared across most of the Chicago metro area in the the past year, rents in Evanston and the rest of the North Shore have actually dropped slightly.
The report from Appraisal Research Counselors says that while the median rent in Chicago suburbs as a whole rose 5.5 percent in the third quarter from a year earlier, it declined 0.6 percent on the North Shore.
The median one-bedroom apartment in the suburbs now rents for $1,100 a month, up 31 percent from $838 at the beginning of 2009, according the the report, published in Chicago Real Estate Daily.
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With several recently completed projects in Evanston and a new 112 unit building under construction at Chicago Avenue and Main Street, the Appraisal Research report says landlords don’t have as much power to hike rents.
The median net rent on the North Shore fell to $2.17 per square foot last quarter, down 0.6 percent from a year earlier and 2.2 percent from two years ago.
Bill, could you share a
Bill, could you share a direct link to the study? (If publicly available. I couldn't find it.) I'm interested to read it. Thanks
Study
Hi John,
I don't have the original study. But you could try contacting the firm that produced the report, Appraisal Research Counselors, at 312-565-0977.
Bill