Report: New construction slows rent hikes here

A construction crane at the 811 Emerson building site.

A report from Integra Realty Resources says the median net apartment rent in Evanston and other North Shore suburbs has risen just 2.3 percent percent in the two years ended in March.

That's just under half the increase during the same period for the Chicago suburbs overall according to Integra.

The study, first reported by Chicago Business, says a rising supply of new rental housing in Evanston is helping slow rent increases.

With nearly 1,000 apartments under construction or planned here, Integra says it raises the risk that supply will exceed demand, further reducing rent increases.

Back in March, Integra also reported that rents in Evanston and the North Shore were also lagging the overall Chicago suburban market. At that point North Shore rents had risen 6.3 percent in the prior two years, compared to an 8.5 percent increase in the same period for the region as a whole.

At least one big apartment owner in Evanston has decided this is a good time to sell.

Dallas-based Crescent Real Estate has put the 415 Premier Apartments. a 221-unit building at 415 Howard St. on the market, just 18 months after buying it for just under $46 million.


415 Howard, in an image from a sales brochure.

The 415 Howard building is reportedly 97 percent leased at an average rent of $2.05 per square foot. As of March, Integra reported the North Shore average was $2.31 per square foot.

A marketing brochure suggests a new owner could make a profit by fixing up more of the decade-old apartments and raising rents. Listing agent HFF says the current owner has seen a $229 a month average rent increase on apartments it's upgraded.

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