North Shore rents spike up 12.8%

According to an Appraisal Research Counselors study, reported recently in Crain's, suburban apartment complexes in the Chicago area had the lowest vacancy rates in nearly five years and the highest rent levels ever.

The Naperville / Aurora submarket had the highest occupancy rate, at 96.9% but saw net rents rise year-over-year by just 0.7%. North Shore apartment complexes had a 94.6% occupancy rate and had net rent increases of 12.8% year-over-year.

Lake County apartments had a high occupancy rate, at 95.9%, but saw rents fall by 4.6% year-over-year.

Two new North Shore projects in Evanston, with a total of nearly 400 units, are slating occupancy for spring of next year. The projects are AMLI Evanston and Seventeen17.

Video tours of eight Evanston apartment buildings are available via this recent post.

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