Chicago Real Estate Daily is reporting, based on data from Chicago-based Appraisal Research Counselors, that rents and occupancy rates showed solid quarter-over-quarter and year-over-year increases in Chicago's suburbs.
The overall data, however, includes varying performance in different sub-markets. The Naperville / Aurora market, for example, had a high 96.6% occupancy rate but was able to eke out only a modest 0.7% year-over-year rent increase. The DuPage County market had a relatively low 94.2% occupancy rate and rents increased only 1.1% year-over-year.
Average rent rates have shown only modest increases since 2008, although rents trended sharply downward in the latter part of 2008 and in 2009 before beginning to rise to their current levels.
Suburbanites concerned about rising rents might pause to consider that average rents of $1.17 per square foot per month are well below the $3 a square foot that renters are paying in top-tier buildings in the City of Chicago.
Filed under: Real Estate