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.
Naperville / Aurora had the highest occupancy rate, at 96.9%, of all of the Chicago submarkets. Despite the low vacancy rate, net rents rise year-over-year by just 0.7% in Naperville / Aurora. A year ago rents in the submarket had increased by 10% year-over-year.
Year-over-year rents in the Chicago area ranged from a 7.6% decrease in Will County to a 12.8% spike upwards in the North Shore area.