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Marcus & Millichap

News & trendsMarket conditions

Rent gains begin to slow in Chicago metro area

Children's Hospital

Marcus & Millichap has just released its Q4 Local Apartment Reports for 39 metro areas, including Chicago. Some of the high-level findings: Employment: Local employers are on track to add 63,200 positions this year, a 1.4 percent increase. The largest gains will be in the typically higher-paying professional and business services sector. In 2012, payrolls ...

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Posted by Joe Zekas on November 7, 2013
News & trendsMarket conditions

Chicago vacancy rates drop, rents rise per Marcus & Millichap

Marcus & Millichap

Marcus & Millichap released its latest Local Market Reports for 35 metro markets late yesterday. Summary conclusions for Chicago: Fueled by strong demand in The Loop and Lincoln Park / Lakeview submarkets, vacancy in the city decreased 130 basis points in the first quarter to 3.9 percent. Vacancy in Lincoln Park/Lakeview was 2.6 percent, while ...

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Posted by Joe Zekas on April 25, 2013
News & trendsMarket conditions

Marcus & Millichap forecasts lower vacancies, higher rents in Chicago

New East Side aerial

Marcus & Millichap just published its data-packed 2013 National Apartment Report (free registration required). The money quote for Chicago: Tenant demand will exceed completions this year, further tightening vacancy and cementing Chicago’s place among the Midwest’s leading apartment markets. Roughly 80 percent of new market-rate rentals slated to come online in 2013 are in the ...

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Posted by Joe Zekas on January 31, 2013

Lincoln Park has lowest apartment vacancy rate, highest rent increases

Marcus & Millichap research

Marcus & Millichap just released its Q4 Local Apartment Reports which cover major trends, including rents and sales performance measures for 42 US markets. In the city of Chicago, the Lincoln Park submarket was the strongest performer. The Lincoln Park vacancy rate fell 70 basis points year-over-year to 1.4%. A rate that low is effectively ...

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Posted by Joe Zekas on November 29, 2012

Demographics driving rents higher, vacancies lower

Marcus & Millichap graph

One of the single biggest drivers of the health of the apartment market is the number of 20 to 34 year olds in the population. As that cohort grows, the apartment market typically becomes healthier. Marcus & Millichap recently published its Third Quarter National Apartment Outlook (pdf, registration required), with some positive news (for landlords) ...

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Posted by Joe Zekas on July 25, 2012
News & trendsMarket conditions

Chicago apartment vacancies down for 13th consecutive quarter

Marcus & Millichap graph

Marcus & Millichap has just published its Third Quarter 2012 Apartment Research Market Report (PDF, Registration required). Here are some of the highlights for the City of Chicago: More projects are under way, but few have yet to come online. In the past 12 months, 166 market-rate rentals were delivered in the city. The total ...

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Posted by Joe Zekas on July 11, 2012
News & trendsMarket conditions

Chicago apartment vacancy rate continues to fall

View south from 235 VanBuren

The Marcus & Millichap Second Quarter 2012 Local Apartment Report (pdf) for Chicago was just released, and the forecast is for continued tightening in the city apartment market. From the report: Vacancy and rents Minimal construction and a steady flow of new residents into rentals lowered the city vacancy rate 30 basis points in the ...

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Posted by Joe Zekas on May 8, 2012

Marcus & Millichap anticipates lower vacancies, higher rents in Chicago

Chicago skyline

Marcus & Millichap’s 2012 National Apartment Report (PDF, registration required) just became available online. The report summarizes information about apartment markets in 44 large US markets. The outlook for Chicago: Completions will increase, but tenant demand will grow at a faster pace, reducing vacancy in Chicago for the third consecutive year in 2012. Occupancy and ...

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Posted by Joe Zekas on January 18, 2012