Chicago Apartment Rents Increase While Vacancy Rate Remains Steady

Apartment vacancies in the Chicago area were relatively unchanged in the second quarter but rents continued to edge up, real estate research firm Reis Inc. said.

The Chicago Tribune reported July 9 that the local apartment vacancy rate was 3.6 percent, down 0.1 percent from the first quarter and an annualized decline of 0.5 percent.

The average effective rent locally, a measure that includes the value of enticements such as free rent offered to tenants, was $1,058.01 in the second quarter. That’s an increase of 0.6 percent from the first quarter and of 2.5 percent from 2012’s second quarter.

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