Let us take a look at recent rental activity in Downtown Chicago.
Downtown Chicago offers many amenities to local residents.
There are tons of restaurants, retail stores, and other activities to keep residents busy.
You also have several museums and Soldier Field (Da Bears).
This rental analysis covers the six month period ending Sept. 12 2012.
During this time period, 730 condos were rented. That is a lot of rentals!
That is an average of 122 units rented per month.
The average rental rate was $2,173 per month.
The average rental rate during the same time period in 2011 was $1,991.
So, rents have increased by 9%.
This could be a sign that the local economy and consumer confidence is improving.
The image below highlights the rental breakdown by bedroom and bathroom count.
downtown_chicago_rental_analysis
This should give you a good idea of current market value for Downtown Rentals.
If you are an owner or a tenant, and you would like to rent a condo downtown,
please let me know.
I have a lot of experience with condo rentals.
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
