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Old 07-31-2017, 03:48 PM
 
Location: Chicagoland
5,751 posts, read 10,439,443 times
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Quote:
Originally Posted by dtcbnd03 View Post
Anyone else notice the Chicago rental market softening? I have properties in East Humboldt, Logan Square and Lakeview. Apartments are recently renovated in last few years. A few units opened up this summer and they were tough to rent. Noticed the quality of tenant looking declined and had to lower price a bit from last year (approx. 5%). Last year and the year before I could raise rents 5-10% YOY, had dozens of responses to my ads and tenants would snap up the property in days even if I was in the middle of renovating (and they could only envision final product).

Certainly I understand the apartment building boom downtown has increased the supply but just surprised how quickly that happened. I expect rental prices to decline further in 2018 when another 8,000 new units come online. Curious what other landlords / renters have experienced...
We cannot assume the entire Chicago rental market is softening based on the status of a few properties. Who is your target market? Price range? How do your amenities compare to the competition? Have your properties been kept up-to-date? How are you marketing/advertising the properties?
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