Welcome!

News Feed Item

Chicago Renters Will Have a Greater Selection Come May, According to Q1 RentJuice Rent Index

Most Expensive Neighborhoods Fall in Price, Least Expensive Neighborhoods Rise

CHICAGO, IL -- (Marketwire) -- 04/18/12 -- At the close of the first quarter, only one third (33%) of rental listings were available immediately, according the Q1 RentJuice Rent Index for Chicago. The analysis today released by RentJuice, which offers lease marketing technology to thousands of real estate property managers and brokers, revealed that renters will have a much greater selection come May when 47 percent of listings are noted as becoming available for move-in.

Popular Chicago Area Rents Decline

Chicagoans may be thrilled to hear that several neighborhoods surrounding "The Magnificent Mile" are decreasing in rent, such as the Gold Coast (-13%), River North (-7%), and Streeterville (-4%). However, the cost to live in The Loop still remains high with an average asking rent of $1,958, which increased in the first quarter by 13 percent.

Renters will now find themselves with a smaller percentage of apartments with two bedrooms or less from which to choose: the availability of both studios and one bedroom units fell by two percent, and two bedroom apartments currently make up nine percent less of what's on the market than during the previous quarter.

"The high occupancy rate we're seeing in the Chicago metro area is a sign that the city's rental market remains strong," said RentJuice CEO David Vivero. "RentJuice is striving to help real estate professionals efficiently manage the shift toward rentership by streamlining the industry's way of doing business with the most advanced technology available."

Higher Walkability at Lower Prices

Chicago renters value the ability to reach frequented destinations on foot. As the name implies, "The Windy City" often puts Chicagoans against extreme elements during their commute. Being able to walk to the store from your apartment or having a short commute to work can easily make those without this luxury of convenience jealous. One Chicago renter told us, "To determine where you want to live in Chicago, you need to ask yourself, 'How far am I willing to trudge through the snow?'"

Walkability is said to directly influence the value of properties. However, highly walkable properties don't always come at a higher price for renters. Neighborhoods such as Logan Square - Palmer Square (87.3), Hyde Park (87.4), Edgewater (89.5), Uptown (91.4), and Lakeview (91.6) have high walk scores near or above the city's overall average (90.5), but asking rents below the city's average overall ($1,378).

The Asking Rent Seesaw

In contrast to ritzy neighborhoods along the famous "Mag Mile" experiencing declines in rent, residents may be surprised to hear that apartments in many of Greater Chicago's least expensive neighborhoods aren't getting cheaper. Some of these areas actually saw significant increases in rent over the last quarter. Although those leasing in Ravenswood, Edgewater and Evanston are still forking over less than Chicago's average renter every month, these neighborhoods saw 10 percent, six percent and three percent increases in asking rent, respectively. The third least expensive neighborhood Rogers Park, on the other hand, plummeted in asking rent by 18 percent.

    Chicago Metropolitan Area: Changes in Asking Rent, Q4 2011 to Q1 2012

----------------------------------------------------------------------------
Neighborhood       Q4 2011            Q1 2012            Percent Change
----------------------------------------------------------------------------
Evanston            $1,159            $1196              3%
----------------------------------------------------------------------------
Edgewater           $848              $903               6%
----------------------------------------------------------------------------
Ravenswood         $904               $994               10%
----------------------------------------------------------------------------
Rogers Park         $1,109            $913               -18%
----------------------------------------------------------------------------

The RentJuice Rent Index is included as a benefit to all RentJuice users. The whitepaper and data tables are available for download at: http://info.rentjuice.com/Chicago-Rent-Index-Q1-2012.html

RentJuice is an online platform that allows property managers and landlords to instantly share their availabilities with partner companies for free to shorten vacancies and improve communication. The Company also offers a paid upgrade that provides agents, brokers and leasing offices a "virtual rental office," available from a browser, iPhone or iPad. From powering a leasing agent's Facebook page and WordPress website to offering outsourced data entry, online lease signing and automatic ad syndication to dozens of consumer websites such as HotPads, Zillow and Trulia, RentJuice makes every step of the rental marketing process simpler.

About RentJuice
RentJuice was founded in 2009 by CEO David Vivero -- recently named to the Forbes 30 Under 30 in Real Estate list -- and CTO Kunal Shah and is led by a team that has helped grow companies like TripIt, HubSpot, Vimeo and CollegeHumor. The Company pioneered the online software category Rental Relationship Management (RRM) and currently serves the Boston, Chicago, Miami, New York and San Francisco markets.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...