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.

For more information contact:
Lauren DuBois
(917) 573-2485
[email protected]

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
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.