Click here to close now.


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:

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
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Actifio is powering new application development and testing services from Net3 Technologies (N3T), a managed cloud services provider. N3T's new Symmetry DevOps™ service builds on its existing Palmetto Virtual Data Center (PvDC) Cloud services for data backup and disaster recovery (DR) based on the Actifio Copy Data Virtualization platform. Previously, N3T's data protection and DR services were challenged by overlapping and inefficient legacy hardware and software platforms from multiple vendo...
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at, examined how Docker has evolved into a highly effective tool for application del...