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
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Archi...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, 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.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.