Downtown Chicago Apartment Market Shows Signs of Slowing Down
Posted by Leo Clark. on
We’re beginning to see signs of a slowdown when it comes to rent hikes in Downtown Chicago’s apartment market. While living in one of Downtown Chicago’s high-rises is still relatively expensive, it appears rent hikes are easing.
According to data from Integra Realty Resources, net rent in a Class A apartment building in the third quarter of 2022 was up about 8.5-percent from a year ago. Even so, at $3.56 per square foot, it was down from the record high we saw in previous months. During the second quarter of the year, Integra put the price per square foot at $3.64.
That’s, of course, good news for renters who saw some rent prices soar more than 20-percent following the pandemic. Higher rents have also had an impact on inflation.
The rent hikes came as the…
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