According to a new report by apartment rental website Apartment List, rents in Chicagoland fell 13.2 percent from March to the end of last year, ranking ninth in the nation among cities with the largest rent declines, while San Francisco topped the list with a 26.7 percent drop.
Apartment List research report, one of the main authors of the Warnock (Rob Warnock) said that the big cities for the most serious impact on rents in the United States, he said, in the past, the job market is rich in resources and expensive rents in large cities, all last year, the first rent decline in 10 years, especially in San Francisco, Seattle, Boston and other affected the most.
Apartment List statistics point out that the nation’s 2020 rents fell by an average of 1.5% from March to December last year, and is the first time in the past three years that rents have fallen.
The top 10 cities in the nation with the highest rent declines from March to the end of last year were San Francisco (26.7%), Seattle (22%), Boston (20.6%), New York City (19.9%), Washington, D.C. (15.3%), San Jose (15.2%), Arlington, VT (14.8%), Oakland, CA (14.2%), Chicago (13.2%), and Minneapolis, Minnesota, ranked 10th with a 12.8 percent decline.
The study also found that rents in the suburbs have remained relatively stable compared to the extent of rent declines in the city, and have remained largely unchanged except for a brief period last summer when rents were lower.
Data from real estate website Zillow also mentioned that rents in the greater Chicago metro area have been falling since last July, with rents in the Chicago area last November 2.2 percent cheaper than the same month the year before, the largest drop since the company began analyzing data on the greater Chicago rent market in 2014.
And monthly rents in Chicago were $1,193 last December, down 12 percent from $1,355 a year earlier, according to the Apartment List report.
Ericka Riots, founder of the Downtown Apartment Company, which operates in the real estate industry, said that due to the increasing vacancy rate, landlords of Chicago’s downtown rental apartments are trying to retain tenants by offering up to five months of free rent to attract new tenants to sign up, as well as other incentives, including lower application fees, free parking, free cleaning and cash rebates.
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