While its still winter in Chicago, I start receiving inquiries for clients looking to move to Lincoln Park this upcoming spring and summer after the New Year. Over the last few years, there has been a substantial apartment building boom throughout Chicago (although less so in Lincoln Park). I also constantly read stories and hear from our associates in the real estate business that clients are saying the following catch phrase a lot – “the rent is too damn high.”
So, I decided to take a look at just what apartment rents have looked like over time in the Lincoln Park neighborhood of Chicago. I looked at over 10,000+ rental transactions in the neighborhood via our MLS historical data records since 2008. Most of the data in the MLS is for individually owned condominiums in Lincoln Park, but given the large data set, it should be correlated with larger apartments buildings in the area as well.
The key items that I found interesting in the data were the following:
- All segments of the rental market have had at least 1 year in the last 3 (2015-2017) that have had year-over-year declines in average rents
- Rents “bottomed out” in 2010, rose sharply through 2014, and have somewhat hit a plateau over the last 3 years.
- Over the 10 year period from 2008 – 2017, the largest increase in prices has been for Studio apartments for which prices have rose almost 47% whereas 3 bedroom rentals have only increased 6% over that same period.
With a flat / slightly downward trend over the last few years, it will be interesting to see what happens to prices in 2018 as we enter the spring / summer rental season in Lincoln Park in a couple months. You can search apartments via the following link: Lincoln Park Chicago Apartments