Have Lincoln Park Rental Prices Peaked?

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. Continue reading “Have Lincoln Park Rental Prices Peaked?”