DataMarkets & Economy

Chicago rent growth stagnant, occupancy rates strong

Yardi Matrix report finds rental growth continually growing strong throughout the nation.
  • Nationwide rents grew 0.9 percent in May over the previous month and 6 percent on an annual basis.
  • Chicago occupancy rates reported at 96.5 percent in April 2016, which was unchanged from the previous month.
  • Rent is forecasted to grow 2 percent by the end of 2016 in Chicago.

Rental prices continue to make strong strides, growing month by month and year by year. According to Yardi's month survey of 119 metros throughout the nation, the U.S. saw a rent increase of 6 percent in May 2016 since May 2014 to another all-time high of $1,204. The rental market is holding on, increasing about $10 over April, or 0.9 percent. Housing market forecasters are still banking on the transition of millennials turning from renters into homeowners, but the rental market is reaping the benefits in the meantime. The national average rents include 119 markets tracked by Matrix. Seattle, Sacramento and Portland posted the biggest gains, all above 11 percent. The three cities were pretty close to one another in gains and about 4 percent higher than the fourth highest city, Pheonix. Houston saw the smallest increase in year-over-year rent growth. Miami and Las Vegas were the closest cities to neutral in terms of growth, with Miami posting slightly lower figures. ...