DataMarkets & Economy

Chicago rent growth stalls amid slow job growth, report shows

Report across 123 markets finds rent growth basically fell flat over August
  • Yardi reports annual rent growth at 4.7 percent nationally in September, falling for the first time since last November.
  • Overall rent growth is forecasted at 2 percent by year-end in 2016, which is considerably low compared with other metros measured by Yardi.
  • Annual growth for the six-month moving average in Chicago was 1.5 percent as of July 2016.

For renters, a slowdown in the market's growth is a welcome trend. While the drop was hardly noticeable, September saw its first monthly dip since November 2015 to $1,219, down just one dollar from August, according to a new report. According to the Yardi Matrix Monthly report for September 2016, which measures 123 markets throughout the nation, rent prices grew 4.7 percent in September on an annual basis -- a 30-basis-point decrease from August and 200-basis-point decrease from the most recent high in October 2015. In the majority of local markets, 26 out of 30 measured by Yardi, rent prices grew year-over-year by at least 3 percent in September. At the top of the list in growth is Sacramento, where rent prices grew 11.1 percent annually in September. San Francisco appeared at the bottom of the list as more inventory has been entering the market and offering locals a bit of relief. Yardi expects new apartment completions to reach 360,000 in 2016 throughout the nation, w...