For the first time in more than 20 years, Chicago’s apartment rent growth is the highest among its major market peers over the course of three consecutive quarters.
Apartment rents in Chicago are rising 3.6% annually, three times higher than the national average of 1.2%. Chicago’s annual rent growth also is more than five times the average of nearly 20 other major metropolitan areas.
Boston, with annual rent growth of 3.4%, is in second place. Philadelphia came in third with annual rent growth of 2.6% — almost 30% lower than Chicago’s. The markets with the lowest annual rent growth were Austin, Texas, then Phoenix, Arizona, and Atlanta, Georgia, all posting year-over-year respective losses of 3.9%, 2.5% and 2.3%.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. Wolf Commercial Real Estate, is a leading New Jersey and Philadelphia commercial real estate broker that specializes in healthcare, office, retail, land, industrial, and investment spaces.
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