The Chicagoland suburban apartment market appears to be alive and well if you believe an article on the August 9 ChicagoRealEstateDaily.com by Alby Gallan. He cited a study by Appraisal Research that claims median net rents rose in 7 out of 10 submarkets in the second quarter. Occupancy rates also climbed to 93% in Q2, heading back toward the 97.1% peak in 2006. Even though the local unemployment rate is 10.6% (June) and the country lost 131,000 jobs in July (U.S. Labor Department), the local job market has apparently stabilized enough so that people who had moved in with parents due to uncertainty are starting to venture back out on their own. Unfortunately, McHenry County was one of the “Loser” submarkets studied with a 3.2% decline in median net rents from 1 year ago. That’s the price we pay for living in “the sticks.” By the way, that’s good if you’re the one renting, not so good if you are the landlord.
Bruce Kaplan and Joe Billitteri: Commercial Real Estate Agents with Premier Commercial Realty. Your Profit is our Success!
Wednesday, May 11, 2011
Apartment Investors Fare Well
August 11, 2010 1:58 PM
The Chicagoland suburban apartment market appears to be alive and well if you believe an article on the August 9 ChicagoRealEstateDaily.com by Alby Gallan. He cited a study by Appraisal Research that claims median net rents rose in 7 out of 10 submarkets in the second quarter. Occupancy rates also climbed to 93% in Q2, heading back toward the 97.1% peak in 2006. Even though the local unemployment rate is 10.6% (June) and the country lost 131,000 jobs in July (U.S. Labor Department), the local job market has apparently stabilized enough so that people who had moved in with parents due to uncertainty are starting to venture back out on their own. Unfortunately, McHenry County was one of the “Loser” submarkets studied with a 3.2% decline in median net rents from 1 year ago. That’s the price we pay for living in “the sticks.” By the way, that’s good if you’re the one renting, not so good if you are the landlord.
The Chicagoland suburban apartment market appears to be alive and well if you believe an article on the August 9 ChicagoRealEstateDaily.com by Alby Gallan. He cited a study by Appraisal Research that claims median net rents rose in 7 out of 10 submarkets in the second quarter. Occupancy rates also climbed to 93% in Q2, heading back toward the 97.1% peak in 2006. Even though the local unemployment rate is 10.6% (June) and the country lost 131,000 jobs in July (U.S. Labor Department), the local job market has apparently stabilized enough so that people who had moved in with parents due to uncertainty are starting to venture back out on their own. Unfortunately, McHenry County was one of the “Loser” submarkets studied with a 3.2% decline in median net rents from 1 year ago. That’s the price we pay for living in “the sticks.” By the way, that’s good if you’re the one renting, not so good if you are the landlord.
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