2015 Downtown Chicago Apartment Data [Infographic]
As the top luxury rental-focused brokerage in the city, Luxury Living Chicago rented over 500 apartments in 2015. Throughout the year, we made it our mission to track data on the apartments we rented. We wanted a deeper understanding of the Chicago apartment market and we knew this insight would help us better assist the thousands of clients we serve.
After compiling the data, we thought it would be fun to share our findings. We’ve highlighted a few key data points in this infographic.
(GET OUR COMPREHENSIVE 2015 DATA REPORT IN YOUR INBOX! CLICK TO SIGN UP!)
The first section dives right into the numbers and breaks down the average rent price, square footage and price per square foot for each apartment size. While most financial appraisals of luxury apartment buildings only look at the market rent of an apartment, our numbers factor in the net effective rent. The net effective price includes any concessions (i.e. months free) the renter received.
The second section looks at the average length of time a renter is looking for an apartment before their move date and the average time it takes for a renter to sign their lease after they have applied for an apartment. We think the leasing industry should take note of this information. It says a lot about when property managers and on-site leasing professionals should know renewals and vacancies and how quickly leases should get signed.
We’d like to point out when Luxury Living Chicago has an exclusive leasing engagement with developers to lease new construction properties, our average time from application to lease signing date is 3 days!
The third section offers a glimpse at how many renters needed parking and how many renters had a dog.
The fourth section compiles all the different places our renters were coming from before they rented their downtown apartment. Most of our clients were moving to Chicago from out of state, which makes sense why they would want to work with a broker to help find the best places to live in Chicago. However, the second largest group of people we worked with in 2015 were already living downtown!
The fifth section focuses on who was living in the apartment. It was fascinating to discover such a high percentage of our clients were living alone.
The last section points out the top reasons why renters selected their apartment. It’s not surprising location and price were at the top, with apartment finishes bringing up the rear.
BUT WAIT, THERE’S MORE!
To accompany this infographic highlighting 2015 Chicago apartment rental trends, we will release a comprehensive report.
Sign up now below to have the report delivered directly to your inbox and be the first to get Luxury Living Chicago Realty’s insights. Written by Aaron Galvin, Chicago’s top rental broker, the report provides the details behind our data.
The complete summary includes further details about:
- Average Rent
- Price Per Unit Size
- Average Square Footage
- Price Per Square Foot
- Average Days from Tour to Move-In
- Pets & Parking Data
- Renter Background
- Top Reasons for Unit Selection
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