Aaron Galvin, Founder/CEO of Luxury Living Chicago Realty, recently had the opportunity to speak with ReJournals, the Midwest’s leading source for commercial real estate news.
Rejournals publicized the conversation in one of their latest press releases, bringing to light Luxury Living’s research on Chicago’s Class A Renters.
Luxury Living Chicago Realty(LLCR) executed an analysis of lease data to gain a better understanding of the dynamics and demographics driving Chicago’s Class A renters.
The LLCR team examined leases from the first and second quarters of the year within its portfolio of 18 Class A rental properties where the brokerage firm is the exclusive leasing provider.
The leases provided valuable data from 936 Class A renters, including demographic information, top industries of employment, and highlighted unique renter profiles, including those relocating to downtown Chicago for new jobs.
Luxury Living’s analysis highlighted noteworthy trends among out-of-state renters.
According to the analysis, 30.4% of the 936 renters were moving into Chicago from one of 36 states. Some of the nation’s largest states, California, New York and Texas, brought the most renters to Chicago followed by neighboring Midwest states Indiana and Michigan. The average income for all people relocating to Chicago was $132,372 per year a 22% increase, or $24,215, more than the portfolio at large.
In the press release, Galvin shares that people frequently inquire about who is renting luxury units and how they can afford them. He explains that, “ People moving to Chicago for high paying jobs in the urban core are driving this absorption.”
Galvin also noted that, “As long as jobs continue to abound in Chicago and companies keep investing in this world-class city, we are going to continue to absorb the Class A apartment inventory.”
It is generally assumed that “Big 10 graduates” and other Midwestern schools comprise most of the renters in Chicago. While this belief holds true, Luxury Living’s data reveals trends where other large metros such as Los Angeles, San Francisco and New York City are relocating talent to Chicago.
Galvin elaborates by explaining that Chicago rental prices are more attainable than the coasts, while still delivering many of the benefits of other major cities.
Relocating to Chicago
If you are considering moving to Chicago or know an out-of-stater relocating to the Windy City, be sure to get in touch with a licensed broker at Luxury Living Chicago Realty.
Not only does the Luxury Living team have personal insight into the Chicago real estate market, but they also have competitive experience and eagerness to help any buyer secure his or her dream property!