Category Archives: Statistics

Chicago real estate market stats and analysis for your viewing enjoyment.

Rent Bacon: March 2013

No Foolin’.

The Rent Bacon index number is an indicator of how a district is performing compared to the HUD Fair Market Rents. Landlords can use it to figure out how much more to charge this year. Tenants can figure out how much more it will cost to move.

The Rent Bacon index number is an indicator of how a district is performing compared to the HUD Fair Market Rents. Landlords can use it to figure out how much more to charge this year. Tenants can figure out how much more it will cost to move.

New month, new Rent Bacon. Rent Bacon gauges the change in actual value of apartments in Chicago on a quarterly basis using rental data from the local MLS. The index takes into account the rent rates, market times, and ratio of rented units compared to listed units. This month we’re looking at 2 bedroom, 2 bathroom apartments throughout the city. For more info on how the index is calculated, check out this explanatory post.

Observation #1: Better value

Now this is not something obvious from the chart above, but it is quite clear if you compare it against last month’s results for 3 bedroom, 2 bathroom apartments. The index value for 2 beds is considerably higher, peaking over 300 for the smaller units. Does this mean that they’re actually a better value? Yes, absolutely. (more…)

Rent Bacon: February 2013

Let’s talk about 3 bedroom apartments.

The Rent Bacon index number is an indicator of how a district is performing compared to the HUD Fair Market Rents. Landlords can use it to figure out how much more to charge this year. Tenants can figure out how much more it will cost to move.

The Rent Bacon index number is an indicator of how a district is performing compared to the HUD Fair Market Rents. Landlords can use it to figure out how much more to charge this year. Tenants can figure out how much more it will cost to move.

It’s March. That means it’s time to see how the Chicago rental market performed over the past three months in that fancy statistical analysis we like to call Rent Bacon. As a reminder, we changed formats last month to make this monthly feature more useful. In the process we created a rent index which can be used as a means of comparing value between neighborhoods and gauging how much rent could go up or down over the next year. If you want to read more about what the numbers mean, check this explanatory post about the new Rent Bacon.

This month we’re talking about 3 bedroom / 2 bathroom apartments, and investigating how they’ve performed over the past three months. This is the first time we’ve really looked at 3 beds, which are pretty much the top end in terms of size as Chicago apartments go. You might be able to find something larger in a single family home for rent, but they’re few and far between.

Observation #1: The Gap

In a previous installment of Rent Bacon, I remarked that I saw indicators of people flowing from very expensive Zone 1 to moderately priced Zone 2 when rents got really high downtown. However, that movement didn’t continue from Zone 2 to the even lower-priced Zone 3. My surmise was that the folks who live in Zone 3 – the outskirts of the city – are more likely to move up in size in their same area instead of moving further inwards when their situations changed.

Today in reviewing the index prices we see another potential reason – the gap between Zone 3 housing costs and the inner districts is massive, especially when it comes to apartments large enough to house a big family. Look at the chart above. Look at the gap between the bottom two lines. The average 3 bedroom apartment in Zone 3 is fully 33% cheaper than anywhere else in the city. This is not just a matter of people on the city outskirts loving their neighborhoods. The price gap may be completely insurmountable. A family would have to be earning $84k per year to meet the “affordable housing” limits in Zone 1 or 2. Unless you’ve got a white collar breadwinner or two blue collar/no collar working adults in the family, that just isn’t going to happen.

Observation #2: The winter really blows for 3 beds.

Winter is a tough time to move for the families that tend to occupy 3 beds. It means uprooting the kids from school and packing up a massive amount of stuff during the worst possible weather of the year. The rental market in Chicago generally slows way down in the winter, but for 3 beds it’s a bit more extreme than we see with smaller apartments. All three of the zones saw major drops in the 4th quarter every year going back to 2010. This year has been particularly nasty.

Zone 3’s values took a major hit, falling 11 points since the same time last year and 78 points since the 3rd quarter of 2012. Rent rates actually improved, so the change in value is largely attributable to a glut of extra units coming on the market. As I discussed in an earlier article, January is always a big month for relationships to fall apart and one bedroom rentals spike upwards accordingly. The improving economy has allowed large groups of roommates to split up, which may be resulting in more large units on the market.

Zones 1 and 2 are sitting pretty and showing growth compared to last year. However, the growth is drastically slowed. Last summer the downtown index peaked at 295.65 and the Zone 2 index at 292.99, so we’ve fallen off a bit from those lofty heights. However, when compared with last winter, an equally slow season, the inner districts actually gained 10-14 points.

Zone 1 is seeing static rents and steadily increasing market times. However, this trend should reverse itself once the spring market hits, so don’t count on it being a trend that we’ll see through the year. Meanwhile, Zone 2’s market times are stable, but the rent rates have relaxed a bit and is suffering from a slight inventory glut that’s hurting it’s rent-to-list ratios. Again, this should be remedied by the spring market when a large number of renters suddenly hit the scene all at once to snap up the leftovers from a slow winter season.

Observation #3: That Chart is Too Steep to Sustain

That’s a pretty nasty slope on that chart. Zone 3’s values at their peak last year had inflated to reach downtown’s 2010 values. That kind of growth is far too rapid for renters – traditionally the poorer members of society – to sustain on an ongoing basis. While the rents in Zone 3 have remained largely stable, the rental pace and market demand out there have made it very difficult for someone working 50+ hours a week to find anything good. Meanwhile, in Zones 1 and 2 average rents have increased by between $400-500 for a 3 bed in just 3 years. This means that the average 3 bedroom renter has to be earning between $14k and $18k more in 2013 than they were in 2010. I somehow don’t think that’s realistic.

Chicago has earned the envy of other northern US cities for a long time when it comes to our roomy apartments and comparatively low rents. When you stack downtown Chicago rents against New York ($6000 for a 3 bed) or San Francisco ($4500) prices we’re still pretty cheap. Even so, 18% growth in rents over 3 years is about twice the pace that an average renter can handle. There must be a slowdown. I see it happening within the next 2 years.

everything is going to be alright

The Numbers

Table indicates values for 1 bedroom/1 bathroom rentals based on MLS data.

Average RentAverage Market TimeUnits Rented | ListedIndex
Zone 1
Dec 2011-Feb 2012$252359 days60 | 107261.19
Dec 2012-Feb 2013$254748 days64 | 98271.08
Zone 2
Dec 2011-Feb 2012$218843 days95 | 123226.78
Dec 2012-Feb 2013$233742 days75 | 102241.59
Zone 3
Dec 2011-Feb 2012$149553 days38 | 6760.52
Dec 2012-Feb 2013$157460 days22 | 4749.41

The Zones

The Chicago neighborhood zones remain consistent between this version and the last.

Zone 1 covers central Chicago from South Loop through Lincoln Park. (Actual coordinates: 2000 South to 2000 North, from Western Ave to the Lake).

Zone 2 covers the near North side of Chicago, including Lakeview, Bucktown, Uptown, Lincoln Square, Roscoe Village and NorthCenter. (Actual coordinates: 2000 North to 5200 North, from Western Ave to the Lake.)

Zone 3 covers the Far North and Near South side of Chicago, including Edgewater, Andersonville, Rogers Park, West Ridge, Chinatown, Bridgeport and Douglas. (Actual coordinates: 5200-7600 North plus 2000-4500 South, from Western Ave to the Lake.)


 

I’ll be back on Wednesday with some advice for a renter who got a nasty surprise this month. See you then!

Cook Eviction Stats Part 10: Series Conclusion

About a year ago I encountered several urban legends about the Chicago rental environment that circle around the idea that the system is biased against landlords. I don’t like to see assumptions go unchallenged, so I set out to find out the statistical truth behind each of the component parts. Here are the original assumptions, with their results.

  • The courts favor tenants over landlords in eviction cases. FALSE.
  • The suburban courts, especially in wealthy areas, are more favorable to landlords when it comes to eviction. FALSE.
  • The evolution of the CRLTO is making the landlord-tenant situation progressively worse. TRUE.
  • Eviction only happens to bad landlords in bad areas of town. FALSE.
  • Lawyers and Juries have a marked effect on the outcome of eviction cases. POSSIBLE.
  • The CRLTO is biased against landlords. POSSIBLE.

The courts do not favor landlords in eviction cases.

Across Cook County, the courts have not historically favored landlords over the past 8 years. Just over 62% of landlords won their cases. Therefore, we can say based on raw stats that the system does not empirically favor the tenant. However, the surrounding research shows that the entire justice system favors the plaintiff by default, and with good reason. If someone is going to bring a case to court, chances are they have very good reason for doing so.

When that 62% number is weighed against some of the stats for other types of trials, it comes up short. Compared with felony trials, traffic court, and even housing court in other areas of the country, landlords do have a harder time winning their cases than other types of plaintiffs. So no, officially there is no gross bias, but winning an eviction case isn’t a walk in the park either.

We do need to stop and consider what happens with the cases where the landlord doesn’t win, though. Many of them don’t make it to trial. Sometimes it’s due to successful pre-trial mediation, other times it’s due to clerical errors. Either way, a lot of the “losses” will come back with the errors corrected and “win,” or the tenant will wind up leaving the apartment before trial anyhow, which also counts as a “win.”

Overall, I’d say based on the research we’ve done here that there is no bias at the court level.

The suburban courts don’t make it easier for the landlord.

Some landlords seek to use loopholes in order to file their city cases in suburban courthouses, assuming that they’ll have an easier time winning in an area surrounded by people just like them. If they were going through a jury trial and had to assemble a jury of their peers, maybe this would be the case. But most eviction cases are bench trials, heard only by a judge.

Looking at the five outlying courts in Cook County, especially the ones in the wealthier northern sections of the county, it is actually harder for a landlord to win an eviction case. If you’re trying to win both parts of a joint action case (possession and a money judgment) it’s even tougher.

Additionally, the suburban courthouses are simply not equipped to handle the overflow of Chicago’s massive eviction caseload. The judges aren’t as well-versed in Chicago-specific rental laws. All told, it’s a far better idea to stay within the expected boundaries and file your case in the city where the apartment is located, like you’re supposed to.

The evolving CRLTO is making it tougher to avoid eviction court.

Over the past 8 years, the number of apartments in Chicago has decreased and the population has decreased while the number of evictions has remained consistent. This tells me that it’s getting tougher for landlords and tenants to handle their business on their own without involving the court system. I would suggest that this is related to the evolution of the Chicago Residential Landlord-Tenant Ordinance, and the associated awareness campaigns that have brought it to the attention of more tenants in recent years.

When it comes to interpersonal conflict, especially over money matters, it is a human tendency to seek an outside authority figure to make the final call. As laws and regulations become more complex, it’s easier for both sides to pass the buck to a higher power instead of trying to work things out between themselves. In the case of Chicago rentals, landlords are afraid (with due reason) of taking any action on their own, lest they be accused of retaliation or “self-help evictions,” both of which are illegal. In the case of tenants, many are all too willing to leverage their landlords’ fear of the city codes in order to get more time in their apartments without paying.

As the CRLTO gets more complicated, it will by default funnel more of these disputes into the court system.

Evictions happen to everyone and affect everyone.

With a 1 in 20 chance of eviction distributed across 550,000 Chicago apartments, it is entirely possible for the owner of a three-flat to dodge eviction court for a decade or so. However, it’s more realistic for a landlord to expect at least one eviction over the course of their investing career and enjoy the pleasant surprise if you manage to avoid it.

Tenants also need to be aware of the odds, especially if they’re rooming with strangers. If your roommate has been evicted before you will have a much harder time finding an apartment. You may wind up having to pay higher rents and more cash up front in order to be considered for any housing at all, let alone your ideal apartment.

Overall, the cost of evictions affects the entire population of Chicago, funneling huge amounts of cash and time away from productive use and into the justice system. That money could be used to purchase and rehab additional apartment buildings, allowing more residents to find housing. Even a 1/3 decrease in eviction filings in a year could potentially free up enough cash to purchase and renovate every bank-owned apartment building in Cook County.

Landlords use the “bias” as a reason to avoid investing in the Chicago market. A far better reason would be the cost of evictions. However, cost is something you can plan around and should not be used as an excuse to avoid an entire market.

Lawyers and Juries don’t win cases. They win Time.

The average eviction case lasts only 3 minutes in the courtroom. Most cases are eventually found in favor of the landlord. The presence of juries make only a 1-2% difference in the final rulings of most court cases. The role of supporting players at eviction court has to be discounted. However, this does not mean they are totally ineffective.

A lawyer representing a landlord does most of their job in the preparation. Many of the 38% of failed eviction cases are due to inadequate preparation or clerical errors, and a good lawyer who knows their stuff can make sure that the landlord gets it right the first time. A lawyer representing a tenant has a better chance of getting a continuance, which buys the tenant more time in the apartment before the axe falls.

If a tenant exercises their right to a jury trial, it will likewise not win the case for them. They will drive up the landlord’s costs and buy themselves even more time in the apartment, but chances are very high that they will still eventually get a visit from the sheriff.

Tenants can “win” eviction cases. There are a handful of reasons why they could get the case thrown out. There are ways they can get the landlord slapped with enough fees to negate any back rent they might owe. They can even appeal or file a countersuit in the event that an eviction goes through unfairly. However, for the most part if a tenant has not paid the rent and the landlord knows what they’re doing, the eviction case will probably be found in favor of the landlord regardless of what happens and who helps out in the middle.

The CRLTO is biased against landlords, and for good reason.

My investigation of the CRLTO was completed well before this series on the courts. However, I wanted to close by referring back to it, as I did find it to be biased in favor of the tenant. Line for line, more duties are loaded onto the landlord and the penalties for infractions are steeper on the landlord side as well. If there is a systemic bias against the landlord in Chicago, it lies within this document, not at the court level. The courts are merely enforcing and interpreting the laws as they stand.

I would argue, though, that there is a good reason for the CRLTO’s strictness. Of the four major things necessary for human survival – food, air, water and shelter – shelter is the only one that is largely handled via private enterprise. It’s also the least easily renewable resource of the four. If you’re a utility or agricultural enterprise dealing with any of the other three, you’d better believe that you will be dealing with government restrictions coming out your ears. Like the CRLTO, most of those laws are to keep the providers from causing harm to the general public. As much as the 1% might dislike it, most laws are written to protect the consumer majority, even if it’s to the detriment of the provider minority. However, for food, water and air quality the restrictions are implemented on a large-scale basis and mostly out of sight of the average layperson.

Housing is the only sector of basic human needs where strangers are regularly providing the raw materials via private commerce. It stands to reason that the government-mandated quality standards for housing are just as robust as they are for the other “big three.” However, because they have to be understood and followed by the common man, housing laws are more “in your face.”

Chicago is a massive city, encompassing all races, ages, income levels and nationalities. There unfortunately cannot be separate rental laws for cold water flats and high rise lofts. The rich and poor cannot be held to different codes. In my opinion, the CRLTO may be beastly and complicated, but so is the Chicago rental population. The two go together perfectly.

Conclusion: It’s not about bias, but about knowing your role.

The greater issue here is tiny private landlords being held to the same standard as massive public utilities companies by the public at large. It isn’t political, nor is it class warfare. Rental housing is a bizarre hybrid of bare necessity and finite resources, slammed into a commercial framework. When you decide to invest in rental property, you are positioning yourself among utility companies and government agencies that provide necessary things for Chicagoans to keep existing safely. Like many of those agencies, the public who uses your services will view your line of work with a culturally acceptable amount of disdain. They will forget that you are running a business, until such time as they’re unhappy with your service.

Is Chicago biased against landlords? Commerce may be biased against housing. Courts may be biased towards the plaintiff. Laws are generally tilted in favor of the consumer. But is Chicago anti-Landlord? Let’s say no. Let’s say, once and for all, no.

Thanks so much for reading this series. Thanks also to the support folks who have made this possible: The Hon. Timothy Evans of Cook County Circuit Court, Rob Boyke at the Cook County Clerk of Court’s IT department, Rich Magnone of Reda, Ciprian, Magnone LLC, and Taylor Southworth.

I’ll be taking Friday off. See you Monday.

This is part of a series on Chicago evictions. You should probably start at the beginning. Here are the rest of the articles:

Part 1: Intro
Part 2: Yes, Virginia, there is a bias
Part 3: Are other trials also biased?
Part 4: Comparing districts
Part 5: Are evictions filings increasing?
Part 6: Forcible Entry vs Joint Action
Part 7: What does it mean for tenants?
Part 8: Lawyers and Juries
Part 9: The Cost of Doing Business
Part 10: Series conclusion

Cook Eviction Stats Part 9: The Cost of Doing Business

Evictions in Cook County are a multimillion dollar industry. With close to 40,000 cases happening each year, the amount of time and energy devoted to people who don’t pay their rent is mind-bogglingly vast. In fact, today I want to take some time to discuss what the eviction industry is costing Chicago in terms of lost time and money. And tenants, if you think this doesn’t pertain to you, it does. Remember that the resources that a landlord puts into evictions could otherwise be spent purchasing and rehabilitating the apartment buildings that are currently sitting empty and inaccessible.

Long time readers will know what this means. I’m going to do math for you. Again.

Yay math time!

Yay math time!

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Cook Eviction Stats Part 8: Lawyers and Juries

We’re talking about lawyers and juries and how they affect the eviction numbers today, along with some interesting data that I picked up along the way. This article is deviating a bit from the its predecessors in the series, in that I’m not going to be relying too heavily on the numbers I got from the Cook County Clerk. I’ve had to reach beyond to do some additional research. Instead of footnoting everything like I usually do, I will instead provided a bibliography of sources down at the bottom so you can read all of the reports at your leisure, if that’s your thing.

You can fit a couple of eviction hearings in the time it takes to cook Ramen.

You can fit a couple of eviction hearings in the time it takes to cook Ramen.

I want you to imagine a scenario with me for a moment. You are a landlord. A tenant moved into your apartment in October. It is now February and you have not seen a rent check since the first month. The tenant has moved in a whole crew of additional occupants, and a pit bull. They have also apparently spent their rent money on a big screen TV, because you can see it on the floor of their apartment, leaning against the wall underneath the big hole that it left when it fell down.

You filed to evict in after the 2nd missed rent payment, in early December, like any good landlord. Due to the wait and the holiday season, your court date was scheduled for early February. You arrive in court. You’re ready to tell your whole story.

Talk fast. You’ve got 90 seconds in front of the judge. You have to split that with the tenant if they decide to mount a defense. Better know your stuff. (more…)

Cook Eviction Stats Part 7: What does this mean for tenants?

I’ve spent the past 6 sections of this study focusing mostly on what the Cook County/Chicago eviction statistics mean for landlords. It’s time to focus a little on what they mean for renters. I’m not a lawyer, and I’m not going to tell you how to win your eviction case. There are far better resources than me out there for saving your bacon. This article is focusing on the numbers.

A lot of you have been involved in eviction cases.

7 out of every 100 apartments in Chicago will be the subjects of eviction cases each year. Given that apartments often house more than one person, this means if you’re a renter in Chicago, you’ve got quite a bit more than a 7% chance of winding up involved in an eviction suit.

This is what we're talking about here. It's undignified, it's obvious, and it's humiliating. And a lot of you have been through it before.

This is what we’re talking about here. It’s undignified, it’s obvious, and it’s humiliating. And a lot of you have been through it before.

By comparison, 8% of married Illinois residents wind up in divorce each year, according to the census bureau.[1] You probably know several people who have gotten divorced last year. This means that you may well know even more people who’ve been involved in an eviction case, although they’re probably not going to admit it to your face.

It costs a landlord quite a bit of time and money to file an eviction case. They’re not usually going to do it if a tenant hasn’t given them good reason to do so, and they’ve exhausted every other possible means of solving the problem. Eviction means they wind up with a vacancy on their hands, and usually one in worse condition than one where a tenant moves out of their own free will. However, if they’re gaining no income from a deadbeat tenant, it eventually becomes more cost effective for them to incur a short term vacancy.

There are a few basic things that a human being needs to survive. Food, water, air and shelter are the big ones. If you’re not earning enough money to remain in your apartment, there are plenty of steps you can take to get out of your lease before the court has to mandate that you do so. If a renter has allowed their shelter-related problems to spiral downward to the point of eviction, what does that say about their ability to prioritize?

This exists. It was mentioned in the New York Times. I don't even.

This exists. It was mentioned in the New York Times. What is this I don’t even….

Chances are good that you will get involved in partnerships with strangers at some point in the near future. It may be a business relationship, a roommate situation, or a dating scenario. Cook County makes it relatively easy for you to check if a person has been evicted before. Perhaps you should take a few minutes to for fact checking before you saddle yourself with a scrub.

You have slightly less than 40% chance of not getting evicted.

62.7% of filed eviction cases in Cook County wind up with the landlord getting the tenant thrown out of the apartment, with many of those cases tacking on an order to pay the back rent. It’s easy when looking at that percentage to envision the other 37.3% of cases involving renters proudly facing their landlords in court, delivering the smackdown of righteousness, and maybe getting their landlords slapped with fines for daring to drag everybody down to the 1st District courthouse.

This is not a picture of you in eviction court. Sorry.

This is not a picture of you in eviction court. Sorry.

I’m not saying that doesn’t happen sometimes.

However, those other cases could have had any of the following, less exciting conclusions:

  • The landlord and tenant settled out of court.
  • The tenant’s lease expired and/or they moved out before the court date.
  • The landlord accepted a partial payment of the balance due, and had their case thrown out.
  • The landlord forgot to show up for court.

Half of those causes are clerical errors, and will probably wind up in a re-filing of the same case at a later date. As for the other half? Well, the point of filing an eviction case is to get a tenant out of an apartment before the lease ends, and sometimes to force them to pay back rent. If those goals are accomplished in any other way, then the case doesn’t need to go all the way to its conclusion. I’d say less than 10% of the tenants who are taken to eviction court wind up “winning” their case at the point that they’re standing in front of the judge.

Even if you win your case, there are repercussions.

There’s been a recent trend with the weak economy where people just stop paying their rent or mortgage and wait for the axe to fall. Renters who are reading this series may be doing so with an eye towards this kind of strategic delinquency, hoping that the eviction proceedings will take long enough that things will turn around for them before the sheriff comes to call. Here’s the thing: your credit will recover in time from everything else you can do to it, but an eviction filing will follow you forever regardless of the verdict.

In all of this analysis, I’ve not really addressed one glaring issue: the fact that I could pull eviction statistics going back to 2004. In fact, if you visit the website of the Cook County Clerk of Court, you’ll find that you can search through online case records going back to at least 1991. In other words, some of those records are old enough to drink.

In order to find out about a low credit score, someone would need your permission and a lot of your personal data to pull your credit report. By contrast, if the state of public records access remains consistent, anyone and their brother can dig up that information without you knowing. That includes future potential roommates, landlords, business partners and employers. Yes, it’s possible for a researcher to see that your case was dismissed. But that’s because it’s possible for them to casually breeze through all of the details of your case.

Now, some of you will react to this with outrage at the courts for making the data public. However, the public records are available because the courts are paid for by the taxpayers, and we have a right to know how our money is being spent. If you want to avoid having the details of your eviction lawsuit made public, don’t get involved with one in the first place.

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  1. [1]US Census Bureau: Marital Events of Americans: 2009

Cook Eviction Stats Part 6: Forcible Entry vs Joint Action

There’s two different types of eviction cases that can be filed by a landlord in Cook County. One is called “Forcible Entry & Detainer,” and the other is called “Joint Action.” In order to explain the difference I’d like to take a moment to talk to you about Buffalo wings. This will make sense in a moment, I promise.

Chicken Evictions
just wings The Wings. The meat of the matter. What you’re really there for. Forcible Detainer & Entry. In other words, the landlord wants to get the tenant out of the apartment. This is the core purpose behind every eviction case.

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Cook Eviction Stats Part 5: Are eviction filings increasing?

The Chicago Landlord-Tenant ordinance has been amended many times since its creation in 1986. The most recent changes were in 2004, 2008 and 2010. By and large these changes have been in response to major trends in landlord-tenant behavior. For example, since 2010 landlords have had to tell their tenants the name and address of the bank where a security deposit is held. This was so that tenants could still track down their deposits if the bank foreclosed on their apartment building.

As is often the case with law changes, the general reaction to new CRLTO amendments has involved a lot of hand-wringing and fretting among landlords. Meanwhile, the economic troubles that have plagued our country in the past half a decade would theoretically cause more tenants to miss rent payments and get into situations that might prompt an eviction case. This nasty combination of tighter laws and a weaker economy made me wonder if the rate of eviction filings was getting higher or lower over time.

Evictions by Year: City and Suburbs (more…)

Cook Eviction Stats Part 4: Comparing Districts

How this article started

It is a peculiarity of American evictions that they are held at the county/parish level instead of at the city/municipal level as one might expect. This means that even though Chicago rentals are generally protected by Chicago-specific laws, evictions are handled by the Cook County District courts, of which there are six.

Cook County District Courts
District/Location Coverage
1st, Chicago City of Chicago
2nd, Skokie Northern Suburbs
3rd, Rolling Meadows Northwestern Suburbs
4th, Maywood Western Suburbs
5th, Bridgeview Southwestern Suburbs
6th, Markham Southern Suburbs

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Rent Bacon, January 2013 – New Format!

New. Improved. Actually Useful.

Rent Bacon, January 2013: 1 bed/1 bath rentals Chicago

The Rent Bacon index number is an indicator of how a district is performing compared to the HUD Fair Market Rents. Landlords can use it to figure out how much more to charge this year. Tenants can figure out how much more it will cost to move.

Welcome to the new Rent Bacon. As I explained last month, I’ve redesigned the Rent Bacon concept to be more comprehensive and more recent. I’ve spent quite some time over the past month thinking about the goals for this monthly series and I’ve got some really exciting results for you.

First of all, we will be rotating monthly through 1 bed/1 bath apartments, 2 bed/2 bath apartments, and 3 bed/2 bath apartments so that we hit all three of the most popular apartment sizes at least once a quarter.

Secondly, we will be looking at 3 month averages instead of one month averages in order to get a decent sample size in each of our zones.

Thirdly, and this is most exciting, the index is actually useful. The new Rent Bacon Index is a rough estimate for how much more the same apartment is worth this year over last year. This means that if you’re a landlord, you can use it to figure out how much to increase rents this year. If you’re a tenant, you can figure out how much more or less you can expect to pay to move to the same size apartment in the same area.

About The Graphic (more…)

Cook County Eviction Stats Part 3: Are other trials also biased?

When I started this adventure I based my concept of “a fair court system” on an ideal of 50% of cases won by the plaintiff (the landlord) and 50% won by the defendant (the tenant). Even something between 48-52% would have been sufficient. The results I got from the Cook County Eviction stats over the past 8 years indicated that 62.8% of eviction cases were won by the landlord. If I compared this to my idea of a perfectly fair system it clearly indicated a bias, and not the “anti-landlord” bias purported to exist by many Chicago landlords.

The world is not perfect. Neither is the justice system. I started wondering if my ideal 50/50 split of verdicts was even attainable outside of a courthouse run by androids and angels. What if the court system is structured so that 62.8% is as close as you can get to a fair trial in the US? I started digging to find out the verdict balance in some other types of cases.

Is it possible that the Cook County Eviction court is the fairest one of all?

Could Cook County Eviction court be the fairest one of all?


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