Rent Bacon: March 2012

Chicago overall could not sustain the lofty year-over-year rent gains of February. Note that most of the gains shown here were in market time, not rent. (Corrected July 2012)

Details for March 2012

Average RentAverage Market TimeTotal Rented
Zone 1
March 2011$221356 days187
March 2012$237536 days185
Zone 2
March 2011$186254 days84
March 2012$194238 days115
Zone 3
March 2011$133454 days27
March 2012$136162 days36

Stats reflect pricing and activity for 2 bedroom, 2 bathroom apartments rented by Realtors and listed in ConnectMLS.

What is Rent Bacon?

Rent Bacon is a quick visual summary of what’s happening in the rental market this month compared with this time last year. It breaks the city down into three zones. For each zone, it takes the change in average rent rates and the change in average market times as percentages, and then averages the two percentages together.

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.)

Want more Bacon? Here’s last month’s update.

Print Friendly, PDF & Email

6 Responses so far.