StrawStickStone Chicago Rent Index: 2nd Quarter, 2012

It’s hard to believe, but it’s been three months since I posted the Q1 Rent Index. I’m back again with the rent rates from the Chicago MLS for the 2nd quarter of 2012. As before, I’m separating the stats by type of neighborhood, and tracking different styles of apartments. This time around, since I had the data handy, I included the change from last quarter. For the sake of making this easier to read, I’ve split them into three separate tables.

Chicago’s rental market has always seen a slight increase in rent rates from the offseason (winter and early spring) to the peak market. This transition usually occurs between March and April, and the comparison between Q1 and Q2 bears this out. Nearly everywhere saw an increase. You must remember that this reflects a regular response to the ebb and flow of the rental market, not a major ground-shift trend. Unless an area saw an increase greater than about 5%, there’s no reason to panic about rents rising too fast. Even so, considering the year over year growth that we’ve seen, there is cause for concern when even 4% is added to an already strained renter’s budget.

Two sectors did see a decrease in average prices, although one of those sectors had such small sample sizes in both quarters that even one very unique property could knock the numbers about considerably.

Downtown*
Avg (Count) Change since Q1 Low / High
Studio $1331 (106) Up 10.18% $995 / $2500
1 bed, Vintage Invalid (5)   $990 / $1600
1 bed, Condo $1878 (478) Up 3.1% $1025 / $5600
1 bed w In-Unit laundry $1977 (241) Up 1.6% $1270 / $4200
2 bed, Vintage Invalid (4)   $1975 / $2300
2 bed, Condo $2841 (368) Up 0.8% $1495 / $8500
2 bed w In-Unit Laundry $2957 (289) Up 4.9% $1495 / $8500
3 bed, Vintage $1949 (13) No Q1 Data $1250 / $2850
3 bed, Condo $5247 (93) Up 6.2% $1800 / $25000
3 bed w In-Unit Laundry $5134 (82) Up 6.5% $1800 / $25000
3 bed Single Family Invalid (0) No Q1 Data N/a
Pets**** Dogs OK: $2654 | No Pets: $2350 | Cats Only $1945
Name Brand Neighborhoods**
Avg (Count) Change since Q1 Low / High
Studio $967 (41) Up 1.3% $550 / $1300
1 bed, Vintage $1258 (16) Up 5.2% $800 / $1800
1 bed, Condo $1511 (206) Up 2.3% $950 / $2700
1 bed w In-Unit laundry $1598 (43) Up 6% $1050 / $2700
2 bed, Vintage $1858 (35) Up 24.6% $1100 / $2800
2 bed, Condo $2185 (332) Up 0.6% $1050 / $3500
2 bed w In-Unit Laundry $2235 (216) Up 1.8% $925 / $3500
3 bed, Vintage $2711 (28) Up 8% $1590 / $5500
3 bed, Condo $2987 (140) Up 4.4% $1800 / $4950
3 bed w In-Unit Laundry $3106 (146) Up 3.8% $1495 / $5500
3 bed Single Family $3236 (19) Up 4% $1300 / $5000
Pets**** Dogs OK: $2397 | No Pets: $1996 | Cats Only: $1844
Generic Neighborhoods***
Avg (Count) Change since Q1 Low / High
Studio $818 (33) Up 0.3% $525 / $1250
1 bed, Vintage Invalid (8) No Q2 Data $950 / $1400
1 bed, Condo $1385 (167) Up 5.8% $750 / $2150
1 bed w In-Unit laundry $1456 (88) Up 3.7% $750 / $2000
2 bed, Vintage $1289 (21) Down 2.1% $900 / $1800
2 bed, Condo $1680 (329) Up 2.4% $760 / $2900
2 bed w In-Unit Laundry $1708 (259) Down 0.6% $760 / $2900
3 bed, Vintage $1850 (15) No Q1 Data $1250 / $2850
3 bed, Condo $2033 (103) Up 0.3% $950 / $3600
3 bed w In-Unit Laundry $2142 (93) Up 4% $1100 / $4800
3 bed Single Family $2122 (17) Up 13.8% $900/ $4800
Pets**** Dogs OK: $1665 | No Pets: $1552 | Cats Only: $1228

* Downtown: Within 1.25 miles of the intersection of State & Madison, Chicago
** Name Brand Neighborhoods: Lincoln Park, Wicker Park, Bucktown, Wrigleyville / Lakeview
*** Generic Neighborhoods: Uptown, NorthCenter, Logan Square, Avondale, Irving Park, Humboldt Park
**** Average rent rates based on pet policy across all sizes of apartments.

Read more about Name Brand & Generic Neighborhoods.
Read more about why cat-friendly apartments are cheaper.

Stats based on printed rent rates for the second quarter of 2012 as listed in MRED LLC’s ConnectMLS for the city of Chicago. Completed rentals only, no active listings.

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