Naperville rents jumped 10% in a year – The Real Deal

Apartment List’s Chris Salviati (Twitter, iStock)

Apartment List’s Chris Salviati (Twitter, iStock)

Rents are rising in the Chicago suburbs as people who moved in with their families during the pandemic seek their own quarters and supply remains constrained.
Rents in Naperville, about 28 miles west of the city, rose 10.4 percent in June from a year earlier, the Chicago Tribune reported, citing data from Apartment List. While that’s below May’s 12 percent increase, last month was the 20th consecutive month of rising rents, and they haven’t dropped since October 2020.

The pandemic disrupted the rental market, sending costs down in big cities as younger people moved home to wait out the health scare while they rose in suburbs including Naperville, according to Apartment List economist Chris Salviati. “A lot of folks were really looking for a bit more space, and things in the city were sort of closed down,” Salviati told the outlet.

Now people are ready to be on their own again and others who were living with roommates seek more space. As demand rises and supply stays about the same, rents are headed up. Median rents in Naperville stand at $1,565 for a one-bedroom apartment and $1,975 for a two-bedroom.

“We saw more folks renewing leases and staying in place and not wanting to move during the pandemic and so there just wasn’t as much turnover,” he said. “That kind of environment where there were a lot of folks looking for places to rent but not a lot of inventory was driving these really rapid price increases.”

Salviati said he believes the rents could be hitting their peak soon.

“Landlords can only charge as much as renters are willing and able to pay,” he said. “After a year of having seen these really rapid rent increases, I think we’re going to be starting to get to the point where we’re starting to bump up on some of those limits and things are starting to back off slightly.”

[CT] — Victoria Pruitt

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via rk2’s favorite articles on Inoreader

July 6, 2022 at 09:13PM

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