In business for over 40 years, Seminary Properties and Management, Ltd. is a family-owned real estate company based in Chicago, Illinois. Focused on rental properties in the Northside of Chicago, Seminary Properties and Management, Ltd. recently published a 2019 Chicago rental market overview. Here are some of the highlights from it:
–Rents remain largely stagnant. Chicago went through a several-year period of experiencing healthy rises in rents, but over the last two years, rents have remained largely the same because of the numerous construction and condo deconversion projects underway. The area’s rental market now has a surplus of units which have caused stagnation in rates. So far in 2019, rates have increased only slightly.
–People seeking apartments are acting fast. Vacant units are being rented out quickly. In 2018, it was common to see apartments available from eight weeks weeks to their move-in date. In 2019, however, apartments are rented out six-to-eight weeks before their move-in date.
–People prefer large apartments. Demand for micro units is slowing down as renters now seek larger units. Some of the most common requests in 2019 are units with common rooms that can fit couches and large bedrooms capable of fitting queen-size beds.
Seminary Properties and Management 