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Rents on Suburban Apartments Hit New High

Suburban landlords are feeling the benefit as more people avoid buying a home in this market.

 

Suburban apartment rents hit a record high during the first quarter of the year, according to Crain's Chicago Business.

The median rent is up 2.6 percent compared to a year earlier as well as compared to the previous quarter, the article states. Occupancy rates, at 94.7 percent, are also high.

The North Shore saw the biggest increase in rents at 12.2 percent, according to Crain's. Lake County, which has the highest occupancy rate at 96.9 percent, saw a slight dip in rent.

For the full article and a more complete breakdown by region, click here.

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