News
MULTIFAMILY THURSDAY: RENT GROWTH IN OAK PARK
March 29, 2012
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| Apartments in Oak Park, one of Chicago's well-to-do inner suburbs, might not command quite the rents seen in other well-to-do parts of metro Chicago, but according to a new Reis report, the submarket's rent growth is hard to ignore. The suburb's apartment stock includes large, centrally located buildings such as 100 Forest Place, which rises over Oak Park's downtown district. Properties such as 100 Forest Place, which are near shopping streets and commuter rail stations, command healthy rents, with one-bedroom, one-bath units of 780 SF on offer for as much as $1,767. Reis says that effective rents in Oak Park increased 1.2% during Q4 '11, 90 bps above the metro average, bringing the year-over-year increase in line with Chicago's 1.9% growth. | |
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| Many Oak Park apartments are also smaller, privately owned and managed properties, such as this three-story six-flat in the 1000 block of Ontario, a little further from downtown that 100 Forest Place but still well located. Reis expects rents in Oak Park to jump 5.3% during 2012, and where opportunity knocks, developers will answer. Construction of a 20-story apartment building in downtown Oak Park by Chicago-based Sertus Capital Partners is expected to begin later this year. |
