Chicago sees No. 10 largest monthly rent increase among largest cities in U.S.

By Mia Goulart, Senior Staff Writer

It’s been over three years since the world was turned on its head by COVID-19, but the real estate market is still feeling its effects as rental prices continue to climb higher…and higher…and higher, based on the recent rent report by Apartment List.

So, what’s the deal in Chicago? The report found that in the past year, rental prices have gone up by 5.2%. That means the average one-bedroom apartment now costs $1,301 per month.

But there are still some affordable neighborhoods where renters can find good deals. For example, West Pullman is the most affordable neighborhood in Chicagoland, with a median two-bedroom apartment renting for just $1,100 per month in March 2023. Other affordable neighborhoods include Gage Park, Austin and Englewood, yet they don’t come with the frills today’s renters are after.

The truth is, COVID-19 resulted in renters placing more value on outdoor space and in-unit laundry, which come at a price. For this reason, Apartment List reported a significant decrease in renter satisfaction—only 49.7% of renters in the city feel satisfied with their rental experience, compared to 61% in 2019. Luxury amenities continue to attract renters to some of the most expensive neighborhoods in Chicago, including the Gold Coast, Streeterville and River North where the median rent for a two-bedroom apartment is over $3,000 per month.

And it’s younger renters that are struggling the most to find affordable housing in Chicago. Renters between the ages of 18 and 29 are spending an average of 33% of their income on rent which is higher than any other age group, likely due to the fact that younger renters are just starting out in their careers and do not have as much disposable income as older renters.

ASSET/PROPERTY MANAGEMENT FIRMS

Economic Development Corporations

Economic Development Corporations Michigan City

Centerpoint Properties

1808 Swift Drive Oak Brook, IL 60523

P: 630.586.8000

Website: centerpoint.com

Key Contacts: Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com; Danielle Radtke, Senior Vice President, Asset Management; dradtke@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on portproximate distribution infrastructure assets near America’s major population centers. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

Farbman Group Of Chicago

40 Skokie Boulevard

Northbrook, IL 60062

P: 248.353.0500

Website: farbman.com

Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com; Chris Chesney, CFO, chesney@farbman.com; Ryan Nelson, EVP, nelson@farbman.com

Services Provided: Property Management, Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Receivership Services, Facility Management, Net Lease Brokerage Services.

Company Profile: Farbman Group of Chicago, a full-service commercial real estate company, is one of the largest and most respected names in Commercial Real Estate.

Notable Properties Managed: 1535 Lake Cook Rd, Northbrook | 2250 Point Blvd, Elgin | 280 Shuman - The Atrium, Naperville | 390 Holbrook Dr, Wheeling | 25 NW Point Blvd, Elks Grove Village | 40 Skokie Blvd, Northbrook | 1120 Lake St, Oak Park | 100 N LaSalle Dr, Chicago | 401 S State St, Chicago | 600 W Jackson Blvd, Chicago

Two Cadence Park Plaza Michigan City, IN 46360

P: 219.873.1211

Website: edcmc.com

Key Contacts: Clarence Hulse, Executive Director - Economic Development Corporation Michigan City, chulse@edcmc.com;

Karaline Cartegna Edwards, Economic Development Manager, kcedwards@edcmc.com

Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours.

Incentives: Tax-Increment Financing, Facade Improvement Grants, Property Tax Abatements, Enterprise Zones, Revolving Loans, Job Training Programs.

Recent CRE Activity: Double Track Project: $649 Million Downtown Development reducing train travel to Chicago to 60 minutes; Michigan City Central Station: $100 Million Development with Residential & Retail Space; “You Are Beautiful:” $240 Million Mixed-Use Multifamily Development with 235-room Boutique Hotel & 150 Luxury Condos; TRG: $35 Million Downtown Workforce Housing Project; Burn ‘Em Brewing: $1.6 million expansion project with 30 new jobs

DEKALB COUNTY ECONOMIC DEVELOPMENT CORPORATION/DCEDC

2179 Sycamore Road

Unit #102

DeKalb, IL 60115

P: 815.895.2711 | F: 815.895.8713

Website: www.dcedc.org

Key Contacts: Paul J. Borek, Executive Director, borek@dcedc.org

Karen K. Hoyle, Administrator, hoyle@dcedc.org

Katelyn Lancaster, DeKalb County Marketing Manager, klancaster@dcedc.org

Unbound, countywide branding and communications program**

**Opportunity

Services Provided: DCEDC assists investor businesses with the following services:

· Market Research

· Site/Building Selection

· Workforce Recruitment & Training, Student Internships

· Supply Chain Analysis

· Product Development Research Partnerships

· Expedited Plan/Permit Review

· Enterprise Zone Incentives.

Located 60 miles west of Chicago/O’Hare Airport on Interstate 88 along the Union Pacific RR, the economy is led by Northern Illinois University together with innovative manufacturing, distribution, health care and agricultural enterprises.

Company Profile: DCEDC is a public/private partnership working to facilitate sustainable & diversified economic growth in DeKalb County. The organization serves 16 industrial parks and over 14.5 million square feet of industrial space in 14 communities along I-88 in the center of the I-39 Logistics Corridor. This location provides congestion-free access to the central United States and Metro Chicago with convenient connections to I-80, I-55, I-94 and I-57.

Village Of Homer Glen Economic Development

14240 W. 151st Street Homer Glen, IL 60491

P: 708.301.0632

Hiffman National

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181

P: 833.HIFFMAN

Website: hiffman.com

Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com

Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America. For more information, visit hiffman.com

Website: HomerGlenIL.org

Key Contact: Janie Patch, Economic Development Director, jpatch@homerglenil.org

Services: Resource center for brokers, developers, site selectors and businesses providing space and property inventory, trade area demographics, site selection assistance, custom tours, coordination through entitlement process, business opening process guidance and retention services.

Demographic Info: Strategic Will County location 25 miles southwest of Chicago with two I-355 interchanges between I-55 and I-80. Average household income of $137,577. Trade area population of 83,000. Prime commercial corridors include Bell Road, 143rd Street and 159th Street (State Route 7). 159th Street is improved with 4 lanes and access to Lake Michigan water and sanitary sewer.

Recent CRE Activity: The Square at Goodings Grove (106 townhomes) completing construction. The Villas of Old Oak (46 ranch duplexes) under construction. JC Licht opening soon. Restaurant with drive-thru position available at Homer Glen Bell Plaza with Pet Supplies Plus, Dollar Tree and Taco Bell, SWC 143rd/Bell.

NAPERVILLE DEVELOPMENT PARTNERSHIP

22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701

Website: www.Naper.org

Key Contact: Christine D. Jeffries, President, CJeffries@Naper.org

Services Provided:The Naperville Development Partnership promotes the City of Naperville and its many businesses. Whether you are an existing business looking to relocate or a new company, we will take the time to show you what Naperville has to offer.

Company Profile: The Naperville Development Partnership is a public / private economic development organization that promotes business interest in the City of Naperville. Our mission is to enhance the economic vitality of Naperville and maintain its outstanding quality of life. This is achieved through the retention and expansion of existing businesses as well as attracting new business to the community

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607

P: 312.229.4630

Website: summitdb.com

Victor Construction

2000 Center Dr., Suite East C219

Hoffman Estates, IL 60192

P: 847.392.6900

Website: victorconstruction.com

Key Contact: Zak Schuttler, President, ZakS@victorconstruction.com

Services Provided:Victor Construction Co., Inc. manages projects from ground-up site developments to interior buildouts, specializing in retail, industrial, and commercial markets.

Company Profile: Victor Construction Co., Inc. remains a family-owned and operated General Contractor. Having been in business since 1954, our firm has extensive experience managing every aspect of interior construction for the corporate, manufacturing, industrial, and retail sectors.

Notable/Recent Projects: Owens + Minor Distribution – 600K SqFt distribution facility that involved a full LED lighting upgrade, new HVLS fans, 200K SqFt section that required new cooling for medical distribution, an office renovation of 20K SqFt, and a new exterior employee pavilion.

Alston Construction Company

1901 Butterfield Road, Suite 1020

Downers Grove, IL 60515

P: 630.437.5810

Website: alstonco.com

Key Contact: Robert Murray, SVP/ Regional Manager, RMurray@alstonco.com, 908.966.1306

Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago.

Notable/Recent Projects: Project Heartland 1.5 Million SF build to suit distribution facility for Proctor & Gamble in Morris, IL. Lakeshore Manor 210 unit senior living facility in Northwest Indiana. Dynamic Foods 3PL 500,000 SF build to suit distribution and packaging facility in Wilmington, IL. Brown Deer Distribution Center 420,000SF two building speculative distribution center in Milwaukee, WI. 106,000 SF meat packaging facility in Northwest Indiana.

Mcshane Construction Company

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018

P: 847.292.4300 | F: 847.292.4310

Website: www.mcshaneconstruction.com

Key Contacts: Mat Dougherty, PE, President, mdougherty@mcshane.com

Services Provided: McShane Construction Company offers more than 35 years of experience providing design-build, design-assist and general construction services on a national basis The firm’s diverse expertise includes build-to-suit and speculative warehouse, distribution and manufacturing facilities, as well as multifamily, commercial and institutional developments. Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona, Madison, Wisconsin and Nashville, Tennessee, McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is recognized as one of the Chicago area’s most diversified and active contracting organizations with a reputation built on honesty, integrity and dependability.

Recent/Notable Project: Industry Center at Melrose Park – the construction of three speculative industrial buildings in Melrose Park, Illinois. The new development incorporates a total of 651,617 square feet.

Meridian Design Build

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018

P: 847.374.9200 | F: 847.374.9222

Website: meridiandb.com

Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President

Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work.

Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet. Meridian Design Build has been a Member of the U.S. Green Building Council since 2007.

Notable/Recent Projects: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL - 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.

Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com; Jon Silvers, Business Development, jsilvers@summitdb.com

Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multifamily residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL, Austin, TX and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history.

Notable/Recently Completed Projects: Eli’s Cheesecake (Industrial), 2217 Loomis (Industrial), 1436 W Randolph (Adaptive Reuse Hotel), 718 Main (Multifamily), Prenuvo (Medical TI), 5691 N Ridge Ave (Multifamily).

FINANCE & INVESTMENT FIRMS

Centerpoint Properties

1808 Swift Drive Oak Brook, IL 60523

P: 630.586.8000

Website: centerpoint.com

Key Contacts: Bob Chapman, Chief Executive Officer, bchapman@centerpoint.com; Jim Clewlow, Chief Investments Officer, jclewlow@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases and sells state-of-the-art warehouse, distribution and manufacturing facilities near major transportation nodes. Our experts focus on rail and portproximate distribution infrastructure assets.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics and supply chain problems. With an agile team, substantial access to capital and industry-leading expertise, we provide our customers with a competitive edge and ensure their success — no matter how great the challenge.

Marquette Bank

10000 W. 151st Street

Orland Park, IL 60462

P: 708.364.9131

Website: emarquettebank.com

Key Contact: Gene Malfeo, Senior Vice President, gmalfeo@emarquettebank.com

Services Provided: Full line of Commercial, Business and Real Estate loans customized to your individual needs including: commercial and residential construction loans, commercial mortgages, equipment loans and working capital lines of credit.

Company Profile: Marquette Bank started in Chicagoland in 1945 and is still locally-owned/ operated. Expect quick decisions, competitive rates, easy application and personal service. Personal/business banking and lending, home mortgages, land trust services, estate planning, insurance services, wealth management and multifamily lending