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Downtown Chicago Is Losing Lots of Apartment Renters

American cities, beset by Covid-19, are losing people as worried renters flee to the relatively safer suburbs. And Chicago is no exception.

According to the Chicago office of Integra Realty Resources, an appraisal and consulting firm, downtown apartment occupancy rate fell to 89.2 percent in the second quarter, its lowest level since 2002.

Some tenants are fed up with the crime rate while others find themselves working from home and no longer want to pay big rents if they’re not going into the office anymore.

A combination of Colid-19 and an increase in summertime looting are driving this exodus from the city. As a result, Integra's latest figures on the local apartment market reveal that the most expensive downtown buildings fell 12.4 percent in the second quarter from a year earlier, while Class B rents dropped 14.9 percent.

Suburban landlords, meanwhile, are faring surprisingly well.

Read on at:

Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.

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