Apartment Rents Continue to Drop in Chicago

CHICAGO, IL — Job losses will continue to weigh on operating conditions in the Chicago apartment market through the remainder of the year, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In response to increased cost-consciousness and waning demand, owners are looking closely at their rents.

“In the suburbs, the weak labor market will hinder fundamentals, and an increase in supply-side pressure will also contribute to softened metrics,” says Steven Weinstock, (top right photo) regional manager of the Oak Brook office of Marcus & Millichap.

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com