Taken from Patch.com by Anicka Slachta (Patch Staff)
Several suburban towns have seen rent prices skyrocket in recent years.
RENTCafe, a nationwide apartment search website, recently released its Chicago Apartment Market Report, which looks at town in Chicagoland that saw the highest jump in rental rates in 2016. The apartment complexes included in the survey were multi-family properties with 50 or more units.
The suburban town with the highest rent increase was Elmhurst, where the average rent jumped by 14 percent. That is well above the overall Chicago area and national average for rent growth of 4 percent. The opening of Elmhurst 255, a luxury apartment complex in downtown Elmhurst, contributed to this, according to RENTCafe. There, apartments can go for $4,000 per month for a 3-bedroom unit.
In Oak Park, where the rental market is already one of the most expensive in Chicagoland, rent increased by 9 percent in 2016, according to RENTCafe. The completion of Vantage Oak Park in Oak Park, which has luxury units available for up to $3,600 per month of a two-bedroom, likely pushed rent prices up. The average cost for rent in Oak Park is $1,808.
Several towns are seeing rent prices spike as the population of those looking to rent increases. Meanwhile, the supply of new apartments isn't keeping up with demand, according to RENTCafe’s report.
Often considered an affordable place to rent, McHenry is among towns in the suburbs to see rent prices skyrocket. In 2016, rent shot up 8.6 percent compared to 2015, according to RENTCafe’s report.
"A long apartment construction hiatus in this suburb has pushed rental prices up more than expected," according to the report.
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One large apartment complex in McHenry is set to open this year and should add over 200 new apartments to the local inventory.
Here is a look at suburban towns that saw the highest rent increases in 2016:
- Elmhurst: 14 percent increase
- Oak Park: 9 percent increase
- McHenry: 8.6 percent increase
- Bensenville: 7.1 percent increase
- Westmont: 7 percent increase
- Joliet: 6.3 percent increase
- Chicago: 5.9 percent increase
- St. Charles: 5:9 percent increase
- Lombard: 5.3 percent
- Gurnee: 5.1 percent increase
- Park Forest: 5.1 percent increase
- Woodstock: 5 percent increase
- Mundelein: 5 percent increase