Luxury Rentals Go Up and Fill Up in Evanston

One way to tell that the real estate market in Evanston is changing for the better is to look at the number of luxury rental apartment buildings being built around town. An even better way is to watch how quickly they are being occupied.

AMLI Evanston is now 60-65% occupied, according to staff in their leasing office. Plus they proudly added, “We don’t negotiate our rent prices.” Hmmph.

1717 Evanston at 1717 Ridge Avenue is now 80-85% occupied, according to staff in their leasing office. When asked about their flexibility on rental rates, they spoke freely of discounts of one month’s rent (perhaps even 1.5 month’s rent) free if new residents occupied their units before April 15th.

Central Station near the intersection of Central Street and Green Bay Road only became available for occupancy within recent months, so it’s a bit too early to compare their occupancy rate with the other larger buildings. However, upon a recent visit, a leasing agent shared that all but one of their 3 bedroom units were already reserved.

And the building of luxury rentals in Evanston continues at the corner of Maple & Emerson with E2 Apartments, scheduled to become available for occupancy in the Spring of 2015.

Obviously, all of these new luxury rental homes are having an impact on the Evanston Real Estate Market.

• Owners of smaller, older buildings are feeling the pressure of price competition in new ways. Some choose to accept lower rental rates, others choose make improvements to their properties, while others choose to sell their properties and invest elsewhere. As always, location is the most important variable impacting their decisions as rental real estate investors.
• Owners of single family homes are helped every time rental rates increase because the comparative cost of owning improves relative to the ever-increasing costs of renting. As long as your house isn’t next door or backing up to these new high-rise & low-rise  buildings, the addition of new high-quality rental buildings in Evanston has a positive effect on real estate property values, both attached and detached homes.
• Renters have many new housing options, but for many these options don’t fit the family budget. Those renting would be wise to explore what they might qualify to purchase before signing another 12-month lease contract. Every month, Realtors like me are helping renters move into a home they own, and often with lower monthly housing costs overall.

Let’s go do some housing for good. Contact me before interests rates climb any further!