2024 Q1 NBOA Survey Results

March 27, 2024

Essex Realty Group and the Neighborhood Building Owners Alliance Association conducted a survey, reaching out to over 275 owners and operators within the multi-family property sector in Chicago. The primary aim was to comprehensively assess various aspects of the city’s multifamily market landscape.

Through this survey, detailed insights were gathered regarding crucial factors such as rent collection trends and vacancy rates. Additionally, the investigation delved into prospective initiatives like “The Bring Chicago Home” program and the potential adoption of “Just Cause” ordinances, aiming to understand their feasibility and impact on the rental market dynamics.

The comprehensive nature of the survey allowed for a nuanced exploration of these vital topics, providing valuable data and perspectives from a diverse range of stakeholders in the Chicago multifamily sector. Below, the outcomes of this survey are presented for consideration.

Respondent Profile

Number of Residential Properties Respondents Own or Manage:

Number of Residential Units Respondents Own or Manage:

Where Respondents Own Properties:

Percentage Turnover of Apartments Anticipated by Respondents:

Percentage of Respondent’s Total Units Available:

Rent Collections

Respondents Average YTD Collection Rate:

Rent Collections | February 2024
Comparing Rent Collections in Suburban, South/West, and North/Northwest/Downtown Areas:

Reported Vacancy

Estimated Percentage of Respondent’s Total Available Rental Units in the Chicagoland Area That Are Vacant Today with No Lease Pending:

Reported Vacancy | February 2024
Comparing Reported Vacancy in Suburban, South/West, and North/Northwest/Downtown Areas:

Added Fees

Amount of Move In/Administrative Fee Charged Per Apartment:

Organizational Fees

Respondents were asked to select all fees that their organization charges throughout tenant leases:

Tagged in this post: Brian Kochendorfer