Bronzeville: A Market On The Move

Bronzeville was selected as one of 10 priority communities for Mayor Lightfoot’s INVEST South/West commercial corridor improvement strategy. According to the City of Chicago, this initiative has “…aligned more than $1.4 billion in public and private investment. The initiative is providing support for small businesses, creating public realm improvements, restoring historic buildings, and fostering equity and resilience where it's needed most…”?

No doubt this community has received numerous incentives and support to help rebuild such rich history. Now, let's digest what is going on and see what it means for our multifamily market. According to Costar, over the past decade vacancy rates have decreased while asking rent has increased steadily and is expected to continue to increase through 2027.

These two pieces of information are important, so I will repeat:

Rents are steadily increasing and vacancy rates are going down in Bronzeville.

Residents are not moving away from this area, and on top of that we are witnessing an increase of market rent.

Another important piece of analysis is the recent development of better quality housing stock. ?New builds' include better amenities with better quality designs than your typical Chicago apartment. Since 2010, we have seen an uptick of new construction in this area. This too supports the data behind why renters aren't moving away from this area.

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