1. Appraisal Research Counselors
Chicago Residential Market Update...
Gail Lissner, CRE, SRA
Appraisal Research Counselors
400 East Randolph, Suite 715
Chicago, IL 60601 . 1

2. Y/Y Employment Change…
As of Dec 2015, up 78,008 jobs over Dec 2014 2

3. Homeownership Trends…3

4. Suburban Net Rent PSF 1Q16…
Sample Submarkets – Y/Y
Cook NW: %
DuPage 1.6%
Naperville/Aurora 4.8%
Will %
Overall 4.8% 4

5. Suburban Occupancy 1Q16… Sample Submarkets Cook NW: 96.0% DuPage 96.7%
Naperville/Aurora 96.4%
North Shore 95.4%
Will %
Overall %
vs. 96.3% in 1Q15 5

6. Supply Considerations…
Shift from North Shore to MSA
Total Count Modest for MSA
In Lease Up
Under Construction 6

7. Downtown Chicago Net Rents…
Luxury: $3.18 PSF, up 3.58% Y/Y
Class A: $2.98 PSF, up 4.56% Y/Y
Class B: $2.52 PSF, up 2.02% Y/Y 7

8. Class A Growth-Same Store Sales…
Up 2.98% Y/Y
New buildings are distorting rent growth 8

9. DT Occupancy Trends…
94.2% – 1Q16
93.8% - 1Q15 9

10. The Downtown Rental Pipeline…10

11. Neighborhood Rental Pipeline…
8,300 Units
Proposed &
Under const.

12. Development along Hipster Hwy…
2,500+ units
Proposed/under construction
Most buildings under 75 units
And 8 buildings with units