No. 24 Biggest Rent Hike: Chicago-Naperville-Joliet, Ill.

Annual increase: 5.7%
Average monthly rent: $1,124
Vacancy rate: 5.5% (7.1% in 2009)
Average concession: -4%

In Chicago's tight rental market, vacancies decreased to near equilibrium level and concessions decreased to 4 percent in the fourth quarter from 7 percent a year earlier, according to AXIOMetrics data. Developers who added thousands of new high-end units in downtown Chicago in 2010 took advantage of the hot market, asking for as much as $5,000 per month, reported the Chicago Tribune. Rental rates in affluent areas such as the suburbs of Schaumburg and Hoffman Estates increased about 11 percent, the biggest jump among areas AXIOMetrics surveyed in the Chicago area. The annual jobless rate, 10.1 percent, barely changed from a year earlier, estimates the U.S. Bureau of Labor Statistics.
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