, 1877-04-08
REAL ESTATE.
The Rent Observation-Disclosures With
Agents and Landlords.
General Reduction In House, Office, and
Store Rents, With Exceptions.
The Loan Market 1naotivs-Some In
proyement in Payments.

Some Specimen Sales Made During The Retk--
South EyanStoo---1eH apartment Houses.
Some OF the leading house and store agents ant
real-estA1e proprietors nave been visited by the
porter Of TEE TRIBUNE for the purpose Of ascer
timing the enact condition OF the rent market.
TUE WEST SIDE.
Newell T. Moshez, Of West Madison street, neal
Halstcd. reported that On the West Side there was
aycrage reduction Of 10 to u per cent in rent.
rising above 5000 year. For houses at that price
and under there WAS good demand, and would bt
little or no reduction. Stores on Madison street,
eligih]y situated like those within mile Of tht
bridge, commanded about the aame rents as las,
year; but In less desirable localities the tendency
WINS to cheaper rents.
THE NORTH SIDE
Knauer Bros, OF Nurth CLARK street. stated that
In the desirable quarter Of the North Side, that
lying south OF Chicago avenue and east OF Clark
street, rents both for houses and stores were about
the same. The exceptions were the cases of e1-
peneIve houses, which were hardly wanted at ALL
general was the desire OF people to retrench and
live economically There ia great demand on the
North Side for suites In apaztment-houses renting
at $50 to $50 month. As soon as any such suite
Is offered for rent it is Immediately takeu, anu
more are called for.
THE BUSINESS DISTRICT AND THE SOUTH SIDE,
Mir, John DeKoven, Cashier OF the Merchants
National Bank, said that in the business district
the heaviest reductions were in the case OF what
are called fire" leases that il, Lenses made at
high rental just after the Great Fire. 4 fvc-year
lease made In 1872 at 81 500 year had been re-
ncMed this year 1T S. 100. and similar reductions
had been made in great many cases. As between
rents this year ant last in the business district,
there were reductions In some cascs and not In
otaerx.
STORES ON DEARBORN NEAR LAKE THAT
had brought S. 900 last year had been let this rear
at $500, while IN other cases leases were made at
the same figures as before
MIR. Daniel \. Jones said that rents In the Board
OF Trade building had, on the whole, been reduced
The total income OF the Chamber Of Commerce
from its rents last year had been S3 500 this year
it would be SIS. 600 to SO. 600. Offices on tho
Second aoor were In demand and brought unre-
duced rents but In other places ST. 800 Offices were
let at 81 800, 50, 600 for So, 500. e. 600 for
S. :'oo. Mr. J. Irving Pcarce, President OF the
Thini National Bank, has large pumser of houses
and stores OF his own TO rent Mr. pearce sad that
hr nlakn. his leases Ut about the same termJ3
as last Year, which. however, had becn low. lie
considered that the accounts in tho newspapers OF
tAt reduction Of rents were exaggerated ant in
jurpus IL the Interests of the city. such facts
1akeu up by tat papers Ut other cities End pczsded
IL tue dctriEient uf Ehicayo.
MIR. II. Y. HUTCHINSON
found tnat his stores and hunscs and apartments
On Wabash a>cauc between Thirteenth street aud
Lartispn street, rented to as soou advania-e this
wear last In cas:s there were II Fight re-
Guctio, hHt i did not occur frequently, and :vas
Eu1 enough 10 'nakc any appreciab!c average reduc
tnu.
MI. Orr;ns1on Lunt's experience and obser-
Satione not Different ffo, y,ort of to~e given
above There WIS .ei:,t tliy In rhc ut - lrt
le.ses" expiring this yea:. reduction, in renew
had been rchtec III lo1a T.. - 700 year. YVES
rcnr"d nov mt syoo- isAvecn the re:ts Of 1873
per c.n:, and in Office rtns- und store rents |
in the business district falling oil !
ostvxen ths year aud last M 10 to Ii per cent |
Tic tendency to deci,e arrested in some cases |
u svarEble situation. or by the fact that all the
c.licr<>:nns ta1ch for had been ,uadc last year.
1:e:ts on Lake street anu Oh state and Dearborn
street near Lake, that rented last year s.! 100.
wrEt ihis yeAr at s., es..t,.
". y. KERfooT d CO. ]
report that rents ire WEAK. except in the case of
tue cl.eape- hoascs, for wc2 tnerc was su,tai,-
iils and. U:lce rents were sa.gin1. An office
On " arhlnstou street. on the GEss floor. suitable
=, 'o9 had been ia'd f"r II. One Of the largest
owners of improved real estate sa'd. in answer to
Questions, that rents In The business district
IN bis - own ~ ea-e the s" decline was ,'"soi not
severe I4e had hu1 or enpas ~iore and had
RENTED his storcs ua ohces last year ri very mud
:nce th1s yea: TT tU per cut In favor Of the tenants
If slutcs- In 1ile ei:hoorhood Of Lake. State and
!. attr streets this reduction would bc generally
.lala:ed 4nd secorlcd. An eiib!y .situated b2se-
l4t:t ot.itc ute,;,c corner Of Clark and Madison
trec1s, TINT commanded 81 400 last year, brought
;ut -. 1.,u far the COMING twelve uouths.
Theec ls.swcra to inquir!cs may be fairly |
aken u REPRESENT the state nf house. store, and
dee rents in the North, south, and West Divisions
II the city.
s nearly the same in all The facts We have given
how thai Tue prices Of rents IN Chicago, as
sclphia. and Boslon. Of whicht, We have
:sv.n full anforaatiun FROM time 70 tine.
ire no exception 10 prices generally. 1aktng all
mi ii, this rants have participated. Labor. raw
na1.rial~ manufactured commodities. stocks and
is taought u be disaarceahle state OF affairs, the
remedy il IT, wait patiently fer the better Lines
co,n'nE and not to abuse the Newspapers for Civ
Ing the facts.
TIE LOAN xA1.KEr.
There IL no life in the lonn market. 1t Is true
thu, SONG loans OF rrspvctaole amounts have been
negotiated, hut thesa are almost without exce;,-
tim for tho i.url'osr Of bridging over present DIFF
fcutice, or arc renewals. and have not ooen effect
downward tendency OF rents has had dis
cuuraginy eEec, on a!l Investments for /
Improvement ;:.t present prices landlords
fa instrest sd LIZ is undef the deseiopmen ts @
Of the renting business the past few weeks, it IL
ecarccly possible ,hnt property Owners will risk
much money in erecting new buildings. The PROS /
rcct- are Iot fav0rahtt for loan agents, although
they couttnEe to comfort themselves With the idea
ti4at the chcapncaA Of labot aud nter;al will caus
Il Ioaazate demand for money all through the sea
suu. interest notes are from 8 to psr cent. Puy-
nand fur money is very light
ine following we're thc, important loans OF the |
art week.:
Aberdeen street. 1;,0 feet, west front northeast
surncr Of Van Daren street. SIS 600, i've yesrs At
SAr PER cent.
Quincy street, 15o feet, north front, southwest
ctfnc1 " Clinton street, s. 000 Eve years At per
Ne<1 Lake street, 40 feet north front, running
cent. ~ - pea |
Michigan avenne, 81 feet, east front, t- IN f.et
deep. sonth OF Fourteenth street SID 1Gan nna |
and two }ears, 1T per ccut. WAY
Nobx1h Avetw,s IN fnnt nn.x rA 49, |