What a Cai Scheduled Report Actually Looks Like

Daily Pricing Review

Sunday, March 23, 2026

Here's your daily pricing review for 123 Main Street (412 units, Chicago, IL) as of 3/23/2026.

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1. Applications

All 36 applications came through the website. March is on pace to roughly match February if the current run rate holds (~9 through 3/23 projects to ~12 for the full month). For a 412-unit property with 52 units on the availability list, that volume is light — about 0.7 apps/week per available unit.

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2. Not-Ready Vacant Units > 7 Days

21 units — a significant maintenance backlog.

Of 32 total vacant units, 23 are Not Ready (72%). Only 9 are Ready to show. The worst offenders:

Five units have been sitting vacant for 100+ days. That's real revenue loss — those five alone represent roughly $30K+ in lost rent since they went down. Every one of these is Classic (unrenovated), which raises the question of whether they're being held for renovation or just stuck in the make-ready queue.

Beyond the top 5, another 16 units are between 10-69 days vacant and not ready. This looks like a maintenance capacity problem, not a leasing problem.

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3. Price Movement — 123 Main St vs Comps

123 Main St's effective asking rents over the last 5 weeks:

123 Main St has been pushing effective asking rents up on studios, 1-beds, and 2-beds. But the positioning against comps tells a different story:

123 Main St is priced well below comps across every bedroom type, by 4-16%. Even with the recent upward push, there's significant room between 123 Main St and the competitive set. The 1-bed gap at -16% stands out the most.

Week-over-week, the comp set is mixed — Lakewood Commons dropped $160 and The Mark at Lincoln Park dropped $211, while Reserve at Lakeview (+$91) and The Ashton (+$110) moved up. 123 Main St moved up $17 WoW.

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4. Market Concessions

69% of comps are offering specials — this is a concession-heavy market right now.

• 123 Main St: 8.0 free weeks
• Avg (comps offering): 8.2 free weeks
• Avg (all comps incl. none): 5.7 free weeks
• Range: 6.0 weeks (Windermere, Beacon, Lakewood Commons) to 13.0 weeks (Landmark Wicker Park)

123 Main St's 8 weeks is right in line with the comps who are offering. Four comps are not offering any free-week concessions (Hilltop at Wrigleyville, Reserve at Lakeview, Villa Roma, Harbor Ridge) — though Harbor Ridge is offering $750 off.

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5. Forecasted Trade-Out by Bedroom

Forecasted trade-outs are negative across every bedroom type, and 123 Main St is underperforming the comp average in all of them. The 1-bed (-15.5% vs comp avg -8.7%) and 3-bed (-12.5% vs comp avg -5.6%) gaps are the widest.

The entire Chicago comp set is giving back rent, but 123 Main St is giving back roughly double what the market is on larger units. Combined with the 8 weeks of concessions, effective rents are compressing meaningfully.

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Key Takeaways

• Make-ready is the bottleneck. 21 not-ready units sitting vacant (5 over 100 days) is the most immediate operational issue. You can't lease what you can't show. I'd start the conversation here with the on-site team.
• Pricing is below market but trade-outs are still deeply negative. 123 Main St is already 7-16% below comps on effective rents and still projecting negative trade-outs that are worse than the comp set average. The 8 weeks of concessions are compounding this.
• Application volume is soft relative to available inventory. 52 units on the list with only ~3 apps/week suggests demand needs attention — but that may partly be a product problem (72% of vacant units aren't ready to show).
• The concession environment is aggressive. 69% of comps offering specials averaging 8+ weeks means this is market-driven, not just 123 Main St. But if you can get units turned faster and reduce days vacant, you have room to capture more of the available demand without needing to push concessions further.

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