Monday, June 26, 2017 || By Michael Romain || @maywoodnews
Caputo Cheese — the maker of craft cheese with two stores, Caputo Cheese Market, located in Lake Forest and Melrose Park — has hired executive chef Erika Durham (pictured).
“”We look forward to having Chef Erika join our team,” said Natale Caputo, the company’s president, in a statement. “She has a wealth of experience and brings an innovative and dynamic perspective to our organization. We look forward to seeing her gourmet creations for our customers.”
Durham obtained a degree in culinary arts at Le Cordon Bleu in 1996 and had worked in restaurant and hotel kitchens before going into corporate catering, the statement reads. Her clients include Oprah Winfrey, the Lyric Opera House, People Magazine and Herman Miller.
Durham has also worked with celebrity chefs, including Art Smith, Paul Prudhomme, and Paul Bartolotta.
Too high indeed …
“Apartment landlords in the suburbs keep hiking rents, and their buildings are a little emptier as a result,” according to a June 12 report in Crain’s Chicago Business.
According to Appraisal Research Counselors, a consulting firm based in Chicago, the “median net suburban apartment rent rose to $1.44 per square foot in the first quarter, up 3.6 percent from a year earlier,” Crain’s reports.
That makes for an interesting dilemma, the publication notes: “suburban apartment rents hit an all-time high in the first quarter while the suburban occupancy rate slipped to its lowest level in more than five years.”
PICTURE THIS: Well, first this (credit for above image of James McMillan III, founder of the Rent Is Too Damn High Party): Robert James Algeo/thirty.inabsentiapress.com.
Now this: “A hypothetical 1,000-square-foot apartment in the suburbs now rents for $1,440 a month, up 36 percent from $1,060 in 2009, when rents last bottomed out.”
BY THE WAY: Suburban apartment rents aren’t the only high-priced shelters …
Chicago's Office Occupancy Costs Spiked 10% In 2016 https://t.co/5UyqxPbcOG
— Tenantadvisors (@tenantadvisors) June 21, 2017
ALSO: Suburban rents aren’t just rising in Chicago suburbs. Per a new report by Zillow Research, “Nationwide, rents in the suburbs rose at a faster pace year-over-year than rents in urban areas.”
“For the first time in four years, suburban rents are rising faster than rents in urban areas,” Zillow reports. “The median monthly cost of a suburban rental is up about 2.5 percent year-over-year, while the median cost of an urban rental is up 2.3 percent. At this time last year, the median urban rental price was up 5 percent year-over-year, while median suburban rental prices were up 3 percent.”
SO WHY?: Zillow offers a possible explanation:
“The foreclosure crisis pushed many former homeowners to rent the same kind of single-family homes they had owned just a few years prior – many of them very likely located in the suburbs.
“Laws prohibited many former homeowners from buying again for seven years after their foreclosures. The housing market reflects the shift: 19.2 percent of single-family homes were rented last year, up from 12.7 percent in 2005. Metro areas that had the most intense foreclosure activity – places like Las Vegas and Phoenix –have seen some of the greatest increases in the share of single-family home rentals.”
WAIT, THERE’S A CONNECTION: The wave of grocery store and retail closures (both possible, pending and complete: think Aldi in Maywood, Ultra Foods in Forest Park, Meijer in Melrose Park, Sears on North Avenue, Payless ShoeSource in Broadview …) doesn’t bode well for relatively high-rent communities.
Per Zillow: “Department and general merchandise store employment dropped sharply during the first quarter of 2017.”
Illustration: Zillow Research
“In the first three months of 2017, the number of jobs in department and general merchandise stores fell by 2.3 percent from the quarter prior, or 71,000 jobs, to 3.11 million – essentially erasing two years of growth in the sector, according to preliminary data from the U.S. Bureau of Labor Statistics. The quarterly decline was the biggest such 3-month drop since early 2012.”
Retail jobs pay rent
AN AD FROM A VALUED PARTNER