Prices are almost as high as 2007! Even more owners put their units out for rent since the property values are still dropping. Plus over 2,000 new rental units hit the market this year. Owners have been enjoying the happiness of rent increases and it’s easier to rent out units this year.
For example, as the Parkshore, last October, two bedroom units rented out for $2,050 with parking included. Right now, I see some listed for $2,600 with parking included and within the first week of the listing, I called the listing agent for appointment and found out there was a contract on it already. We assume it might be rented for $2,500 that means a 25% increase from October!
I also found that the owners are not as negotiable these days as there are too many renters so they mostly get the asking price. Not like last year, you would think that they would negotiate around 10%, now only less than 5%.
According to the Chicagorealestate.com, there are 5,226 more renters in Chicago this year than the same time last year. Although the rental market relies on the employment data and the job market is still weak, but since the rental market mostly consists of people in their mid 20s to mid 30s, in that group, the employment rate is pretty high.
It makes sense that the rental prices would go up for Aug 1, but when do you think they’ll start to go back down Sept 1/Oct 1?
Thanks for your comment, I would think from October it might go down for the winter, but everyone is saying the rental market is going strong for the next a couple of years, you can see that the Magellan is building a new rental building at the Lake Shore East neighborhood.
Please let me know if you need help to find rentals,
thanks