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Chicago Rents on the Rise as Demand Outpaces Supply

  • September 23, 2011

by Erin Calandriello

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The Sun-Times News Group recently reported that with the demand for apartments outpacing the supply, rents in Chicago and the suburbs will likely continue to rise through next year.

From the Sun-Times:

“There are more renters in the market than we are finding homes, and for buyers it’s hard to qualify for mortgages,” said Erin Hill, agent at Coldwell Banker Honig-Bell of Aurora. “There are a lot of people who have lost their homes or gone through short sales who have to rent for a couple years before they can qualify for a mortgage again. That has increased demand, which has really inflated rental housing.”

Rents in the Chicago area are expected to jump by 2.9 percent this year, according to the real estate brokerage firm Marcus & Millichap. This is line with Appraisal Research Counselors’ mid-year report that suburban apartment rents were 5.2 percent higher than a year ago and are predicted to keep inching upward.

This article originally published at http://chicago.urbanturf.com/articles/article/rents_on_the_rise_as_demand_outpaces_supply/4212

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