Chicago Rents Rising, Expected To Get Even Higher
CHICAGO (CBS) -- It's getting more expensive to rent an apartment in Chicago, and the suburbs and a couple of new forecasts predict that trend won't change anytime soon.
As WBBM Newsradio's Regine Schlesinger reports, the tough housing market and foreclosure crisis have combined to lead to a dramatic increase in the number of renters in the Chicago area.
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But except in the downtown area, few new apartment developments are going up. Thus, the law of supply and demand means rents will keep rising.
The Chicago Sun-Times' David Roeder reports a study by the real estate brokerage firm Marcus & Millichap indicates that rents will rise 2.9 percent on average this year, on top of an increase of 2.2 percent in 2010.
The increases are even steeper in trendy neighborhoods, with tenants giving landlords few concessions, the newspaper reported.
In the downtown market, a study by Appraisal Research has shown that luxury high-rise rents have spiked 10 percent compared with last year, and rents could go higher still next year, the Sun-Times reported.
