Chicago suburbs are the most competitive rental market in the U.S., study says
CHICAGO — If you've attempted to find the perfect apartment in suburban Chicago lately, you maybe already know that it can be difficult. But a new set of national rankings underlines the pain of hunting for a place in the greater metro area.
While some might regard New York City, or possibly the San Francisco Bay Area, as the toughest place to find a place to live, a survey actually says the champion for that dubious title is actually suburban Chicago.
The study was published in the New York Times.
It said the unique difficulty finding a place in suburban Chicago was the result of a number of factors, including the growth of hip suburbs, big businesses relocating to the area, and high occupancy rates and slow construction.
"The demand is intensified by high occupancy rates — only one in 20 apartments is available — and slow construction of new apartments, which account for just one in 1,000 rental properties in the Chicago suburbs and one in 200 in the city itself. This has led, in places, to rent bidding wars," reporter Tim Heffernan wrote.
All of these elements helped nudge the Chicago suburbs past Miami-Dade County atop the list. However, the report admits that Miami still has more prospective renters per available unit, with 18 compared to suburban Chicago's 16.
The rest of the top five is rounded out by Milwaukee, Bridgeport-New Haven and, wait for it, the City of Chicago itself.
The report ranks New Jersey as the sixth most competitive rental market for apartment hunters, several slots above Manhattan (which ranked ninth) and Brooklyn (tenth).
