Renting on the Rise in Chicago and Across the U.S.

July 15, 2012

Chicago apartmentsRenting in the U.S. is becoming more expensive and rental units are filling up.

Vacancy rates are at a ten-year low and rent prices across the nation are on the rise, according to research by Reis, Inc., described in the Chicago Tribune article, “Apartment rents rise at highest rate since 2007: Reis.”

For the second quarter of 2012, the average vacancy rate in the U.S. was 4.7 percent, the lowest since the end of 2001. Average asking rents were at $1,091 per month and average actual rents were at $1,041. In Chicago apartments, vacancies for April to June 2012 were at 4.1 percent and average rents were $1,032. Compared to the same period last year, asking rents in Chicago rose 2.2 percent and effective rents rose 2.9 percent.

Chicago is mirroring a national trend – more Americans are choosing to rent because they are either not willing or not able to buy a home. Some don’t have the credit to buy, but some simply choose to rent instead of buying because of the flexibility renting provides.

How do you think this trend is impacting single family rentals? Are vacancy rates low and rents high on those too? What are you seeing out there in terms of Chicago real estate?

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