Rent Outpaces Home Price Game for Homes in Chicago

May 21, 2013

Rent rising for homes in ChicagoIt’s time to be looking for somewhere to buy, not rent for homes in the Chicagoland area! That’s because the rent is rising across the Chicago metro area; year over year, rent has jumped up 5.6 percent, which is more than double the national average of 2.4 percent, according to a new study by Trulia.

Despite that large rise in rent, the average home price has only increased by 3.3 percent from last year. This no doubt has to do with our wide variety of distressed inventory, which keeps homes in Chicago attractive especially given the aid programs offered by the government. This 3.3 increase is also way below the 8.3 percent rise seen nationally. Not including foreclosures, the asking price has risen 9.3 percent, which Trulia has attributed to strong job growth driving up desirability of real estate due to a 1.5 percent year-over-year rise in national job growth.

Comparatively, the rise in Chicago’s rent is fourth highest in the country, behind Houston, Texas’ rise of 9.7 percent and 6.3 percent shared by Boston, Mass. and Miami, Fl. All of those areas also had much bigger gains in home prices, and don’t have Chicago’s superior benefits to buy now.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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