Downtown apartment rents hit record high
When companies hire, their new employees tend to rent apartments nearby. It's not just the high end of the downtown market that's booming: Net rents at less-expensive Class B buildings also rose to a record high, $2.92 per square foot, in the...
From the article
It’s basic economics: Demand for apartments is high and supply is low
My Tinder matches are now back to, "Just moved to Chicago, looking to explore the city"
So basically returning to normal pre-covid levels after hard dips and month of free rent.
My ex's 1bd went from like $1,600 COVID pricing to nearly $3k this summer. That's still a good $800+ more than pre-Covid pricing in that building. Tiny 1k sq ft 2bds are just shy of $4k. Insane.
Renters need to know if you find a deal jump on it or it will be gone.
Yeah it’s a really bad time to be a new renter or looking for a new place. But, all signs are pointing to a huge dip in the housing economy soon. So, this won’t last much longer.
This is part of an overall strategy by banks that make their money through real estate. If you recall the housing crisis of 2008 and what led up to it, you may remember that the banks didn't want to repo your house, because it was a "toxic asset", which would only fall in value once they took it over. They didn't want your property if they couldn't sell it at a profit, right?
Things are different now, and the banks are flush with cash. Their strategy is to buy up property, even if they have to pay a premium to get it, and then not sell it. Instead they rent it out at absorbent prices. They will continue to do so until the bottom falls out of the rental market, and they will then try to unload the properties.
Consider it was just two years ago, at the height of Covid, that the rental market in formerly high end locations was failing badly. Manhattan and Brooklyn especially were emptying out, as everyone was working from home, and there was no fun to be had living in these high end places because all the bars and restaurants were closed. Some doom forecasters were even predicting the end of NYC as we know it. High end Chicago areas experienced some of this as well. Now, except for the people still driving alone in cars with the windows up and N95 masks still on, no one gives a shit. You want back into the lifestyle of the cool neighborhoods of Chicago, and the banks are well situated to rent to you at a high price.
On the bright side, there is still plenty of very cheap rentals available in areas like Garfield Park, Englewood, Lawndale, Chatham. All of your friends will be very proud of you for moving into one of these neighborhoods, and then never, ever visit you.
my logan square apartment went up 275 bucks after two years of it staying flat.