Rents Expected To Go Up In Chicago

CHICAGO (WBBM) — If you’re renting an apartment and you live in the Chicago area, you might need to tweak your budget to allow for another increase.

As WBBM Newsradio 780’s Felicia Middlebrooks reports, the hike could happen later this year.

LISTEN: Newsradio 780’s Felicia Middlebrooks reports

Last year, renters were hit with increases of about 7 percent. Now, published reports indicate another rate hike of 7 or even 8 percent could be in the works, particularly for newer buildings.

This is because the landscape has changed for Chicago and its neighboring suburbs. Demand is outpacing supply.

Appraisal Research Counselors say you will still find some concessions, such as a month of free rent or a free flat screen TV. But by spring, those will vanish.

Experts say the economy is partially to blame, as people remain afraid to buy a house or condo.

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    I wonder if the increase in real estate taxes is causing this. I wonder.

  • James Watkins

    I hope that maybe the City of Chicago might start to “really” enforce building code violations. Maybe all the Building Inspectors might be able to start do real inspections and not half hearted ones, there are a few that try to actually do the job the as they are suppose to. There are some very unsafe conversations to apts, and the city or the courts have allowed this to continue.

    • focus

      How can a Criminal Enterprise like the Building Department enforce the building code,when most of their Inspector are in jail. Like this guy.

  • Fed Up

    Time to flee the city

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  • kevinw

    Have to pass through those big property tax increases somehow. Sorry renters! Since you won’t hear it from big Joe Berrios

  • rodha withe

    are you out of your mind? the poor people live in Chicago, with no jobs left, where these money are coming from? every year the landlord will raise my rent,I am not working at all, I try to survive ,do you want me to rob banks or something? How else can I have more money? and fast ! You tell me !! It’s ridiculous !!!!

  • randy

    Heaven forbid lanlords raise rents. Property taxes haven’t gone down, have they?

  • Frank David Nall

    Landlords are only responding to what they has been pushed onto them. This city will soon return to it’s seventies look when all the people flee the high taxes and increased crime that is coming. Halloween 2011 take your hammer in your hand and take out one parking meter. It is time for the citizens of this city to strike back before it is too late.

    • Kevin C

      property taxes are much higher in the burbs and this article talks about the region as a whole not Chicago alone. So take back the suburb that you live in and stop making comments on what you have little understanding of.

      Nice try maybe if you loosen the Tea party bandana you might get some blood flow to you brain

  • Alex

    This is why condo boards need to drop this dream of “owner occupied” and allow owners to rent. We would see businesses buy condos to rent out.

    We have an abundance of space for sale and a shortage of space to rent. Do the math.

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