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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