Rent prices grow as demand for Chicago suburban apartments gets stronger

Rent prices in the Chicago suburban area are continuing to climb, due to a strong demand for apartments, according to Crain’s Chicago Business.

Because of tight lending standards and the weak job market, it is more difficult to get a mortgage and renting seems to be the only option for many people. With renting so high in demand, it makes sense that the prices have increased in the past three-and-a-half years.

The median net suburban rent is $1.21 per square foot for the first three months of the year, an annual increase of 2.9 percent, according to a report from Appraisal Research Counselors. It was $1.19 per square foot in the previous quarter, and $1.17 in the previous year. The report also revealed that the suburban occupancy rate rose to 95.1 percent.

The increase in rent prices seems to be a trend across the nation. Chicago Agent wrote an article recently about how they have increased so much that it is now ultimately cheaper to own a property rather than rent one. Rent prices are expected to keep increasing for the next 30 years, however monthly housing expenses are expected to stay the same.

Using some data from Crain’s Chicago Business, here is an infogram that shows the submarket occupancy and rent in the Chicago suburbs.