In the fourth quarter of 2022, the average asking rent in Chicago was $1,830, up 8.2% from a year earlier, per economic research firm Moody's Analytics. Still, that percentage is lower than the national average.
The average rent is high, not because so many yuppies people are renting luxury apartments, but because the illegals are flooding the cheapest, working class neighborhoods and competing for the same low end units. That disruption works its way up through the housing supply. It only takes several thousand illegal immigrant families over a short period of time showing up and disrupting rents for everyone. There’s no untapped source of housing the market can just tap into to free up excess units for rents to rent at below market rent. No, everyone coming here is competing for below market rents.… Read more »
In addition to multiple illegals renting one unit where they normally could not afford. Keep blaming the greedy landlords, impose rent control, see how your policies work when you fail to see the whole picture.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
As long as taxes stay high so will rents.
The average rent is high, not because so many yuppies people are renting luxury apartments, but because the illegals are flooding the cheapest, working class neighborhoods and competing for the same low end units. That disruption works its way up through the housing supply. It only takes several thousand illegal immigrant families over a short period of time showing up and disrupting rents for everyone. There’s no untapped source of housing the market can just tap into to free up excess units for rents to rent at below market rent. No, everyone coming here is competing for below market rents.… Read more »
In addition to multiple illegals renting one unit where they normally could not afford. Keep blaming the greedy landlords, impose rent control, see how your policies work when you fail to see the whole picture.