The Chicago residential market seems to be leaning towards rentals over home ownership for 2018, according to recent statistics from the Chicagoland Apartment Association, World Business Chicago, and other sources.
Despite new residential properties openings every month – 50 high-rise buildings are currently under construction and permits for new ones are still being awarded – rental occupancy remains very high. Chicago home ownership, on the other hand, is at a low 63.7%. Chicago is also seeing a record high in deconversions, or condos being converted to apartments. Thankfully with the increase in new, often expensive, apartments in hot and up-and-coming neighborhoods Chicago is increasing the options for affordable housing by way of vouchers that can be used in new residential buildings.
The high demand for rentals could be a response to the very hot job market in Chicago. There are 594,000 positions in downtown Chicago alone. The city was up over 8,000 jobs year-over-year in 2017, and that increase could be drawing new residents who enter the market via rentals. Chicago is also the #1 city in the United States for educated millennials, who as group are opting towards home ownership less than other age groups, for various reasons including skyrocketing student debt and high-and-rising mortgage rates.
For more information about renting in Chicago or to arrange your own short-term furnished rental please contact Suite Home Corporate Housing at 312-638-0891 or email firstname.lastname@example.org