Rent Outpaces Home Price Game for Homes in Chicago

Rent rising for homes in ChicagoIt’s time to be looking for somewhere to buy, not rent for homes in the Chicagoland area! That’s because the rent is rising across the Chicago metro area; year over year, rent has jumped up 5.6 percent, which is more than double the national average of 2.4 percent, according to a new study by Trulia.
Despite that large rise in rent, the average home price has only increased by 3.3 percent from last year. This no doubt has to do with our wide variety of distressed inventory, which keeps homes in Chicago attractive especially given the aid programs offered by the government. This 3.3 increase is also way below the 8.3 percent rise seen nationally. Not including foreclosures, the asking price has risen 9.3 percent, which Trulia has attributed to strong job growth driving up desirability of real estate due to a 1.5 percent year-over-year rise in national job growth.
Comparatively, the rise in Chicago’s rent is fourth highest in the country, behind Houston, Texas’ rise of 9.7 percent and 6.3 percent shared by Boston, Mass. and Miami, Fl. All of those areas also had much bigger gains in home prices, and don’t have Chicago’s superior benefits to buy now.