Wednesday, September 14, 2011

Best time to rent an apartment in Chicago?

Supply and demand dictate the market rent for an apartment. Demand can be estimated from the volume of Chicago internet searches for "apartments":
It's a landlord's market out there in America, and especially Chicago. Foreclosures, layoffs, wiped out savings, and destroyed credit are pushing more and more people into renting instead of owning. Also, people who otherwise would have bought a first home in the last two years have seen the news and reconsidered an "investment" in real estate, opting to rent instead. Even if they wanted to buy, lending requirements are too stringent for many to qualify.

While home values remain depressed, monthly rental rates are healthy and rising. If you're a renter, one thing you can do to strengthen your position is start your search in the winter, not the summer.

The scramble to find an apartment in Chicago consistently peaks in late June, and bottoms out around Christmas. You can confidently rely on the fact that, around New Years, you are competing with significantly fewer apartment hunters. That means you ought to be able to negotiate a lower rent, more flexible term, or beneficial utility payment arrangement.

Finally, the graph does demonstrate that since December, 2008 the baseline volume of searches for apartments in Chicago on the internet has increased. Seasonality still rules, but overall competition for units in the City is increased and increasing since stock markets dove in the winter of 2008-2009. Especially after expiration of the first time home buyer "tax credit" in April 2010, the hunt for Chicago apartments has intensified.

4 comments:

Lake Wood Villas said...

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leinoroy said...

Great blog of rental apartmets The scramble to find an apartment in Chicago consistently peaks in late June, and bottoms out around Christmas. You can confidently rely on the fact that, around New Years, you are competing with significantly fewer apartment hunters.Thanks for sharing.........

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