1. Rents will continue to rise.
The average rent for an apartment in Chicago is already $1,600, and it’s only expected to go up in the next few years. If you’re currently looking for an apartment, you might want to consider doing it sooner rather than later.
2. There will be more apartments available.
Construction starts for new apartment buildings are on the rise, so there will be more units available for rent in the next few years. This is good news if you’re looking for an apartment, but it also means that competition will be stiffer and rents might increase even further.
3. Luxury rentals will become more popular.
As rents continue to increase, more people will start looking for luxury rentals that come with higher price tags but also better amenities and features. If you’re considering renting a luxury apartment, now is the time to start your search.
4. There will be more choices for pet-friendly rentals.
More and more landlords are becoming pet-friendly, so if you’re looking for a rental that allows pets, you’ll have more options to choose from in 2022.
5. Rentals in suburban areas will become more popular.
As rents continue to rise and competition for apartments increases, more people will start looking for rentals in suburban areas where prices are generally lower. If you’re considering moving out of the city, now is a good time to start your search.
The rental market in Chicago is predicted to change in a few ways over the next few years. Rents will continue to rise, but there will also be more apartments available thanks to an increase in construction starts for new buildings. Luxury rentals will become more popular as people look for ways to offset rising prices, and there will be more choices for pet-friendly rentals as landlords become increasingly open to accommodating pets.. finally, as competition for city apartments becomes stiffer, we predict that more people will start looking for rentals in suburban areas where prices are generally lower.. Whichever way the market goes, we hope these predictions help give you a better idea of what to expect if you’re thinking about renting an apartment in Chicago in 2022!
