Rent increases around Chicago and the suburbs will continue through the fall and could escalate into next year, according to new market studies that were reported in the Chicago Sun-Times on September 22, 2011. Foreclosures, falling home values and tighter standards for mortgage loans have driven prospective homebuyers to rent instead of buy and caused vacancies to decline, industry watchers told the Sun-Times.
A report from real estate brokerage firm Marcus & Millichap said rents should rise 2.9 percent this year after an increase of 2.2 percent in 2010 throughout the Chicago area. The Sun-Times also noted that mid-year reports from Appraisal Research Counselors said suburban apartments “charge on average 5.2 percent more than a year ago and that the pattern should continue.” Downtown Chicago seems to be the only part of the region where new apartments are being built, as the Sun-Times noted that several “suburbs frown on rental buildings and use their zoning powers to ensure that multi-family buildings are condominiums.”
If you have no interest in putting your toe into the renter’s market because you are busy seeking foreclosure help for the home you already own, our Chicago bankruptcy lawyers can assist you in utilizing a Chapter 13 bankruptcy repayment plan to get current on your mortgage. A bankruptcy means test could also determine if you are eligible for Chapter 7 , but our Chicago bankruptcy attorneys can help determine which is the best plan for you and your family. How much longer do you think people will opt to rent instead of buy?