As the housing market continues to flounder, many potential buyers are now looking at Chicago apartments for rent instead of buying new homes. While the rest of the real estate market slowly creeps towards recovery, the desire to rent apartments in Chicago has increased dramatically.
In fact, over 90 percent of rental property downtown is slated to be occupied within the next year and a half; there's even indication that prices could rise 3 to 4 percent this year and at least 5 percent next year. A recent article in the Chicago Tribune profiled this new phenomena and examined why so many potential buyers are now looking to rent apartments in Chicago. The tribune found that a number of residents who rent apartments in Chicago shared a number of similarities in their search for a new residence.
Preferring perks like fitness centers and swimming pools over a stand-alone home, these new renters are looking to get the most out of their money. Take a look why the Tribune thinks people are choosing rent apartments in Chicago instead of buying new property.
The Economy: Six years ago $1,500 for a month for a studio apartment would have seemed absurd, especially given the basement-level prices of new homes during the beginning of the decade. But the days of wheeling and dealing low-interest mortgages are over, and the red tape associated with buying a home, including increased credit restrictions and new policies that have come as result of the real estate bust has turned a lot of potential buyers off of the whole process. This is especially true for young people who aren't necessarily interested in getting stuck in a single place for an extended period of time.
On-Site Amenities: The people who rent apartments in Chicago are generally searching for a specific lifestyle. As renter Fabio Mazzilli said in the Tribune article, "the amenities are what sold me" and this seems to be true for most renters. Chicago apartments for rent offer private swimming pools, community movie theaters, and other large public social spaces that appeal to younger renters, as well as spacious kitchens and the eco-conscious interior which makes these complexes popular with would-be homeowners.
A Sense of Community: For residents that are new to the city Chicago, like South-Florida transplant Lindsay Larsen, location is key. "I wanted to be downtown by the young professionals and all around the action," Larsen said. "That was a huge selling point for me." But perhaps the strongest selling point for luxury apartments like the ones for rent with Magellan is that the complexes themselves strive to develop a sincere sense of community among renters. With community events like movie nights, book clubs, and cocktail parties organized each month, new residents are able to comfortably assimilate themselves into their new environment.
Regardless of what has attracted Chicagoans to rent instead of buy, the trend doesn't look like it's going to end anytime soon. As the U.S continues to whether this economic downturn, Americans will continue to be frugal. But this doesn't mean you have to sacrifice comfort. The Chicago urban luxury market is booming with options.
Magellan Development is a premier builder of urban developments where you can rent apartments in Chicago, buy condos or buy townhomes.
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