ChitownLiving | Chicago Real Estate + Life

In Chicago, the apartment vacancy rate has dropped from 12 percent two years ago to about 5 percent today. Meanwhile, rents have increased on pace with national trends. According to Appraisal Research Counselors, this spring’s leases nationwide are showing the biggest rent hikes in five years. “The rental market has changed over the last year in Chicago to the benefit of landlords and investors, and to the detriment of renters,” says Michael Zaransky, co-CEO of Prime Property Investors. People on both sides of the rent/buy fence are feeling the squeeze from both sides. “The market is changing, and a lot of times that’s the time to act,” says Ron De Vries, vice president with Chicago-based Appraisal Research Counselors. “Maybe it’s time to buy while interest rates are still low. Or maybe this would be a good time to rent before the increases come through.” Source: Chicago Tribune, Alexia Elejalde-Ruiz (04/17/2006)