Our Chicago: Navigating the Real Estate Market, Rising Mortgage Rates, Inflation Rates, and Apartments for Rent in the Chicago Area

CHICAGO (WLS) – Earlier in the pandemic, we saw a boom in the housing market. Now we are watching slowing home sales, rising mortgage rates and rising rents.

It’s a trend that’s forcing some potential buyers and renters out of the market as housing costs get too high amid record inflation in the United States.

Professor Andrew Hanson of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago said one of the best things potential buyers can do right now is to hunt for the best rate.

“It’s definitely going to save you money,” Hanson said.

Our Chicago: Part 2

For tenants, if it’s possible to stay put, Crystal Chen of real estate platform Zumper said that might be a good option at the moment.

According to Zumper, Chicago is the thirteenth most expensive city in the country and competition is fierce for units.

“These agents are telling potential tenants to do their best with their application. And they’ll have a little part that says ‘how much are you willing to pay for an apartment?’ So they try to get potential tenants to offer more than the advertised rent to get the apartment,” Chen said.

Chen recommended asking about move-in promotions that might not be advertised, moving in with roommates to save money, and waiting until the winter months to look for a new apartment, when better deals are usually offered.

Copyright © 2022 WLS-TV. All rights reserved.

Comments are closed.