Chicago rent prices expected to soar in 2011

Chicago is increasingly becoming a buyer’s market. Not only are borrowing interest rates low and many units are priced to sell, numbers from and the Housing Market Report show an increase in rental costs and occupancy rates.

One of the many properties listed on CondoDomain. This building is located at 1305 Michigan Ave.

What does this mean for the housing market in Chicagoland? First of all, rent is going up. Based on data collected as of September 2010, the average cost of rent went up a whopping 6.1% from $1,058/month to $1,123/month in Chicago and the surrounding area. While that change per month doesn’t amount to too much, it is just a part of a larger trend according ChicagoNow’s Gary Lucido.

Other considerations include occupancy rate. The higher the number, the more people who are renting. Meaning? Typically less buyers.

The current average occupancy rate of apartments is currently 95.7%, a 1.9% increase from the previous year.

Less buyers means there’s less competition to buy, meaning there’s no better time to buy than now. With rents increasing, it’s clearly a buyer’s market in the Chicagoland area.

For those done with higher rents, look no further than CondoDomain, a local resource complete with local real estate agents that receives national support from New York City headquarters. The web-based real estate brokerage provides a multitude of online tools for homebuyers looking for a new home.

Buyers can search the Chicago MLS system here after registering and then search by neighborhood, city, or–if you know exactly where you want to live–luxury building. In addition to the MLS, the CondoDomain Website also features new and existing loft and condo developments as well as auction and foreclosure listings.

Chicago CondoDomain is also unique in that it cash refunds 20% of all it’s commissions back to the client, saving buyers even more money.
CondoDomain LLC is a licensed real estate broker.

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A Real Estate Blog by CondoDomain