There was a time when it was considered—in certain circles—slightly embarrassing to rent, rather than own, a condo or apartment. Wealthy urbanites prided themselves on their ability to scrounge together the money required for a large down payment on a home upfront, and they would have balked at the idea of renting a similarly luxe housing unit.
But that time has come and gone. In today’s real estate market, renting is king. And those same wealthy urbanites—the ones who would have balked at renting a condo on the Gold Coast five years ago—are now eagerly signing year-long leases on apartments and condos in and around the Chicago metro area.
These young professionals no longer believe there to be any sort of stigma attached to renting, rather than buying, a home. And they’re realizing that they can afford a degree of luxury and elegance, while renting, that they wouldn’t have been able to afford otherwise.
For more information on renting apartments and condos in Chicago, check out the CondoDomain blog today!