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Chicago Rent increases: Is this nationwide?

By Steve Missirlian

Real Estate Agent

October 06, 2011 06:11 AM

My name is Steve Missirlian, broker/owner of Chicago Apartment Seekers here in Chicago. Our current market is one in which I have never seen before. Demand being very very high with supply very very low. Even with the current state of the economy, rental prices are skyrocketing due to the lack of availability. Prospective tenants are paying more then they ever have for apartments and they have no choice because many of them cannot buy due to the lack of mortgages being issued now by banks. Is this market indicative of a nationwide crisis or more local?

Stephen Missirlian

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Steven Cook

No Longer Processing Mortgages. - Tacoma, WA

Steven -- Not sure why they can't buy - as there is plenty of money available through Mortgage lenders. Although we are not quite in the low supply category - we are seeing rising rent prices locally as well. It is one of the talking points we use to try to convince people they would be better off buying.

Oct 06, 2011 06:57 AM

Steve Missirlian

Chicago, IL

I guess it also has to do with the fact that many are fearful of buying right now. Yes, you are right that there is plenty of money available through mortgages, however, the qualification standards are not like they were before. So, there are many people that are renting who would have otherwise bought if it were a few years ago. I like the talking point you use though, to help get people to consider buying rather then renting.

Oct 06, 2011 10:12 AM