{"id":9553,"date":"2015-03-05T11:43:06","date_gmt":"2015-03-05T17:43:06","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=9553"},"modified":"2015-03-05T11:43:06","modified_gmt":"2015-03-05T17:43:06","slug":"chicago-area-rents-drop-but-save-tenants-little","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/chicago-area-rents-drop-but-save-tenants-little\/","title":{"rendered":"Chicago area rents drop but save tenants little"},"content":{"rendered":"

By Stephanie Choporis<\/p>\n

Cook County residents can expect little change to median rent prices of all properties due to inflation and potential leveling off despite a recent dip in costs, according to experts.<\/p>\n

Among the 50 largest metro areas in the U.S., Zillow\u2019s senior economist, Skylar Olsen, said Cook County, also referred to as metro Chicago, fell from 14th<\/sup> highest median rents of all properties in 2012 to 15th<\/sup> highest in 2015. But Olsen said the decrease does little to offset years of inflation.<\/p>\n

\u201cSince the housing value collapse, rental demand has grown, whether from homeowners who lost their homes to foreclosures or the large generation of millennials forming their own households as renters,\u201d Olsen said in an email. \u201cSupply in many areas has not been able to keep up.\u201d<\/p>\n

Data obtained from Zillow<\/a> indicated that Cook County\u2019s median rents peaked last September at $1,645 per month, which was more than $300 above the national median at the time. By December<\/a>, the county\u2019s median prices dropped $22 while national amounts continued to rise.<\/p>\n

\"Cook<\/a>
Cook County’s median rent prices were more than $300 above the national median in September. But prices dropped in recent months while national numbers continued to climb. (Zillow, Stephanie Choporis\/Medill)<\/figcaption><\/figure>\n

Olsen attributed the falling rents to a supply-demand balance. In a subsequent phone interview, she said construction is on the rise in the Chicago area, and rents could begin dropping where development is prevalent. She said median rents have decreased most in the Loop, South Loop, Park West and Cabrini-Green areas.<\/p>\n

Philip Nyden, who is the director for urban research and learning and a sociology professor at Loyola University Chicago, said the Loop\u2019s rent reduction could partly be aftermath of the housing collapse.<\/p>\n

In terms of percentages, he said the area has been the nation\u2019s fastest-growing residential area over several years, despite a lack of buyers after 2008.<\/p>\n

Nina Questal, director of sales for an apartment-listing website, Domu, said 3,000 new downtown units are slated for this year, which could trigger \u201cdownward pressure\u201d in other neighborhoods.<\/p>\n

\u201cHowever, with city-wide occupancy rates at all-time highs and millennials still wary of the condo market, it is difficult to predict future rents,\u201d Questal said in an email.<\/p>\n

As for median rents, Nyden said he thinks the trend will level off.<\/p>\n

\u201cI doubt it will continue,\u201d he said.<\/p>\n

If the decline persists, Nyden said owners of higher-rent housing, such as condos, could be negatively affected if the unit\u2019s value decreases along with rent.<\/p>\n

But Olsen said 18 to 34-year-olds could most likely be impacted as they are \u201ccombating\u201d student loan debt and saving for down payments on homes. She said groups who have limited savings and fewer opportunities to become homeowners, such as minorities, could also benefit.<\/p>\n

Photo at top: Zillow says Cook County’s median rent prices of all properties are falling, particularly in areas where construction is prospering. (Stephanie Choporis\/Medill)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Stephanie Choporis Cook County residents can expect little change to median rent prices of all properties due to inflation and potential leveling off despite a recent dip in costs, according to experts. Among the 50 largest metro areas in the U.S., Zillow\u2019s senior economist, Skylar Olsen, said Cook County, also referred to as metro […]<\/p>\n","protected":false},"author":51,"featured_media":9700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,30,243],"tags":[],"class_list":["post-9553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-public-affairs","category-winter-2015"],"yoast_head":"\nChicago area rents drop but save tenants little - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/chicago-area-rents-drop-but-save-tenants-little\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago area rents drop but save tenants little - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Stephanie Choporis Cook County residents can expect little change to median rent prices of all properties due to inflation and potential leveling off despite a recent dip in costs, according to experts. 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