(WBBM NEWSRADIO) — If you or someone you know are planning on moving apartments this year, you can expect plenty of competition. A recent analysis shows Chicago and the suburbs are among the hottest rental markets in the country.
RentCafe finds there are 14 prospective renters for every available apartment in the suburbs. In the city, it’s 11 people.
Doug Ressler is an analyst with YardiMatrix, who explains the competition comes even though our region is losing population, because cities that are gaining like Austin, Texas are seeing a lot of new construction.
“Developers are seeing that the density projections for Chicago aren’t there and they’re not building, number one, but number two is the cost of building,” Ressler said.
He expects our central location and access to rail, air and water connections to keep us competitive.
“Don’t write Chicago off. I’ve always liked Chicago in terms, because of its transportation capabilities.”
RentCafe sees north …