What is really going on with rent amounts in Chicago? Have you noticed that so many new buildings are going up and they are being occupied before they're even built? Who in the world can afford such high rents in these skyscrapers adorning the Chicago skyline? Apparently somebody can because it seems as though there is a new building being built each month in the Chi.
Did you know the average rent for a one bedroom apartment is $1627? That's according to rent trend data from www.rentjungle.com. And can you believe that is actually a decrease by 3.44 percent from last year? Ouch. As of last month, the average rent for an apartment in general is $1810 which is a decrease of 2.71 percent from last year.
All I can say is that those amounts seem to be pretty high, with our economy still somewhat shaky and companies going out of business and people being laid off. But to those of you who can afford it, I'm really, really happy for you. But it seems like those astronomical rents are higher than actually owning property and paying a mortgage. But I guess everyone has a reason for what they do and everybody's financial circumstances are different.
Well all of you expensive rent paying residents, enjoy your views and all of the luxurious amenities your expensive apartment comes with. After all, you're definitely paying for it.