With rental demand increasing, landlords are increasing the price of rent around the city. What does this mean for your average renter? Renting isnâ€™t such a deal anymore. In fact, of Chicago-area renters, 28.6% are â€œseverely burdenedâ€ with the costs associated with renting, according to aÂ reportÂ released by theÂ Harvard Joint Center for Housing Studies.
What does â€œseverely burdenedâ€ mean for Chicagoans? The math isnâ€™t good. One in three renters in the Chicago-area use half of their income on both utilities and rent. That doesnâ€™t leave as much cash flow for renters, especially compared to a decade ago.
The problem isnâ€™t just in Chicago. Many low and middle-income renters are spending most of their paychecks on keeping a roof over their head.
The housing market may still be recovering, but it makes you think twice about renting, when the costs are promising just to go up more and more, as we reported earlier on CondoDomainâ€™s blog.
Hereâ€™s some other rental and real estate information thatâ€™s been in the news lately:
Why now is a good time to sell [blogs.forbes.com]
Additional findings from the Housing Studies report on rentals [Chicago Tribune]
Falling home prices in 2011 [Chicago Sun-Times]
Chicago rent prices may be going up, but the cost of Condos - like at 500 Superior Street - is going down.
Photo:Â Christopher Mundy, @properties