Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-14-2020, 02:46 PM
 
226 posts, read 148,268 times
Reputation: 144

Advertisements

Does anyone have an idea of what rent prices will be like in chicago and availability this summer due to Covid19?
Reply With Quote Quick reply to this message

 
Old 04-14-2020, 03:15 PM
 
1,068 posts, read 917,737 times
Reputation: 1875
Rent prices will fall and availability will increase due to high unemployment and furloughs through summer rental season. We're currently around 15% unemployment. Models are predicting 20+% unemployment. Stimulus checks will get people through May but after that it will be brutal unless we get people back to work in May.
Reply With Quote Quick reply to this message
 
Old 04-14-2020, 03:49 PM
 
Location: Chicago, IL
8,851 posts, read 5,878,840 times
Reputation: 11467
Nobody, outside of people working for renting agencies/real estate, has an idea of what rent prices will be. However, as you can probably guess and I'd guess the same, they are going to drop pretty substantially. Leasing agents aren't really even showing apartments now. There is going to likely be a slow reopening of things, maybe sometime in the summer. Although people who may have ordinarily had planned to move out, may not now (since they are locked-in for the forseeable future), so maybe things could stay status quo and there may be less available openings than people think (which could keep the prices stagnant). Who knows????

As the poster above mentioned, there are more people furloughed and not working, so that will likely ultimately drive prices down.
Reply With Quote Quick reply to this message
 
Old 04-16-2020, 09:17 PM
 
Location: 53179
14,416 posts, read 22,493,467 times
Reputation: 14479
Quote:
Originally Posted by chitown202020 View Post
Does anyone have an idea of what rent prices will be like in chicago and availability this summer due to Covid19?
My coworker is renting out their apartment for 1400, 2 bedroom , 2 baths.
Reply With Quote Quick reply to this message
 
Old 04-17-2020, 08:35 AM
 
846 posts, read 1,401,508 times
Reputation: 1020
My building (high-rise, Printers Row) is offering 1 month free and waived fees. I have never seen that in my years of living here.

Quote:
Originally Posted by glass_of_merlot View Post
My coworker is renting out their apartment for 1400, 2 bedroom , 2 baths.
That seems low. What neighborhood? I have a few friends looking.
Reply With Quote Quick reply to this message
 
Old 04-17-2020, 10:01 AM
 
Location: 53179
14,416 posts, read 22,493,467 times
Reputation: 14479
Quote:
Originally Posted by SubconsciousMe View Post
My building (high-rise, Printers Row) is offering 1 month free and waived fees. I have never seen that in my years of living here.


That seems low. What neighborhood? I have a few friends looking.
I dont really remember. But I live in Jefferson Park and we pay 1375 for 3 bedroom, 1200 sq feet. It's a 3 flat.
I live right between 2 Metra stops and a 8 min walk to Jeff. Blue line stop.
There are other apartments around here at similar price point.
Reply With Quote Quick reply to this message
 
Old 04-17-2020, 10:11 AM
 
2,561 posts, read 2,184,453 times
Reputation: 1672
I think the OP should specify neighborhoods they're considering because as the responses already indicate, the amounts are drastically different across the city.

I would expect some slight discounts compared to last spring.
Reply With Quote Quick reply to this message
 
Old 04-17-2020, 10:26 AM
 
226 posts, read 148,268 times
Reputation: 144
I have been looking around northcenter, lincoln square, ravenswood, roscoe village and it seems the prices are lower a hundred dollars lower a month from a couple years ago. BUt I can be wrong. I am really open to location though I like living within couple miles of lake. If the lakefront is not gonna open this summer does not totally matter.
Reply With Quote Quick reply to this message
 
Old 04-17-2020, 11:21 AM
 
Location: Chicago
3,925 posts, read 6,840,880 times
Reputation: 5501
People need to live somewhere. I think the areas closer to downtown will still be pretty hot, in some cases maybe hotter than normal since there will likely be fewer "moves" happening. I'm sure a majority of people will hunker down and probably delay any moves. Anyone in the home buying stage will also likely hold off a bit.

With that being said, I'm not sure either way but I can see certain areas seeing rent increases (especially in summer months as a standard) but I can also see other areas that might take a beating. Areas like River North I foresee taking a huge beating because probably very few people want to live in massive high rises right now. I expect some people will not renew if they do. Those in small walk ups or Single Family Homes will probably renew.
Reply With Quote Quick reply to this message
 
Old 04-19-2020, 06:57 PM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,465,991 times
Reputation: 3994
Anecdotally, my cheaper apartments are getting a lot more interest. I've had several apartment hunters seeking to move from gentrified areas to lower their rent. I think people are going to be much more cost sensitive now. What's the point of paying to live around all these amenities when a lot of them probably aren't even going to survive?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top