Massive rental Market

[aneftp]

Originally Posted by Tenzo

Here in Chicago the rental market is nuts for high end rental.

We looked at a 1800sq ft. three bedroom with two car parking.
$4,100 !!
That's almost $50K a year

Yeah. Depends on what people define as living standards. $4000 plus for Chicago probably means in Downtown.

You can move a few miles away from the city central and get two bedrooms apartments for less than $3000 and still have luxury living.

Heck my buddy used to live in the financial district of San Francisco. Huge high rise and his one bedroom was $2500. Two bedroom were $3500.

Move across the bay 10 minutes and same apartment was $2000.

[MovedfromFL]

Originally Posted by aneftp

Rental prices have gone up by around 7% nationwide.

It's all about supply and demand. Either people are scared to buy or are former homeowners who got foreclosed or had to short sell.

It all depends on location also.

Factor in school choices for kids. Finding an affordable rental with good public schools may be difficult to find.

Rental prices are sky high here in Central FL for any half-way decent single family home in a decent school zone.

We've been renting for 5 months now. One place that I looked at 5 months ago is now showing as 'for rent' on Craigslist again. Guess the folks who rented it bailed out or didn't pay? It was kind of a 'rental war' for me to even find our current place. We pay $1,100 now and I'd say most places over here are $1,200 and close to Orlando homes are going for over $1,500 in the best school zones for a dated 1,700sf home built in 1980's. I have no ideal how people can even afford to pay these rents. When I called about utilities on a few other rentals, many of them were behind in the cable or electic bill (and thus could cause an issue for the next tenant, so I was checking to make sure everything was clear)