Rents are hitting new highs, but renting is still mostly more affordable than owning a home in most big cities, according to a new report.
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Brokered by Randolph Taylor CCIM, Multifamily Investment Sales Broker with the Chicago-Naperville eXp Commercial office.
Randolph can be contacted at:
[email protected]
(630) 474-6441
Growth in the housing market has slowed, but prices have not fallen. This is due in large part to a limited supply of single-family homes.
With rates lately rising, the real estate market is slowing, most notably for residential properties.
In 2021, home prices skyrocketed by nearly 19%, according to the S&P CoreLogic Case-Shiller home price index. And pros say we’re in for another year of price growth — but as for how much, pros diverge.
One-third of renters decided to move into a new apartment during the year, while 68% of people renting in Suburban Chicago chose to stay put and renew their leases, further contributing to the limited housing options for prospective tenants.