A report from RentCafe indicates that Chicago and other U.S. cities have rental markets currently more competitive than New York, leading to increased demand and rent bidding wars.
The study highlights that Chicago’s rental market is experiencing high occupancy rates, with only one in 20 apartments available, fiercely intensifying competition among tenants.
The Rental Competitiveness Index reveals slow new construction, showing that in Chicago, newly-built properties make up just one in 200 rentals, further compounding scarcity.
Across markets, cities like Madison and Fayetteville are also struggling with insufficient rental inventory; this scarcity is worsening in the context of rising demand.
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