Rental Markets Across the US Experience Rising Prices and Competitive Trends
TL;DR Summary
Chicago's rental market is stabilizing after experiencing red-hot hikes in 2021 and 2022, but the market is still seeing some of the fastest price increases in the US. Rental listings are being snapped up within days, with many receiving multiple offers and going for hundreds of dollars more than originally listed. Demand is outpacing the supply of new units, leading to bidding wars and rent prices going up. While rents are stabilizing, the market is experiencing its usual spring and summer tailwinds, with more people moving during these seasons.
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