Chicago Renters Struggling to Afford Housing

Experts have little hope that growing rent costs will stabilize anytime soon.

Read Time: 1 minute

August 24, 2022, 8:00 AM PDT

By Diana Ionescu @aworkoffiction

Chicago Suburb

Burlingham / Shutterstock

Writing in the Chicago Tribune, Dia Gill and Darcel Rockett describe Chicago’s housing crisis, which is forcing residents to make difficult choices in order to afford rising rents, which have gone up by 9 percent since 2021. As the authors note, “A combination of inflation and climbing demand for units as consumers emerge from the pandemic has driven up rents, with little to no sign that prices will reverse any time soon.”

Residents are coping in a variety of ways. While some have the resources to buy their own homes, others struggle to find affordable housing near the jobs and amenities they need. “Going forward, it is unclear if increasing the supply of units will ease rents, as inflation has driven construction costs up — and once renters land a unit downtown they aren’t as incentivized to leave as they were in 2020.”

Meanwhile, supply continues to remain low. “A report by Marcus & Millichap notes that for the first time since 2000, fewer than 18,000 units will be available in the downtown market this year, and the vacancy rate is expected to be less than half of the 2019 level.”

Monday, August 22, 2022 in Chicago Tribune

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