Rentology» Market News http://www.rentologychicago.com Just another WordPress site Tue, 12 Mar 2013 16:48:40 +0000 en-US hourly 1 http://wordpress.org/?v=3.5 Low Vacancy Rates Make Renting Difficult http://www.rentologychicago.com/low-vacancy-rates-make-renting-difficult/ http://www.rentologychicago.com/low-vacancy-rates-make-renting-difficult/#comments Sat, 07 Jul 2012 18:57:14 +0000 rentsiteadmin http://www.rentologychicago.com/?p=858 A recent article in the Chicago Tribune shed more light on why the rental market has been so difficult for renters this year! With low vacancy rates, landlords are receiving higher rents while fewer and fewer apartments come available. This great article talks about the national vacancy rates which are currently a little higher than here in Chicago! Lincoln Park had the highest occupancy at 98.6%!

http://articles.chicagotribune.com/2012-07-04/business/chi-apartment-rents-rise-at-highest-rate-since-2007-20120704_1_apartment-rents-rise-effective-rent-ryan-severino

]]> http://www.rentologychicago.com/low-vacancy-rates-make-renting-difficult/feed/ 0 Renewal Rates High, Prices Are Too http://www.rentologychicago.com/renewal-rates-high-prices-are-too/ http://www.rentologychicago.com/renewal-rates-high-prices-are-too/#comments Sat, 12 May 2012 00:13:06 +0000 rentsiteadmin http://www.rentologychicago.com/?p=818 As the 2012 Rental Season heats up, communications with many of Rentology’s property owners has revealed a larger than average renewal rate among their current tenants. Since many renters negotiated the rental prices of their current apartment, landlords are now asking their tenants to come up in rent for the renewal term, often with little resistance. Knowing that keeping their current tenants will be easier than finding new ones, but also knowing that an improved market would allow for better rental prices, landlords are giving current tenants the option to renew at a slightly below market price.

What does that mean for current apartment seekers? Less availability and higher prices! With fewer apartments available, the basic principles of supply and demand are in play; less available apartments are driving prices up! Those that have explored the rental market in hopes of finding a better deal have found similarly or even higher prices apartments. Additionally, an improving job market is making current rental rates, or even modest increases, more affordable to those with job stability. Weighing the cost of moving over increased rent, many renters have elected to renew at their current apartment.

]]> http://www.rentologychicago.com/renewal-rates-high-prices-are-too/feed/ 0 Moving Out of the Basement http://www.rentologychicago.com/moving-out-of-the-basement/ http://www.rentologychicago.com/moving-out-of-the-basement/#comments Mon, 30 Apr 2012 16:16:43 +0000 rentsiteadmin http://www.rentologychicago.com/?p=813 Recent improvements in the job market have helped many post-graduates who moved home after college. Now, with a better jobs available, and a few more bucks in their pockets, many are moving our of their parents basements (or old bedroom) and into the City of Chicago where much of the growth has occurred. A recent US News report documents how the improvements in the job market have helped to accelerate the comeback of the Rental Real Estate Market. See the full article on the US News Website at: http://www.usnews.com/news/blogs/home-front/2012/04/27/rents-rise-while-home-prices-fall. Happy Renting!

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