As we discussed in our last post, now may very well be the best time to buy, as the housing market appears to be recovering and prices are going up in the most desirable downtown areas. At the same time in those same areas, Crain’s Business Chicago reports that already-high rents are on the rise. From the article:
Landlords have been raising rents for more than two years as many people have steered clear of the depressed condominium market and decided to rent instead… The increases are likely to continue until next year.
The article goes on to point out that for the past two years, demand for apartments has outstripped supply. The average luxury apartment downtown costs $2148/month, and they are at almost 95% occupancy. The next tier down has a similar occupancy rate and is averaging $2.19/square foot. Most forecasters anticipate those prices will only go up through 2013.
What does all of this mean? If you’re renting, now might very well be the best time to buy. Get in touch with us! We’ll be happy to go through your financing options with you and determine if now is the right time for you to ditch your high rent and get a great deal on the market!
Photo courtesy of Flickr user Mirage floors