Bidding wars. Lack of inventory. Offers above asking price. All characteristics of the hot local housing market, these trends are now also showing up in Chicago’s rental market.
While rents are stabilizing in Chicago after red-hot hikes seen in 2021 and 2022, the market is experiencing its usual spring and summer tail winds. Rental listings are being snapped up within days, with many receiving multiple offers and going for hundreds of dollars more than originally listed. More people tend to move in the spring and summer, when recent college graduates are also in the market for housing.
Mihir Thatte, a 23-year-old software engineer, said he was facing steep competition from college graduates who are interested in moving to the same neighborhoods he likes: Old Town, Lincoln Park, Lakeview East.
