Our Chicago: Navigating the Chicago area real estate market with rising rates, rent hikes

ByColin Evans via WLS logo
Sunday, July 17, 2022
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Andrew Hanson is a professor from the Stuart Handler Department of Real Estate at the University of Illinois at Chicago.

CHICAGO (WLS) -- Earlier in the pandemic, we saw a housing market boom. Now, we're tracking slower home sales, rising mortgage rates and rent hikes.

It's a trend that's forcing some potential buyers and renters out of the market, as housing costs become too expensive in the midst of record-high inflation in the U.S.

Professor Andrew Hanson from the Stuart Handler Department of Real Estate at the University of Illinois at Chicago said one of the best things potential buyers can do right now, is shop around for the best rate.

"That is definitely going to save you some money," Hanson said.

Our Chicago: Part 2

For renters, if it's possible to stay put, Crystal Chen from the real estate platform Zumper said that could be a good option for the time being.

According to Zumper, Chicago is the thirteenth priciest city in the nation and competition is fierce to secure units.

"These agents are telling perspective tenants to put their best foot forward on their application. And they'll have a little part that says 'how much are you willing to pay for an apartment?' So they're trying to get perspective tenants to offer more than the advertised rent to get the apartment," Chen said.

Chen recommended asking about move-in specials that might not be advertised, moving in with roommates to help save money and waiting until the winter months to look for a new apartment, when better deals are usually offered.