Rental Market Appears To Be Getting Tight, Very Tight And Rents Are Rising

Today it happened again. A tenant who viewed a ver nice condo rental unit in Andersonville on Thursday and seemed to be committed to renting decided to "sleep on it" and make a decision over the weekend. Guess what? The unit was rented by the time she came in to our office to apply today. This scenario is playing out much more frequently than we have ever encountered in the past. No, we don't have a bunch of government surveys and statistics to confirm our hunch. What we do have is day to day evidence of the fact that apartments in Chicago are renting far quicker than they ever have in the past. One agent in our office also experienced a bidding wat on Friday over a Gold Coast studio apartment. The rent started at $1,000 but settled out at over $1,200. We have never heard of that happening before. We have recently had many cl