Rentals

Renters remain confident amid increasing prices and dwindling inventory in major US cities

How the mentality of owning a property has shifted

Since the rise and fall of the housing market, the mentality of owning a property has shifted. For whatever reason -- whether a lack of confidence in the stability of the housing market, inventory levels or the desire to live a more temporary space -- the population of American renters has surged in recent years. According to a recent study conducted by the NYU Furman Center and Capital One, the population of renters in the nation grew in all 11 of the largest cities in the country. However, at the same rate, the median rent grew faster than inflation, making it more expensive to rent. I've been a renter of a one-bedroom apartment in Chicago for a little over four years. In 2011, I paid $775 for a fairly large one-bedroom unit in Chicago's Logan Square. Then, moving just a couple miles south to Ukrainian Village, a one-plus-bedroom, which was actually smaller than the previous apartment, came with an $800 price tag. Still inexpensive. After living there for three years, ...