Markets & EconomyRentals

Chicago’s millennial renters are finding no supply, deals and higher prices

Rentals make up 30 percent of the housing supply in Chicago, and not all rents have experienced increases in rent prices.
  • Only 38 percent of median rent prices near the 'L' line increased a 10 month time period
  • Millennials make up roughly 40 percent of the housing market and more than 90 percent are renters
  • Old Town came in with the highest price spike since October with a $306 increase in median rent

As millennials become one of the largest drivers of the housing market, agents and landlords are beginning to take note. Today, millennials make up roughly 40 percent of the housing market, and more than 90 percent are renters. They’re also moving in droves to rent in Chicago, where rental apartments make up 30 percent of all housing. In fact, the city is home to seven of the country’s most populated ZIP codes for millennials. But as the number of renters in Chicago continues to increase, where are millennial renters looking and finding deals to rent in a Chicago market that seems intent on pricing them out? To find out, the team at RadPad took a deep-dive into listings that millennial renters on the RadPad rental marketplace were looking at in August of this year compared with in October of 2014. After all, 80 percent of RadPad users are millennials. In total, data from 18,000+ listings was used to analyze how rental supply and demand has changed in the past year in ...