Home prices have been through a whirlwind over the last three years, thanks mainly to the effects of the pandemic. When it first struck in 2020, home prices and rents declined just as the economy as a whole took an initial nosedive. But as time wore on and the pandemic moved into its second year, 2021, American housing markets experienced an explosion of activity. Now, after several consecutive rate hikes by the Fed, American housing market activity has cooled off a bit as affordability has become an issue for many homebuyers.
When it comes to average rent in the United States, to a large degree it mirrored the trends in housing market activity. However, rents across the U.S. have sustained fairly substantial growth while homebuying has slowed down. Using data sourced from Zillow’s Zillow Observed Rent Index (ZORI), we decided to analyze the trends in average rent in various major cities; here, we’re focusing on the average rent in Chicago.
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