Chicago Relocation
 

Chicago – A City of Rentals

November 4, 2013

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John D’Ambrogio

Some comments from Baird & Warner‘s Elizabeth McGrath

After  surveying the country for the best cities to invest in real estate, Realtor.com named Chicago second in the nation.

Why?  The  benefits of living in a world class metropolitan city – top museums, food, arts, culture, sports – combined with short term housing needs have created a hot and vibrant rental market.

Beyond the numerous reasons renters flock to cities ( short term job plans, wanting to spend time experiencing all that Chicago has to offer, etc.) Chicago is also home to some of the top colleges and universities in the country drawing a consistent and continuous student rental market.  The student market is a always turning over and many students find the benefits of renting a property given that it grants them the freedom outside of resident halls.  (Side note: US New’s National University Rankings ranked University of Chicago at #4 and Northwestern  at #12.)

The high demand for rentals can cause higher rental prices. (Simple economics there).  Pair that with low median  mortgage bills and an investment property in Chicago has the potential to pay itself off much sooner than expected.

The other cities that topped the best rental town list share similar characteristics with Chicago – a metropolitan area filled with or surrounded by colleges and universities.  Boston barely beat Chicago coming in at first in the study.  Pittsburgh, Princeton, and Atlanta followed in the third, fourth and fifth spots.