Chicago, the metropolis alongside Lake Michigan, is a vibrant city of diversity and opportunity. Underneath the beautiful city lies the cruel reality for nearly half of its renters, which is excessively high rent and utility costs. A great amount of Chicagoans find themselves struggling with the burdensome costs of housing.
Prices Of Rent & Utilities Are Increasing
Renters in Chicago are paying too much! The continuous rise in rent is one of the most dominant problems numerous renters across the city face. As mentioned by Forbes the average rent in Chicago has come to its peak point. Chicagoans are undergoing the hassle of paying too much in rental prices as they each year.
ABC 7 reported that the average rent for a one bedroom apartment found in Chicago has increased by nearly 24% since the same time last year. For some residents rent has increased by 26% in the past three years. Living expenses (utilities) have followed this pattern and increased also. It is absurd how the costs of living increases each year, it is not fair to renters!
What Causes The Rent To Increase?
Rent increase in Chicago is driven by a number of interrelated factors creating a difficult landscape for renters. Gentrification plays a principal part, as neighborhoods undergo developments and lure in higher-income residents. This enlarges the values of property and later on the prices of rent.
As reported by the Institute for Housing Studies at DePaul University, gentrification has boosted in several neighborhoods in Chicago. Which has worsened the affordable housing issues for long-time residents.
Economic factors also play a role in the increasing rental prices in Chicago. A key component is inflation. Inflation influences property maintenance fees, living costs, and materials needed for construction. According to the Federal Reserve Bank of St. Louis, the Consumer Price Index for All Urban Consumers, as well as Chicago grew by 7.5% from 2020 to 2021. This inflationary trend forces landlords to increase the prices of their rent to cover their growing expenses and keep profitability.
The Impact Excessive Living Costs Have On Resident’s Health
Seeing that renters in Chicago are paying too much, the excessive living costs can have damaging effects on the health of residents, both mentally and physically. As mentioned by Chicago Sun-Times over 68% of renters were spending more than half of their household earnings on utilities and rent. When a large portion of someone’s income is devoted to paying rent and utilities, people could be forced to make hard trade-offs, like cutting back on nutritional food or medical care costs. This can cause anxiety and distress worsening the condition of one’s mental health.
Since the costs of utilities and rent take up too much of an individual’s, a single stream of income will not be enough. This leads to some people taking on multiple jobs just to make ends meet. Taking on multiple jobs could possibly have negative effects on a person’s physical and mental well-being. The quickest consequence is usually fatigue. As laboring for working an extended amount of hours can cause chronic fatigue and sleep deprivation. Adjusting to multiple jobs can additionally contribute to a lack of relaxation time, spare time for activities and spending time with loved ones, causing strains in relationships. In general having multiple jobs may help make ends meet, but the negative effects on mental and physical well-being can overshadow the advantage.
A Call for Action
The difficulty of renters in Chicago struggling to pay for the soaring rent and utility costs emphasizes the compelling need for drastic transformation and a systemic change. As the affordability of housing continues to go down hill, it is pivotal for stakeholders, policy makers and communities to come together on solutions. These attempts must assure access to steady, affordable housing for each and all.
By taking on the foundational causes of the affordability of housing dilemma and focusing on the concerns of renters, including limited supply of affordable housing and gentrification, Chicago can work towards a more fair and equitable future. By encouraging cooperation and transformation, the city can make solutions that help and support its communities.
Written By Jaliyah Triplett
Sources:
Chicago Sun-Times: Nearly half of Chicago renters spend too much for rent and utilities; by Alden Loury
ABC 7 News: Chicago rent keeps rising, higher cost of living straining many residents; by Jason Knowles
Forbes: The Average Rent In Chicago Reaches Its Highest Point Ever; by Andrew DePietro
Featured and Top Image Courtesy of Jonathan Cutrer Flickr page- Public Domain License
Insert Image Courtesy of Daniel Foster Flickr page CCO
