Nation-wide Issue
Rent has been an issue for generations, as they continue to increase as the years continue. Many families continue to struggle with putting food on the table, and paying for rent. Having a roof over their heads is a top priority. However, it is really hard to be able to afford this type of living, as many jobs do not pay a livable wage.
Meaning, there is obvious need for something to be done within this sector, however there seems to be nothing being done about it. However, as of late, there have been some new updates regarding rent prices in the metro area of Chicago.
Rent Dipping Slightly
Around the metro area, there has been a steady decrease in rent price. This has certainly alleviated a lot of the pressure a lot of families are feeling, especially around the concept of rent. Additionally, this decrease will certainly help families put food on the table. Residents across the Chicago metropolitan area could see a bit of relief as rent prices have started to decrease, according to a newly released report.
This is only the beginning of what very well may be a much needed decrease in rent prices. However, it is still not yet safe to say if it will decrease any more than it already has.
Chicago Is ‘Lucky’ Compared to New York and Los Angeles
Chicago has not come close to the prices of rent that New York or Los Angeles is currently seeing. Therefore, those in Chicago are, in a way, “lucky” in comparison to the people that live in these areas. “The area of Chicago has been lucky to, avoid larger increases seen in other parts of the US like New York City, where the median rental price is $4,449 and Los Angeles, standing at $3,575,” according to Hoodline. However, these rent prices are still incredibly high, and therefore should be addressed within a timely manner.
Suburbs May Tell a Different Story
There have also been many more statistics that have shown that rent prices in the suburbs are increasing; and quickly. Therefore, renting in the suburbs may be something that many families stay away from, and rightfully so.
“Metro-wide annual rent growth is 6.5%, above the rate of rent growth within just Chicago, meaning the suburbs are quickly getting more expensive,” according to RE Journals. Therefore, families already living in the suburbs may see a drastic increase in the prices they have to pay for rent.
What Can Be Done In The Future
There can certainly be a lot that is done in the future of this particular issue. It can be said with certainty that many families do not deserve to worry about a high cost of rent. Especially if they can barely afford to put food on the table. However, it is something that is of upmost concern for a lot of families. This is the unfortunate reality a lot of people are currently facing in this economy.
However, there can certainly be something done to assist these families with these problems. This can include increasing minimum wage. This way, it will be a more livable wage, and many families wont have to worry anymore. Other things include grants from the government, or federal assistance of any kind. These acts can certainly change the outcome of a families situation drastically.
Only time can truly tell what the outcome of the situation will be. However, as aforementioned, it is too early to tell if the rent prices will decrease any further than they already have. If so, that will certainly help many families for the future.
Written by David Loran Jr
Sources:
The Chicago Sun Times: Rent prices dip slightly in Chicago metro area, report finds
Hoodline: Chicago Rental Prices Dip Slightly, Bringing Momentary Relief to Tenants Amid Soaring Living Costs
RE Journals: Rent prices finally falling in Chicago? A little, but the suburbs are a different story, based on a new report by Apartment List
Featured and Top Image Courtesy of Paul Schultz’s Flickr Page – Creative Commons License
Inset Image Courtesy of Ianqui Doodle’s Flickr Page – Creative Commons License
