Spring to bring rent increases

Finally GOOD News for my Landlord/Investor clients!  Its about time its a good day to be a landlord =)

Dodged a rent increase in 2010? Don’t assume you’ll be so lucky this year.

Demand is outstripping supply, meaning landlords both downtown and in the suburbs have many existing and prospective tenants just where they want them. And property managers know it.

Last year, landlords were able to push through rent hikes of about 7 percent. This year, rents are expected to rise by an additional 7 percent to 8 percent, particularly in newer buildings downtown, according to a forecast by Appraisal Research Counselors.

For the prospective tenant looking for a bargain, that means the time to shop for a lease that includes a free month of rent or a flat-screen television is now. By spring, those rent concessions are likely to evaporate, and leasing managers expect to hear back from prospective tenants who thought they’d find a better deal across the street but didn’t.

More….http://www.chicagotribune.com/classified/realestate/apartments/ct-biz-0211-rent-chicago-20110211,0,6212936.story?obref=obinsite

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