Chicago is a bustling city with a growing population, and finding an apartment for rent in Chicago that attracts tenants can be a challenge. However, with the right approach, landlords and property managers can attract potential tenants and fill their vacancies quickly. In this blog post, we’ll explore some statistics and insights that can help landlords and property managers attract tenants to their apartments for rent in Chicago.

Key Statistics to Consider When Renting Apartments in Chicago

1. Rental prices in Chicago

According to Zillow, rental prices in Chicago have steadily increased over the last few years, with a 4.8% increase from 2020 to 2021. The median monthly rent price for a one-bedroom apartment in Chicago is $1,400.

2. According to Rent Cafe

According to Rent Cafe, the most popular neighborhoods in Chicago for renters in 2021 were West Loop, River North, and South Loop. These areas offer a mix of luxury amenities and convenience to downtown.

3. Demand for pet-friendly apartments

The demand for pet-friendly apartments has been increasing in Chicago, with 70% of renters owning a pet, according to a 2020 survey by Apartments.com. This has led to an increase in the number of apartments offering pet-friendly amenities, such as dog parks and pet spas. Note: even if you don’t have a pet-friendly apartment, you must accept service animals.

4. Availability of flexible lease

The availability of flexible lease terms has also become more important to renters in Chicago, with a 34% increase in the number of apartments offering short-term leases in 2020, according to a report by Multifamily Executive.

5. Report by Rent.com

A 2021 Report by Rent.com found that the most important amenities for renters in Chicago were in-unit laundry, air conditioning, and a dishwasher. Other popular amenities included a fitness center, parking, and a pool.

Apartments for Rent in Chicago Final Thoughts

Finally, it’s important to remember that marketing plays a crucial role in attracting tenants to apartments for rent in Chicago. In a survey conducted by Zillow, renters listed online listings, virtual tours, and professional photography as some of the most important factors in their rental search process. Landlords and property managers can use these tools to their advantage by creating compelling online listings, offering virtual tours, and investing in high-quality photography to showcase their properties.

Attracting tenants to apartments for rent in Chicago requires a combination of factors, including location, quality, pricing, and marketing. By understanding the preferences of renters and investing in upgrades and amenities, landlords and property managers can increase their chances of attracting potential tenants and filling vacancies quickly. With a little research and effort, anyone can succeed in the competitive Chicago rental market.

If you have any questions about your apartments for rent in Chicago, let us know how we can be of service. Contact us today for a free, no-strings consultation where we can sit down with you for 30 minutes to discuss the best strategies to rent your properties.