As rents rise and rental demand stays strong in Chicago, renters are more selective about where they choose to live. If you’re a landlord or property manager in this dynamic market, understanding what’s important to Chicago renters today can help you make your property more appealing for years to come. Here are some key insights into what today’s Chicago renters are prioritizing — and what they’re likely to avoid.
1. Budgets Come First
For many renters in Chicago, staying within budget is the top priority. As of November 2024, according to Apartments.com, the average rent in Chicago is $1,844 per month. This is 18% higher than the national average rent price of $1,558/month. Overall, rental prices are up 2%+ in Chicago over the past year, affordability matters now more than ever. Renters are weighing their options carefully to find the best value for their money. As a property manager, offering competitive rates and flexible lease terms can make your property stand out to those trying to manage rising living costs.
2. Homeownership May Be on Hold
Due to high mortgage rates and increased home prices, many renters are delaying their goal of homeownership. This shift means more Chicago renters are staying in their apartments longer, but they still want that sense of “home.” Features that feel more permanent, like quality finishes and flexible policies, can help attract these renters. When renters feel a property fits their lifestyle, they’re more likely to settle in for the long term.
3. Transparent Fee Structure
One thing renters don’t want? Hidden fees. Transparency is key. Renters appreciate knowing upfront what their total costs will be, including any added fees for amenities, utilities, or services. Clearly listing out any additional fees creates a positive first impression and helps build trust with prospective tenants. Being upfront about costs, rather than tacking on surprise charges, keeps renters feeling valued.
4. Pet-Friendly Policies Attract More Renters
Pet restrictions are a deal-breaker for many renters today. With more people embracing pets as part of their family, having a pet-friendly policy can make your property more attractive. Amenities that cater to pet owners — like pet waste stations, nearby dog parks, or pet washing areas — can set your property apart and attract a wider group of tenants. Creating flexible options for pet owners may just be the factor that brings more leases to your door.
Final Thoughts: Attracting Renters in Today’s Chicago Market
With rent prices on the rise, Chicago renters have higher expectations for affordability, transparency, and flexibility. Long term success is all about what’s important to Chicago renters today. Catering to these preferences can make a big difference in a competitive market. At High Fidelity Property Management, we prioritize understanding renter trends and delivering quality experiences that both renters and owners appreciate.
If you’re a property owner interested in making your property the best choice for today’s renters, reach out to us. We’d love to help you succeed in this ever-evolving market.