Chicago, IL is the home to more than three million people and is the largest city in the Midwest in terms of population. Because of this, and the strong local economy, Chicago continues to have a very dynamic real estate market. The rental market in Chicago is continuing to change in many different ways and could be changing even more in the coming years (https://chicago.suntimes.com/news/chicago-rental-housing-market-shift-more-wealthy-renting-fewer-two-flat-apartment-buildings-depaul-university/).
For the past few years there have been a variety of very identifiable trends in the Chicago housing market. One trend that has been noticed has been the fact that many wealthy individuals are choosing to rent as opposed to owning real estate. In fact, the amount of renters that are considered to be wealthy increased by nearly seven percent in just one year between 2014 and 2015.
There are several reasons why renting in Chicago has been so popular. One of the main reasons why is because younger adults are less willing to commit to owning real estate than older generations. While it used to be considered a great idea to always own a home, the recent variability of housing values across the country have shown that it is not always a foregone conclusion that owning is better.
Another reason why more people may continue to rent as opposed to own is that there are no longer the same tax benefits. Those that choose to buy a home used to be able to enjoy the SALT tax deductions, which were very high for those that owned a property in Illinois. Now that those tax benefits have been reduced, the amount of money that someone can save is much lower. Furthermore, some are concerned about the overall health of the state. While there is still a lot of opportunity, there is concern over the slight drop in state population.