How does Chicago Rent Compare to Other Cities
Reports have shown that Chicago is losing its people who are moving to other cities. The question is where are they moving to and why?
Chicago has been losing its affordable rental units thanks to the privatization of public housing and gentrification that are making housing less affordable to many of its residents, not to mention the fact that the city is also subsidizing developers to build luxury condos via Tax Increment Financing (TIF) schemes that give them money to build.
Chicago News will take a closer look next week at whether or not subsidizing developers via the TIFs is beneficial to the Windy City’s economic development.
But when it comes to living in a magnetic city along the lake, Chicago still offers more bang for your rental buck when compared to other cities around the country.
For $1,500 you can rent 600 sq. ft. here, more than in Washington D.C. and Los Angeles and two times more than in San Francisco or Manhattan.
“If you’re looking for more space in a magnetic city in the U.S., then Chicago is your best bet,” stated Rentcafe.com, a real estate company.
The company looked at all the different cities and how they compared in terms of rent. Istanbul, Turkey is the king of living space, where you get 1,899 sq. ft. for that $1,500, while San Francisco gets you only 316 sq. ft. Berlin or Vienna, on the other hand, can you get you space for that same price that is three to five times bigger.
Shanghai and Beijing in China, Berlin, Germany and Seoul, Korea also are among the more affordable places to rent.
London, Paris, Zurich and Geneva were right next to San Francisco as the highest-priced cities for rent, according to the report.
As more people work online and no longer need to commute to an office each day, some people will pack up and live in the city they always dreamed of, and can afford, while working away on their computer, only a mouse click away from the client.