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Chicago’s the Most Sought-After Rental Market in U.S.
Good news for Chicago’s rental apartment landlords: the city is currently the most sought-after rental market in the U.S. So says HotPads, a unit of Zillow, which ranked Chicago above Los Angeles, Atlanta and its hometown of Seattle.
HotPads ranked the top 50 metro areas based on the share of rent searches that are local, and how often they appeared as a top search destination for renters relocating from other areas. Eighty-six percent of home and apartment searches in Chicago come from locals, according to HotPads, while the city also tops the index for searches from out of town.
Chicago is also more affordably-priced for renters than second-ranked L.A., according to Zillow. Renters in Chicago spend 28% of their monthly income on rent, compared to 48% in L.A.
The city is also on the slower side in terms of year-over-year rent growth: 2.1%, compared to 6.6% for Phoenix.
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- ◦Economy

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