(The Center Square) – A new Chicago Rental Market Trends report finds that average rental apartment prices across the city spiked to 19% higher than the national average in May, leaving residents here paying an average of $3,780 more in housing costs on an annual basis than anywhere else in the country.
Illinois Policy Institute Director of Fiscal and Economic Research Bryce Hill said Chicago residents everywhere are paying the price for the city’s rising rental apartment prices.
“The first two things that come to mind when it comes to why housing is so expensive in Chicago are, one, property taxes,” Hill told The Center Square. “Those are costs that are borne not only by homeowners who occupy their own homes but also by renters.”…