Americans are on the move and those moves are affecting rent prices in Illinois and across the country.
Over the past two years, people have moved from the big cities to the suburbs.
Analysts QuoteAssistant found that the redesign had altered the number of available apartments in nearly every state, creating a significant supply and demand problem that reversed long-standing rental price trends.
“With remote working, with lower prices to live in the suburbs, you don’t have to live in the city anymore, âsaid Nick Vin Zant, analyst at QuoteWizard. âYou can get income from the city to pay for the prices of suburban housing. “
There are more apartments available in Illinois than two years ago, and rental prices have fallen by more than 6%, according to an analysis by QuoteWizard.
Major cities such as Chicago, New York and Los Angeles have seen a 50-400% increase in their number of rental properties available.
Since 2019, the vacancy rate has declined 60% in less populous states and increased 175% in more populous ones.
Apartment vacancy rates vary across the country. The number of available apartments has declined by more than 50% in Nevada, Vermont and Delaware. Indiana, New Jersey and Massachusetts have seen the number of available rental properties increase by more than 70 percent each.
Vin Zant said he doesn’t see migration out of town changing anytime soon.
“I think we’re going to continue to see more and more people moving out of urban centers and settling in the suburbs for at least the next two years, âhe said.
As people move, rental prices go down. Rents among the most expensive U.S. cities have fallen 16.3% since the start of the pandemic, according to apartment rental site Zumper.