Rental prices everywhere are not set in stone and oftentimes they may fluctuate. Landlords in dynamic real estate markets like Chicago often use dynamic pricing strategies to determine rent. There are a lot of seasonal and economic factors that can easily influence Chicago apartment prices either in the upward or downward position.
Some of these factors include;
The theory of supply and demand plays a vital role in determining rent prices.
We all want the economy to be buoyant and vibrant. But the more demand increases for rent, the more the rent prices will also increase. This is why one part of the city may appear more expensive than others. But before you decide to look elsewhere, you have to also decide whether the longer commute to your place of work or school is really worth it.
Seasonal factors and Chicago apartment prices
The season, whether summer or winter can also influence how much rent you pay. The summer, for instance, is often synonymous with higher rent, when you compare it to the winter season. This too, is as a result of the factors of demand and supply, since supply is usually lower in the summer. Your options during this period will be quite limited. This is why many Chicago apartment prices may tilt in the upwards direction during summer.
Renters and homeowners are moving in their droves to places like Streeterville, River North, West Loop, South Loop, Gold Coast, among others for the sheer convenience and abundance of economic opportunities. If you’ve ever searched for apartments near Northwestern University Chicago or any of the areas in these Chicago neighborhoods, you’ll notice how rental prices in these areas tend to fluctuate quite often during different seasons.
Time of the month/week
The time of the month or week, alongside the season may also influence Chicago apartment prices. Most apartment rentals are usually listed at the beginning of the month. The abundance of options during this time may help renters land apartments at lower rent prices.
The opposite is often the case by the end of the month. When it comes to the specific day of the week, Mondays and Fridays are often the best days to land great rental deals. Renting on Tuesdays and Sundays, on the other hand often turn out to be often more expensive.
Dynamic pricing strategies for Chicago apartment prices
The airline industry, as well as Amazon, uses dynamic pricing strategies to set prices.
This system of pricing helps to determine the optimal prices for a specific time and date. While this has been the in-thing in the airline industry for a long time now, dynamic pricing strategies are also enjoying growing popularity among landlords in Chicago and elsewhere.
About 20% of all apartment complexes in the country are believed to be using dynamic pricing software for rental price determination. The flexibility of this pricing strategy may also cause occasional fluctuation for Chicago apartment prices.
Getting the best value
The best time in most cases is to apply for an apartment after the turn of the new year.
And because most people don’t like to move during winter, Chicago apartment prices may be lower during this time. But if you have to move during summer, you may consider signing an 18-month contract so your renewal can be due by winter, in the hope that this may help you land a better deal.
However, this is not always the case. You may still be able to land a great deal even when prices may generally have increased. The truth is no landlord is happy when their unit(s) sitting empty. So you never can tell maybe you’ll be lucky enough to get a sweet deal.
If you’re looking for apartments in Streeterville, River North, West Loop, South Loop, Gold Coast, or any of the surrounding Chicago neighborhoods, you can leverage the robustness of our HuntChicago platform to help you secure a convenient, comfortable, and affordable Chicago apartment for rent.
Our platform helps you discover multiple properties for rent. This makes it possible to compare Chicago apartment prices so you can find the best apartment for your budget.
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