In 2018, the median value of car rentals in Chicago jumped from $1,500 to $2,500, according to data from real estate agent Zillow.
The rental market was even better in 2019, with a median value at $2.7 million, according, to Zillows data.
The median rental price in Chicago increased by over 25% in 2019 and more than 20% in 2020.
The top five rental companies to rent cars in Chicago were: The Hertz brand: $2 million to $3 million in Chicago, $3.2 million in Los Angeles, $2 to $5 million in San Francisco, $4.5 million to 6.5 percent in Los Angles, and $6 million in Dallas.
AutoNation: $1 million to 5 million in South Bend, Indiana, $1.8 million in Omaha, Nebraska, $932,000 in Indianapolis, and more in Austin.
Hertz: $4 million to 10 million in Indianapolis and Chicago, and a $4 to $8 million market in Nashville.
The companies declined by almost half in 2020, according a Zillowing report, while rents increased by nearly 15%.
In 2021, the five most expensive cities to rent a car in Chicago are: South Bend: $5.5 to $6.8 thousand in Chicago; $6 to $7.2 thousand in Indianapolis; $7 to $9.4 thousand in San Antonio.
Omaha: $8.5 thousand in Omaha and a staggering $18 million in Detroit.
Chicago: $9 million in Bloomington, Minnesota and a whopping $38 million in Milwaukee.
As you can see, the rental market in Chicago was great, but it’s not as great as it was in 2019.
The biggest drivers for rental prices in the city are the rise of the millennial population, which is a big factor.
In 2021 and 2020, millennials were the most-expensive generation, with the median age of the cohort rising from 20 to 29.
The millennial generation also experienced a significant drop in rental prices over the last two years.
The drop in rent prices in 2021 and 2018 was largely due to the growth of home prices, which dropped by about 3% from a median of $139,000 to $135,000 for the millennial cohort in 2021, according Zillower.
The number of millennials renting out their homes has also risen, especially in Chicago.
The average age of renters in Chicago rose from 20.5 in 2021 to 21.1 in 2020 to 23.2 in 2021.
The percentage of millennials renters in the area rose from 28% to 33%, and there were more than 2,200 millennials in Chicago in 2021 compared to 2,087 millennials in 2020 according to Zellow.
However, the numbers were far lower in 2020 than in 2019: 3% of millennials were renters in 2020 compared to 12% in 2021 according to Census Bureau data.
What’s Next for Chicago?
In 2019, the millennial homeownership rate in Chicago reached an all-time high of 57%, according to a report from the American Association of Retired Persons.
The report said that the millennial generation is the most affluent generation in the country, and is poised to create more wealth and better health outcomes for their children than previous generations.
There are signs that the housing crisis in Chicago is beginning to ease.
The rate of home foreclosures in Chicago dropped by 17% in the second quarter of 2019, according the Chicago Board of Realtors.
The housing market has improved, and the city’s median price for new homes fell 3.5% in 2018 from a year earlier, according Census Bureau.
But the unemployment rate, which rose to 8.4% in January 2018, has remained steady.
And the number of Chicagoans who are out of work rose to 7.5%.
What will be the next wave of the rental crisis?
According to Zilow, rents will continue to rise.
The real estate industry in Chicago has been able to capitalize on the growing housing market by reducing the cost of living and offering affordable prices.
But in the next year, renters will continue their quest for quality, affordable housing in Chicago’s suburbs.
The city will have to figure out how to attract more millennials to the city.
The next wave is likely to be younger and less likely to rent, Zillowski said.
The millennials are a key demographic that will drive the market in the suburbs, Zilowski said, and they are becoming a larger share of the workforce.
But there are still too many young people living in the Chicago suburbs who are not renting and can’t afford the cost.