(The Center Square) – A recent study found that Chicago renters are facing some of the steepest increases in the nation, but one central Illinois community is getting hit even harder.
The report by ConsumerAffairs focused on the 70 most-populous cities in the U.S. Researchers found that Chicagoans faced the ninth-highest rent inflation, with a 5.4% increase from 2023 to 2024.
ConsumerAffairs specialist Brooklyn Bannister said one city in the state had a much more dramatic jump.
“Bloomington has the most significant jump in Illinois in our study, with rent increases of 11.6%,” Bannister told The Center Square.
Bannister said Bloomington’s median rent went from $1,194 in 2023 to $1,332 in 2024. The average increase nationally was 3.4%.
“As the cost of living increases, landlords may raise rent to cover higher expenses for property, maintenance, taxes, insurance and utilities as well. Another cause might be high demand and low supply,” Bannister explained.
Bannister said Chicago rents have gone up 27% since the COVID-19 pandemic began in 2020.
Aria Real Estate managing broker Roman Serra cited supply and demand.
“There’s an imbalance between the units that we have available on market or in the near future,” Serra said.
Serra also pointed to high property taxes.
“Our government, the local government here in Chicago, they never seem to spend less money. It’s only about collecting more,” Serra said.
In turn, Serra said, property owners have to raise rents to covers costs.
“People that can provide the most affordable units, not affordable housing but truly affordable units, are long-term owners. And when the long-term owners are being squeezed with high property taxes, they have an inability to keep rents low. They have to raise the rents in order to cover costs of owning the property and maintaining it,” Serra explained.
Property owners are facing a challenging time, Serra said.
“You want to keep your tenants in place that have been paying the rent on time and have been good tenants, but you’re faced with extreme costs involved in holding onto the property, so therefore the rents have to go up, no matter what,” Serra said.
Recent studies have found that Illinois has the second-highest property taxes in the U.S. and the highest overall tax burden in the nation.
Bannister said long-term solutions are complex but necessary. She said there may be immediate help available for some renters.
“If you’re struggling with rent prices in Illinois, check if you can apply for programs called ‘Emergency Rental Assistance,’ which helps with costs. Also, connecting with local tenant groups like Renters Rising can provide support and resources to fight unfair increases,” Bannister suggested.
