Why more renters are moving to the suburbs

Are you looking for a place to rent in or around the Chicago area? Consider joining the millions of renters across the county who have taken to the suburbs.

Traditionally, people rent in the big cities and buy a home in the suburbs. But this trend has recently been changing, as shown in a 2016 study by Capital One and New York University’s Furman Center for Real Estate. The study indicated that renters in the suburbs have grown significantly more than their counterparts in the cities.

The reversal in trend mirrors what is happening in property values. For the longest time, home values in suburban communities have been higher than those within the city limits. But a 2016 study by Zillow indicates that urban home prices have overtaken those in the suburbs.

Lower costs in suburbs

The increasing demand for housing in the cities has resulted in escalating rental costs, which makes renting in suburbs a more attractive option. Additionally, in the suburbs, you will find a number of single-family homes that have been put up for rent as a result of the recent housing bubble.

According to Trulia’s heat map, the median rental prices in the Chicago Metropolitan Area range from $1,211 to around $2,056 per bedroom. In the northern suburbs like Arlington Heights, Schaumburg, Hoffman Estates, and Elmhurst, the median rental prices range from $600 to around $750 per bedroom.

In fact, with prices being are significantly lower in the suburbs, renters may even opt to buy a home. Illinois REALTORS®, an association with 44,000 members, reports that in April 2017, homes in Chicago sold for $297,150 compared to the state median price of $200,000.

More reasons to move to the suburbs

Whether you’re thinking of renting or buying, there are other factors that make moving to the suburbs a better option.

• • More open spaces
    If you love pets, finding a pet-friendly apartment in the city could be a problem. Not so in the suburbs, especially if you live in a single-family home. You will also likely be surrounded by plenty of parks and open spaces where your pet can move around with more freedom.More open spaces are also great for kids. With more parks, playgrounds, and sports fields, you and your children (including the pooch) will have more space for fun and play.
• • Generally safer
    The 2014 FBI crime statistics show that major cities in all metropolitan areas had double the property crime rate than suburban areas, and 2.5 times more violent crimes.

• • More schools
    Suburbs offer more school choices than cities, which is a big advantage if you’re raising school-age children. A 2016 study by Realtor.com showed that about 11% of suburban home listings mentioned schools among the top amenities in the area, compared to only 6% of urban home listings.
  • Healthier environment With less green spaces, more polluted air, and denser neighborhoods and facilities, urban areas pose more health threats to residents than their suburban counterparts. The reduced amount of stress associated with suburban living makes for good health and better well being.