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Chicagoans Spent Over $14 Billion on Rent in 2014

For many Chicagoans, the first of the month means parting ways with a large chunk of their paycheck to cover their rent. And last year Chicago residents gave $14.3 billion to their landlords according to numbers from Zillow. This year's numbers represent a 7.4% increase over last year. And though seven and half percent might not seem like much, it represents a nearly $1 billion growth over last year. According to Zillow, the average monthly change in rent for Chicagoans was $50, meaning that many residents spent about $600 more on rent this year than in 2013. As the real estate market in the Windy City rebounds, more and more developers are focusing on building new apartments instead of condominiums, so it will not be surprising at all to see this number increase during 2015.
·U.S. Renters Paid $441 Billion in Rent in 2014, Up Nearly $21 Billion Since 2013 [Zillow]
·Rent hike: Chicago-area landlords took in $14.3 billion in 2014 [Tribune]