WBEZ | Rent http://www.wbez.org/tags/rent Latest from WBEZ Chicago Public Radio en The vast inequality of rental inflation http://www.wbez.org/programs/marketplace/2015-11-06/vast-inequality-rental-inflation-113670 <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/GettyImages-177157869.jpg" alt="" /><p><div><div id="file-294582"><img alt="" id="1" src="http://www.marketplace.org/sites/default/files/styles/primary-image-766x447/public/GettyImages-177157869.jpg?itok=Vi1NOweg" style="height: 362px; width: 620px;" title="An apartment building stands as seen from the Manhattan Bridge in New York City. (Spencer Platt/Getty Images)" typeof="foaf:Image" /><div><div>Rent increases are something the average renter needs like a hole in the head. But according to&nbsp;<a href="http://libertystreeteconomics.newyorkfed.org/2015/11/differences-in-rent-inflation-by-cost-of-housing.html#.Vju36tKrS00">analysis</a>&nbsp;released by the New York Federal reserve, it looks like rent increases have been highest for those least able to pay. &nbsp;&nbsp;</div></div></div></div><div><div id="story-content"><p>For the highest rents in the U.S., rents didn&rsquo;t change much between 2011 and 2013.</p><p>For units with the lowest rents in the U.S. &ndash; places where the poorest Americans live &ndash; average rent inflation was 15.9 percent per year.&nbsp;</p><p>This divide has existed in some way for decades, the NY Fed&rsquo;s data show.</p><p>As with all data, there are many ways to slice it. The most frequently reported rent increase at the top was 1.24 percent, the most frequently reported rent increase at the bottom was three times that, 3.56 percent.&nbsp;</p><p>&ldquo;It&rsquo;s not surprising,&rdquo; said Paul Habibi, lecturer of real estate UCLA. Low rent units don&rsquo;t make much money, he said, &ldquo;so in less affluent communities the rents don&rsquo;t support the cost of new construction.&rdquo;&nbsp;</p><p>Developers build where they can turn a profit. That increases supply, and keeps rents from rising as much. In communities where rents are low, it&#39;s the opposite.&nbsp;</p><p>That parallels the view of economists at the NY Fed, who point out that the source of supply for higher rent units is new construction, whereas the supply of lower-rent units tends to be older, depreciated units.&nbsp;</p><p>&ldquo;For the highest-income quintile,&rdquo; they write, &ldquo;new construction (10.8 million units) is about 2&frac12; times the net increase in housing units (4.3 million units) [between 1989 and 2013]. As one moves down the income distribution, new construction represents a declining share of the net increase in housing units.&rdquo;</p><p>Susan Wachter, professor of real estate at the Wharton School, argues there are additional factors.&nbsp;</p><p>&ldquo;What we&rsquo;ve seen since 2004 is no increase in homeowners,&rdquo; she said, whereas the number of renters has increased by the millions. The lower the income level, the harder it&rsquo;s become to own a home, the more people opt for renting. &nbsp;&ldquo;And that is driving the demand side of this equation,&rdquo; said Wachter. &nbsp;&nbsp;</p><p>&ldquo;Over the time period we&rsquo;re looking at, land prices have gone up and so the land component will be a bigger share of what you pay in rent,&rdquo;&nbsp;said&nbsp;Chris Mayer, professor of real estate at Columbia. For low rent units, land prices already figure prominently in the cost of rent, impacting renters there more. &ldquo;One of the things we&rsquo;ve seen is in places like New York and Boston, low income people have in particular seen their share of income in rent grow a lot,&rdquo; said Mayer, &ldquo;so that&rsquo;s consistent with the idea that in some of these coastal markets where we&rsquo;ve seen sharp increases in real estate and in land prices, that also disproportionately burdens low income renters.&rdquo;</p><p>The NY Fed&rsquo;s numbers, he said, emphasize something many people already know: &ldquo;There&rsquo;s this group of people in this country who are facing really significant challenges, and this study adds to the evidence. &ldquo;</p><p>&mdash;<a href="http://www.marketplace.org/topics/wealth-poverty/vast-inequality-rental-inflation" target="_blank"><em> via Marketplace</em></a></p></div></div><p>&nbsp;</p></p> Fri, 06 Nov 2015 10:02:00 -0600 http://www.wbez.org/programs/marketplace/2015-11-06/vast-inequality-rental-inflation-113670 Housing advocates warn property tax hike could speed gentrification http://www.wbez.org/news/housing-advocates-warn-property-tax-hike-could-speed-gentrification-113542 <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/AffordableRent.jpg" alt="" /><p><div><p dir="ltr"><em>Updated October 30, 2015 to include new information from the city&#39;s budget office and the Community Investment Corporation.</em></p><p dir="ltr">Residents, landlords and community organizers are warning that Mayor Rahm Emanuel&rsquo;s property tax hike will accelerate gentrification on Chicago&rsquo;s Northwest side.</p><p dir="ltr">The City Council overwhelmingly approved the mayor&rsquo;s budget on Wednesday, including an incremental $543 million property tax increase slated for police and fire pensions. An additional $45 million annual property tax hike was approved for school construction and modernization projections.</p><p dir="ltr">The coalition group Communities United based its analysis on Census data and a survey of seven owners of two-flat buildings in Northwest Side neighborhoods. It concludes that the higher assessments will drive low-income renters out of Albany Park, Belmont Cragin and Lincoln Square, because building owners will most likely pass the additional cost on to their tenants.</p><div>&ldquo;Renters will be pushed out of their homes, and Chicago&rsquo;s Northwest side will continue to become a place that is only accessible to those who have very deep pockets,&rdquo; said Alderman Carlos Ramirez-Rosa (35th).</div><div>&nbsp;</div><div>But during the vote on Wednesday fellow Northwest side alderman Pat O&rsquo;Connor (40), the mayor&rsquo;s floor leader, argued that the property tax was necessary to avoid cutting critical services. &ldquo;Clearly our city will decay and will denigrate and our services will be severely hampered if we do not take the appropriate steps,&rdquo; O&rsquo;Connor said.</div><div>&nbsp;</div><div>According to the <a href="http://communitiesunited.org/sites/apncorganizing.org/files/The%20City%20That%20Works%E2%80%A6For%20Who%3F%20Final%2010.28.15.pdf">study</a>, the pinch will be felt most acutely by tenants of small, multi-unit &nbsp;buildings, which comprise roughly one-third of the city&rsquo;s rental housing stock.</div><div>&nbsp;</div><div>&ldquo;Rents in these two- to four-flats could go up as much as $50 to $100 a month,&rdquo; said Diane Limas, board chair of Communities United.</div><div>&nbsp;</div><div>However, the city&rsquo;s budget office disputes the numbers and directed WBEZ to a brief by the <a href="http://www.preservationcompact.org/wp-content/uploads/Property-Tax-Increase-Impact-on-Affordable-Rental-Housing-2015.pdf">Community Investment Corporation</a>, which found that property owners would likely experience a tax increase of $10-$20 per unit in low- and moderate-income neighborhoods. In wealthier neighborhoods, the analysis found that landlords would be more likely to pass on the increase to their tenants, but that it would remain &ldquo;modest,&rdquo; at $15 or less per unit.</div><div>&nbsp;</div><div>In a written statement, city officials noted that a rental property would have to be worth roughly $520,000 if it were to see a property tax hike of $1,200 a year. &ldquo;The communities united (sic) case study suggests a property that is&hellip; nearly two and a half (sic) times more valuable than the median 2-6 apartment flat in the city,&rdquo; it said. &ldquo;Approximately half of the wards on the North/Northwest side have an average assessed value for 2-6 flat that is at or near the citywide average.&rdquo;</div><div>&nbsp;</div><div>Stacie Young, Director of the Preservation Compact, which released the CIC report, said the rent increase estimate from Communities United&rsquo;s study sounded too high. &ldquo;But it depends on whether they&rsquo;re looking at an increase in the assessed valuation of the areas,&rdquo; she added, noting that property values in some parts of the Northwest Side have been increasing over the years.</div></div><div><p><em>Odette Yousef is WBEZ&rsquo;s North Side Bureau reporter. Follow her <a href="https://twitter.com/oyousef" target="_blank">@oyousef </a>and <a href="https://twitter.com/wbezoutloud">@WBEZoutloud</a>.</em></p></div><p>&nbsp;</p></p> Wed, 28 Oct 2015 13:36:00 -0500 http://www.wbez.org/news/housing-advocates-warn-property-tax-hike-could-speed-gentrification-113542 Morning Shift: Celebrating the annoying music of Jim Nayder http://www.wbez.org/programs/morning-shift-tony-sarabia/2013-07-01/morning-shift-celebrating-annoying-music-jim-nayder <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/Jim_Nayder-timeoutchicago.com_.jpg" alt="" /><p><p>Hot Doug&#39;s owner Doug Sohn chats up Tony about his new book, Hot Doug&#39;s: The Book, and how he refined America&#39;s favorite tubular meat. Chicago magazine&#39;s Dennis Rodkin explains how immigrants can boost area home values, according to research done at Duke University.</p><script src="//storify.com/WBEZ/morning-shift-hot-doug-s-and-houses.js?header=false"></script><noscript>[<a href="//storify.com/WBEZ/morning-shift-hot-doug-s-and-houses" target="_blank">View the story "Morning Shift: Celebrating the annoying music of Jim Nayder" on Storify</a>]</noscript></p> Mon, 01 Jul 2013 08:34:00 -0500 http://www.wbez.org/programs/morning-shift-tony-sarabia/2013-07-01/morning-shift-celebrating-annoying-music-jim-nayder Daily Rehearsal: 'Rent' on http://www.wbez.org/blogs/onstagebackstage/2012-06/daily-rehearsal-rent-99740 <p><p><span style="font-size:14px;"><span style="font-family: georgia, serif; "><strong>- Nina Metz <a href="http://www.chicagotribune.com/entertainment/ct-mov-0601-riverfront-theater-20120601,0,1447605.story">throws down</a></strong></span></span> about the new Riverfront Theater. It sounds like an all-together pleasant experience, but be warned: &quot;The intersection of Chicago Avenue and Halsted Street is not, if we&#39;re being frank, one of the city&#39;s more picturesque stretches.&quot;</p><p><span style="font-size:14px;"><span style="font-family: georgia, serif; "><strong>- The Goodman will be doing staged readings</strong></span></span> for its residency program<a href="http://www.wbez.org/blog/onstagebackstage/2011-10-12/daily-rehearsal-playwright-unit-participants-announced-93089"> Playwrights Unit</a> June 15-17; expect&nbsp;<em>The Solid Sand Below</em>&nbsp;by&nbsp;Martín Zimmerman,&nbsp;<em>Work of Art</em>&nbsp;by&nbsp;Elaine Romero,&nbsp;<em>Stutter</em>&nbsp;by&nbsp;Philip Dawkins&nbsp;and&nbsp;<em>For Her as a Piano</em>&nbsp;by&nbsp;Nambi &nbsp;E. Kelley. The readings are free, but require reservations, which can be obtained by going to their website of course.</p><p><img alt="" class="image-original_image" src="http://www.wbez.org/system/files/styles/original_image/llo/insert-images/nowplay.jpeg" style="float: left; width: 300px; height: 144px; " title="" /><span style="font-size:14px;"><span style="font-family: georgia, serif; "><strong>- Chicago Theatre Off Book is having a bowling party</strong></span></span>, where you can win tickets to Crowns at the Goodman. It&#39;s July 1 at Timber Lanes, but $100 a lane so make sure you have some friends so you can <a href="http://chicagoindieradio.org/chirplog/2606/chicago-theatre-off-book-june-1-2012-ed">beat the pants</a> off of theater companies like Oracle, Mortar and the Goodman themselves.</p><p><span style="font-size:14px;"><span style="font-family: georgia, serif; "><strong>- ATC has extended <em>Rent</em> </strong></span></span>through July 1. For a glimpse at two very different -- and hilarious -- opinions about this particular production from the common man, head over to <a href="http://www.chicagoreader.com/chicago/rent/Event?oid=6088850">the event listing</a> at the <em>Chicago Reader</em>.</p><p>Questions? Tips? Email <a href="mailto:kdries@wbez.org">kdries@wbez.org</a>.</p></p> Fri, 01 Jun 2012 12:44:00 -0500 http://www.wbez.org/blogs/onstagebackstage/2012-06/daily-rehearsal-rent-99740 In housing slump, more opting to rent http://www.wbez.org/blogs/bez/2012-05/housing-slump-more-opting-rent-99083 <p><p><img alt="" class="image-original_image" src="http://www.wbez.org/system/files/styles/original_image/llo/insert-images/aqua%20tower_0%20%28flickr.vincent%29.jpg" style="float: left; width: 266px; height: 400px; " title="Luxury rentals are a growing market in Chicago. (Flickr/vincent)">For the first time in the U.S. since the 1980s, it’s cheaper to buy a home than it is to rent. You’d think that would be cause enough for bargain hunters to buy up cheap, undervalued properties, but according to Aaron Galvin, the owner of <a href="http://www.luxurychicagoapartments.com/" target="_blank">Luxury Living Chicago</a>, many would-be homeowners have hesitated. “People still don’t think they’ve seen the bottom,” he said.</p><p>Local numbers certainly bear that out. More than half of homes sold in the Chicago area are sold at a loss. With prices so low, ownership is no longer the cash cow it was in the boom years. In an anemic economic recovery, many Americans don’t know where they’ll be in five years, let alone the ten or more it would take to sell a home at a profit. Banks, burned from the foreclosure mess, are reluctant to loan.</p><p>Given the risks of home ownership, renting is no longer just the province of young people and the poor. Galvin, who focuses on upper income neighborhoods like Chicago’s Streeterville and the Gold Coast, says it's not uncommon for him to get 30 to 40 phone calls a day from people asking for advice on whether to rent or buy.</p><p>With more and more Americans delaying or eschewing home ownership altogether, Dennis Rodkin, the <a href="http://www.chicagomag.com/Radar/Deal-Estate/" target="_blank"><em>Deal Estate</em></a> columnist for <em>Chicago </em>magazine, sees another worrisome trend: rising rents. “There’s a dearth of affordable rentals,” he said. Scarcity will likely intensify, as developers cater to the growing luxury rental market.</p><p>On Monday's&nbsp;<em>Eight Forty-Eight</em>, Galvin and Rodkin break down the pluses and minuses of renting and buying in today’s market. To share your story live, call <strong>312.923.9239</strong>.</p></p> Mon, 14 May 2012 08:00:00 -0500 http://www.wbez.org/blogs/bez/2012-05/housing-slump-more-opting-rent-99083 Daily Rehearsal: The RedEye takes a tip from TimeOut http://www.wbez.org/blog/onstagebackstage/2011-10-19/daily-rehearsal-redeye-takes-tip-timeout-93290 <img typeof="foaf:Image" src="http://llnw.wbez.org//blog/photo/2011-October/2011-10-19/9498.jpg" alt="" /><p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>1. <em>Doyle and Debbie</em> are doing quite well in Chicago</strong></span></span>. Of their show,&nbsp;<a href="http://www.chicagotribune.com/entertainment/theater/theaterloop/ct-ent-1019-doyle-review-20111018,0,7957134.column">Chris Jones wrote that</a>&nbsp;"the last time I laughed anywhere close to this hard was at <em>The Book of Mormon</em>," (which wasn't <a href="http://leisureblogs.chicagotribune.com/the_theater_loop/2011/03/book-of-mormon-broadway-review-south-park.html">that long ago</a>, but okay). And <a href="http://www.suntimes.com/entertainment/stage/8283619-421/doyle-debbie-show-will-wow-your-socks-off.html">Hedy Weiss said</a> that the show threw "every preconceived notion" she had about the South and country music "right out the trailer window."&nbsp;</p><p><img alt="" src="http://llnw.wbez.org/blog/insert-image/2011-October/2011-10-19/9498.jpg" style="margin: 10px; float: left; width: 300px; height: 314px;" title=""><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>2. Kris Vire <a href="http://twitter.com/#%21/krisvire/status/126766839043854336">points out</a> that the <em>RedEye</em></strong></span></span> seems to have cribbed a bit of their "<a href="http://twitter.com/#%21/krisvire/status/126766839043854336">who's new in Chicago theater</a>" from his <a href="http://timeoutchicago.com/arts-culture/theater/14917357/the-new-guard-of-local-theater">recent piece</a> on the same topic.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>3.&nbsp;LiveWire Chicago Theatre’s 2011-12 season</strong></span></span> starts up in November with the Chicago premiere of <em>A Bright New Boise</em>, which perhaps takes place entirely in the break-room of a <a href="http://www.hobbylobby.com/">Hobby Lobby</a>? Also, raise your hand if you even know what a Hobby Lobby is.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>4. <em>The Caretaker</em> at&nbsp;Writers’ Theatre</strong></span></span> also opens in November. "When Aston brings Davies, a fast talking tramp, to his cramped home full of odds and ends, offering him a bed and a much needed place to get on his feet, Davies quickly realizes that Aston and his brother Mick have a very different take on the world around them. From Aston’s half finished “projects” to Mick’s grand plans for the future, the three become an unlikely trio trying desperately to connect to one another but always missing the mark." This sounds mildly like the plot of <em>Lady and the Tramp</em>.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>5. <a href="http://timeoutchicago.com/things-to-do/promotions/14986731/enter-to-win-tickets-and-a-meet-and-greet-with-adam-pascal-and-anth">Win two tickets</a> to see the original&nbsp;<em>Rent</em>'s</strong></span></span><em>&nbsp;</em>Adam Pascal and Anthony Rapp at the North Shore Center on Saturday. They'll perform and share stories, and you YES you will get to meet them.</p><p>Questions? Tips? Email <a href="mailto:kdries@wbez.org">kdries@wbez.org</a>.</p></p> Wed, 19 Oct 2011 18:20:00 -0500 http://www.wbez.org/blog/onstagebackstage/2011-10-19/daily-rehearsal-redeye-takes-tip-timeout-93290 Daily Rehearsal: 'The Great Fire' burns Chicago again http://www.wbez.org/blog/onstagebackstage/2011-09-26/daily-rehearsal-great-fire-burns-chicago-again-92456 <img typeof="foaf:Image" src="http://llnw.wbez.org//blog/photo/2011-September/2011-09-26/GreatFire_602x262_080811.jpg" alt="" /><p><p><img alt="" src="http://llnw.wbez.org/blog/insert-image/2011-September/2011-09-26/GreatFire_602x262_080811.jpg" style="margin: 10px; float: left; width: 350px; height: 152px;" title=""><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>1. What you might not know about Lookingglass</strong></span></span>' <a href="http://www.lookingglasstheatre.org/content/box_office/the_great_fire"><em>The Great Fire</em></a>, currently in previews, is that part of the set is this super cool bookshelf that kind of has a life of it's own, and is BURNING UP the place (no, it's not, that's a terrible, terrible pun). This bookshelf, a feat of engineering by set and prop designers John Dalton and Joel Lambie, does some stuff normal bookshelves might not do, but it's also causing a bit of a headache for the crew. See it to believe it, I'm not giving it all away.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>2. David Cromer has officially <a href="http://www.chicagotribune.com/entertainment/theater/theaterloop/chi-cromer-is-coming-back-to-chicago-for-rent-20110923,0,156142.column">signed on to direct <em>Rent</em></a></strong></span></span>, except you have a long while to wait; the production doesn't open until June, which for uber-<em>Rent </em>fans, is basically 525,600 minutes aka, a long time.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>3. <em>Chicago Live!</em> has a brand-new season</strong></span></span> for ya, which includes highlights like the Human Rhythm Project in November, and the co-founder of <em>Louder Than A Bomb</em> Kevin Coval. The fall season runs for six weeks, and starts October 13.</p><p><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>4. Brinkenbrak's got <em><a href="http://www.brikenbrak.org/alive.html">Alive </a>coming </em>in October</strong></span></span>, and I'm going to be real, I don't know much else about it, save that their website looks pretty scary. When the casting call went out, Brikenbrak was looking for a few people to join them "for this unique, immersive Halloween experience." And, it's a very intimate -- the theater holds only 10 people -- so maybe bring a date and cozy up while you're frightened out of your mind?</p><p><img alt="" class="caption" src="http://llnw.wbez.org/blog/insert-image/2011-September/2011-09-26/theandrewsbrothers.jpg" style="margin: 10px; float: right; width: 300px; height: 156px;" title="Matt Edmonds, James Nedrud and Patrick Tierney as the Andrews Brothers"><span style="font-size: 14px;"><span style="font-family: georgia,serif;"><strong>5. Head to Arlington Heights to see <a href="http://www.metropolisarts.com/index.php/fuseaction/show.details/showid/242/the-andrews-brothers.html">The Andrews Brothers</a></strong></span></span> perform at the Metropolis Performing Arts Centre. These "brothers" take one part mid-century crossdressing and another part "the show must go on" mentality for this, I guess you could say zany?, show. "Deemed unfit for military service but desperate to help in the war effort, Lawrence, Patrick and Max Andrews decide to be stage hands for the USO show at Fort Kittylock, hoping to one day perform themselves," says the press release. "They’re all set to run the lights and move scenery for the big Andrews Sisters’ show when they get word that the Sisters have caught the chicken pox and won’t be performing. Not wanting to let their soldiers down, the Brothers squeeze into nylons, throw on wigs and give those boys a show they won’t soon forget."</p><p>Questions? Tips? Email <a href="mailto:kdries@wbez.org">kdries@wbez.org</a>.</p></p> Mon, 26 Sep 2011 14:05:00 -0500 http://www.wbez.org/blog/onstagebackstage/2011-09-26/daily-rehearsal-great-fire-burns-chicago-again-92456