Illinois REALTORS targets local barriers to building more housing
Active listings fell 64% in 5 years, permits dropped 13%, and prices rose statewide
The recent data highlighting a 64% drop in active listings over five years and a 13% decrease in permits in Illinois is concerning, especially when coupled with rising prices statewide. This trend suggests that the supply of housing is dwindling at a time when demand likely remains steady, putting upward pressure on prices. For renters, this means less available housing stock to choose from and potentially higher rents as landlords and property owners capitalize on the imbalance.
The Illinois REALTORS' focus on local barriers to building more housing is a step in the right direction. Often, regulatory and bureaucratic hurdles can slow or halt new construction projects. By addressing these issues, the organization aims to increase the housing supply, which can help stabilize or even lower prices over time. For renters, an increase in available housing units could translate to more options and potentially more stable or decreasing rents, providing some relief in a tight market.
As the situation develops, it's essential to watch how effectively Illinois REALTORS and local authorities can work together to remove barriers to new construction. The impact on rental markets will be a key indicator of success. If the initiatives lead to an increase in housing supply, we might see a moderation in rent growth or even a decrease in some areas. Conversely, if progress is slow, renters may continue to face a challenging environment with limited choices and rising costs.
Originally reported by housingwire.com. RentNews adds analysis for real estate & property readers.