Lots of new market trends emerged from the pandemic. From increased puppy adoption to Peloton purchases, many products and industries saw a boost this year. One key market trend in the rental market has been absorption of 2 beds. In addition to expected 2 bedroom absorption, here are some reasons explaining where the increased demand came from over this past year.
One Place for All Needs
In 2020, home needed to serve as the office, gym, and recreation space. For many, having their home office and “chill space” be in the same area felt exhausting. Even occupants who lived alone felt a need for 2 beds to have an additional bedroom to serve as a designated office or personal space to create a sense of work-life separation.
Companionship and Additional Occupants
The pandemic highlighted the importance of quarantine companionship. For some people that meant moving in with another occupant and for others that meant adopting a pet. Either way, many renters have been looking for more space to accommodate the fact that they are no longer living alone.
Many renters with travel based jobs, like consultants, leased studio apartments thinking they would only be home on weekends. However, with decreased travel, some of those same renters are opting for more living space.
Looking for luxury 2 beds for rent near downtown Chicago? Contact us today! One of our neighborhood experts will be happy to answer your questions and guide you in your search. We are now offering in person, virtual, and self guided apartment tours. Be sure to ask about move in specials, including available free rent concessions!