Why are rents getting so high higher than owning? its crazy in chicago how expensive rents are.?

Yes- I've watched that house flipping show from Chicago and it's insane how much money they get, especially for a property that they've redone to be apartments. It's true in a lot of cities- regardless of what people on this board say about cities in general and Chicago specifically, a lot of people want to live there, and that demand drives prices up. I know someone who moved from my area to Chicago and lives downtown. She loves it- so much to do--- except that she's not crazy about the snow. Where I live, housing is still very affordable.

Just like housing went bust i think now rents are going to go Busts. lol not everyone can afford a home . taxes are a killer for landlords

Rents are set by supply and demand. A lot of people are too financially immature to be able to buy due to lack of a down payment or credit rating issues.

It's OK because anybody who actually WANTS to live in Chicago is Crazy to begin with.