August is upon us, so now is a great time to grab your clubs and enjoy a few rounds of golf with your favorite folks. Summer in Chicago is ideal for sports lovers, with our abundance of natural beauty and riveting skyline vistas. 

There's no question that the nation has been experiencing a boom in home remodeling over the past two years. According to the Joint Center for Housing Studies of Harvard University's Leading Indicator of Remodeling Activity, the nation has been experiencing red-hot growth in remodeling activity that is not expected to ease until the end of 2022 or beginning of 2023. Among midwesterners, more than half of homeowners report plans to take on some kind of home renovation project. This remodeling boom has been driven by a number of factors, and has continued even as inflation and supply chain shortages have driven construction costs to unprecedented levels. And although the unprecedented pace of renovations is expected to slow, renovations are expected to remain popular among homeowners. 

With this trend continuing, what do homeowners and buyers need to know about the renovation boom and its effects on the Chicagoland housing market?

While it's a hot seller's market right now, prospective home buyers still have their lists of must-have features. The perfect location, an open floor plan, and updated kitchens and bathrooms are all in high demand — as is plenty of accessible storage space throughout.

Well-lit and beautifully organized closets are a great way to add value to your property as well as functionality. 

The recent surge in inflation has touched every aspect of our lives, increasing the cost of household goods, food, and even the cost of rent. In fact, rents are climbing fast in Chicagoland, with rent in Chicago increasing by 11% over just 5 months, and rents climbing by more than 10% in Chicagoland's suburbs.