Rents are a supply/demand driven market result. Size, amenities, view, parking, location, age, etc. all determine desirability and thus demand. Supply is fixed in the short run, but vacancy rate is key to predicting the direction of rents.
Naturally, tenants want the lowest possible rents, landlords want more.
JC, at over $2 per square foot, it looks like you are paying over prevailing market rents for Normal Heights. Why? Am curious why this just occurred to you. Did you shop around and compare before moving in?
By all means, move if you can do better. If your landlord is asking above market, he/she will be punished by the market be either having a lengthy vacancy period or frequent move-outs, both expensive results.
The beauty of the market system is that both sides have free will and can make choices.
