Continuing the trend from last quarter, Chicago remains out of the top 10 markets this fall. According to our most recent national rent report, Chicago was the 13th most expensive rental market. One bedroom prices in this city dropped 5% to $1,510 while two bedroom rent increased 2.8% to $2,200. Rents for one and two bedrooms are down 13.7% and 15.7%, respectively, from this time last year. This steady downturn in prices the last few months is most likely due to the influx of newer apartment buildings with move in specials and an overall increase in inventory.
(Note: This rent map is interactive so you can zoom and hover over hoods and the legend for more info)
While Douglas and Mount Greenwood had some of the fastest growing rents since last quarter, both up around 12%, Montclare and Mckinley Park saw the biggest rent dips, both down over 12%.
Though Greektown, West Loop, and River North were the most expensive neighborhoods to rent this fall, all above the $2,000 threshold, Loop, Streeterville, and Printers Row were other notably pricy areas as well. More affordable rentals, priced at less than $1,300, could be found in Hyde Park, Kenwood, and Andersonville.
If you want to see how the price of apartments for rent in Chicago compares with the rest of the nation’s, view our National Rent Report for September, which analyzes over 1 million active listings available in the prior month.
To keep up to date with rent changes across the country, like or follow Zumper on Facebook, Gazouillement, Pinterest, and Instagram. In the market for a new place? Search all apartments for rent in Chicago on Zumper now.
For a more in-depth look into how and why we calculate our rental data, check out our methodology post here.
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