Chicago Rents By Neighborhood

Chicago Rents By Neighborhood

This guest post was submitted by Zumper, which operates a search site for apartment rentals. I found their Chicago rental data by neighborhood interesting so I thought I would have them share it.

Zumper recently finished a set of infographics on Median 1 bedroom rents in Chicago for May. We compared our results to our previous infographic from March. 
Chicago-March-1-BR
 

Obviously there are huge differences in rents between the central areas of the city and the outlying areas but only some of this difference is due to the location. The rest is due to differences in the quality of the apartments. No doubt Loop apartments will be much nicer than Humboldt Park apartments.

Here were the top five most expensive neighborhoods to rent a one bedroom in March
  1. Near North Side ($1925)
  2. The Loop ($1900)
  3. Near West Side ($1760)
  4. West Town & Near South Side ($1750)
  5. Lower West Side ($1360)
 Chicago-May-1-BR
Here are the top five most expensive neighborhoods to rent a one bedroom for May:
  1. The Loop ($1940)
  2. Near North Side ($1905)
  3. Near West Side ($1840)
  4. Near South Side ($1740)
  5. West Town ($1700)

Prices have gone up since March, but Near North Side & West Town came down just a little bit. As predicted by The Chicago Tribune last November, prices have risen and will continue to do, especially downtown (since that's where the demand is). With that in mind, it's smarter for renters on a budget to include alternative neighborhoods in their search from those listed above, or find roommates to divide up the rent. Overall, it'll be interesting to see how the market will change at the end of summer.

Chicago Rents For 2 Bedroom Apartments

Zumper also created an infographic for 2 bedroom apartments in Chicago that shows the rents by neighborhood for May. As is the case with 1 bedroom apartments, the central areas are more expensive.

Chicago-May-2-BR

About Zumper:

Zumper is a VC-backed search site for apartment rentals focused on maintaining the highest level of listing accuracy by doing real-time updates and working with vetted brokers and landlords. Zumper is used by financially qualified renters to locate apartments quickly and efficiently.

ZumperPro is the fastest mobile & desktop posting tools for generating flyers for Craigslist along with posting to Zumper. You can post on your iPhone at the property or at work from a computer.

If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think I'm the next Kurt Vonnegut you can Subscribe to Getting Real by Email.

Filed under: Market conditions, Renting

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    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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