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.
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.
- Near North Side ($1925)
- The Loop ($1900)
- Near West Side ($1760)
- West Town & Near South Side ($1750)
- Lower West Side ($1360)
- The Loop ($1940)
- Near North Side ($1905)
- Near West Side ($1840)
- Near South Side ($1740)
- 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.
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.
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