Today, Chicago ranks as the 12th most expensive rental market in the nation. The median one-bedroom apartment in the city costs $1,570 per month, down a whopping 15.6 percent from one year ago and up 2.6 percent since last month. This past summer, Chicago was ranked as the 11th most expensive city for U.S. renters according to rental search site Zumper. This means that relative to other markets, the city of Chicago has become more affordable from a renter’s perspective.

Two-bedroom apartments in Chicago have also suffered a steep drop of 13.1 percent, now a median $2,180 per month, unchanged from December 2017.

Chicago Rent Price Seasonal Trends

It’s important to understand that Chicago has a seasonal rental market, mostly due to the weather patterns. In the summer of 2017, the median one-bedroom rent came in at a much steeper $1,760 per month. Two bedrooms cost $2,260 per month. Like the sales market, Chicago rent prices fluctuate depending on the time of year. Between May and June of last year alone, the cost of one-bed and two-bed apartments rose 4.8 percent and 5.1 percent, respectively. Typically, Chicago rents skew highest in the late spring through the end of summer.

Take a look at how neighborhood-specific rents look now compared to the latter half of last year.

Chicago rent prices don’t always follow the same patterns one might expect. Take River North apartments as an example. Last summer, River North ranked as one of the most expensive areas to rent a one-bedroom apartment at $2,050 per month. In the fall, the median price rose to $2,100 per month. Now, one-bedroom apartments in River North cost the least at $2,000 per month.

West Loop apartments saw similar price oscillations – from $1,920 (summer) to $2,100 (fall) to $1,990 (winter). Oddly, renting in the West Loop appears to be less affordable now compared to last summer, but these numbers don’t factor apartment building concessions (i.e. one month free) that bring the net effective monthly rent down significantly. Many professionally-managed apartment buildings offer rent specials this time of year on top of the already lower market rates. Concessions can range from one or two months free rent, discounted parking, plus the usual “look and lease” move-in or admin fee credit (around $450) if you apply within 24-48 hours of a showing.

To give you an idea of how much concessions matter – and why Zumper’s report may not give the clearest price picture ­­– consider the Parker Fulton Market. At the Parker, a one-bedroom apartment currently runs anywhere between $2,270 to nearly $3,000 per month depending on size, move date and lease term. However, the Parker is currently offering 2 months free rent when you sign a 13-month lease. If you average out the price, the most affordable one-bedroom at the Parker (unit #1502, 639-square-feet, available mid-February) winds up costing $1,920 per month. If you decide to renew, you lose the concession and pay market rate, but leasing now can save you a significant amount of money – at least until March 2019. If you decide to buy a condo in Chicago next Spring, the savings could cover some of your closing cost incidentals.

Looking eastward toward Streeterville, one-bed rents shifted from $2,010 in the summer, to $1,950 in the fall, to $2,025 now. Gold Coast rent prices started at $1,725, rose to $1,750 and now sit at $1,650 per month. For the Loop, summer one-beds rented for $1,975, then $1,990, now $1,970.

Not every neighborhood saw steep drops over the latter half of the year. Humboldt Park one-bedrooms rented for a median $950 per month in the summer. In the fall, the cost of a one-bed rose to $995 per month. And now, the median one-bedroom apartment in Humboldt Park costs $1,110 per month.

Again, unless you consider concessions, the price fluctuations may not be as drastic as previously assumed. Once you consider the incentives of leasing during the slow season, finding a Chicago apartment in the winter can save you thousands over your lease term.