Chicago is now the 11th most expensive city for renters, according to a national rent report from Zumper. Previously, Chicago was among the top 10 costliest rental markets in the United States. It seems that last month’s report of a slowdown in Chicago rent price growth remains true – much to the delight of renters near the urban core.
The average monthly cost of a one bedroom apartment in Chicago this summer comes at a median price of $1,760 per month, reflecting a slight 1.1 percent uptick since last summer. Two bedroom apartments dropped a staggering 7 percent year-over-year, with a current median price of $2,260 per month.
Compared to San Francisco, where rent prices range between $3,370 for one bedroom apartments and $4,500 for two bedroom apartments, renting in Chicago is far more financially manageable, even seeing the disparities in household median income.
Greektown and River North are the most expensive neighborhoods to rent a one bedroom this summer at median prices of $2,200 and $2,050 per month, respectively. Meanwhile, one bedroom Streeterville apartments reached $2,010 per month. The Loop, West Loop, and South Loop trailed behind with one-bedroom prices under $2,000 per month. Per usual, there’s a stronger sense of rental affordability farther north of downtown, where median prices held below $1,500 per month in neighborhoods like Boystown, Lakeview and North Center.
Renters, take note! Market rate rents do not always reflect what you’ll pay throughout your lease term. Concessions help bring your prorated rental rate down significantly and/or minimize your total monthly housing costs. Despite it being the busy summer leasing season, many luxury apartment buildings in Chicago offer enticing specials, including one month free, credited administration/move-in fees (around $450 off), free storage, discounted parking or lease credits for occupied units. Call us for details on the top rental deals in Chicago at 312-810-2295.
Ready to move? Start by searching apartments for rent in Chicago. Or, contact Z Chicago and our leasing experts will locate units that best fit your budget, lifestyle and move date.
