Housing rental statistics
Chicago Rent Roundup Week of May 17, 2020
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The average monthly rent in Chicago for this week is $2,050. Compared to the previous period, the average rent price in Chicago is up 2.7 percent. On an annual basis, average rents are down slightly from a year ago, having declined 1.86% since then.
The average rent per square foot in Chicago for this same period is $2.76. Compared to the previous period, overall Chicago average rent prices per square foot are up 2.99%
The Near North Side, which encompasses River North, Old Town, the Gold Coast, and the surrounding areas is the most expensive neighbourhood for rental housing during this period with average rents at $2469. This is closely followed by the Loop at $t2296 and West Town at $2240.
The overall average rent in Chicago for a studio apartment during this period is $1730. This represents a slight decline of 1.37% from the previous period and 0.28% from the previous year.
The average rent per square foot in Chicago for studio apartments for this same period is $3.10. Compared to the previous period, average rent prices per square foot for studios are down 1.54%. Compared to last year,
The overall average rent in Chicago for a studio apartment during this period is $1740. This represents a slight decline of 0.17% from the previous period and 1.76% from the previous year.
The average rent per square foot in Chicago for studio apartments for this same period is $3.19. Compared to the previous period, average rent prices per square foot for studios are down 1.32%.
The average rent for a one bedroom apartment during this period is $2,040, which represents a slight increase of 1.79% from the previous period. This rent price represents a slight decrease of and 1.07% from the previous year.
The average rent per square foot in Chicago for one bedroom apartments for this same period is $2.72. Compared to the previous period, average rent prices per square foot for studios are up 0.37%.
The average rent for a two bedroom apartment during this period is $2500, which represents a slight decline of 2.72% from the previous period and 2.37% from the previous year.
The average rent for a two bedroom apartment during this period is $2,680, which represents a marked increase of 7.20% from the previous period and 2.18% from the previous year.
The average rent per square foot in Chicago for two bedroom apartments for this same period is $2.43. Compared to the previous period, average rent prices per square foot for two bedrooms are up 3.40%.
The average rent for a three bedroom apartment during this period is $3,620, which represents a large increase of 50.79% from the previous period. This represents a year-on-year decrease of 16.20%.
The average rent per square foot in Chicago for three bedroom apartments for this same period is $2.53. Compared to the previous period, average rent prices per square foot for three bedrooms are up 29.74%.
The Near North Side, which encompasses River North, Old Town, the Gold Coast, and the surrounding areas is the most expensive neighborhood for rental housing during this period with average rents at $2,435. This is closely followed by the Loop at $2,287 and West Town at $2,223. These rent prices are all slightly lower than the previous periods.
The neighborhood with the most expensive average rent for studio apartments is the Loop, where average monthly rents are $1872 for this week. This is closely followed by the Near North Side at $1842 and West Town at $1809.
The neighborhood with the highest year on year change is Uptown, as average rents have increased 4.35%. According to our data, average rents in Lake view have decreased 4.43%.
The neighborhood with the most expensive average rent for one bedroom apartments is the Near North Side, where average monthly rents are $2463 for this week. This is closely followed by the West Town at $2294 and the Loop at $2261.
Many neighborhoods are showing slight year on year declines for average one bedroom rents. For example, Logan Square rents are down 2.56% and Lincoln Park rents are down 3.35% since last year.
The neighborhood with the most expensive average rent for two bedroom apartments is the Near North Side, where average monthly rents are $3612 for this week. This is closely followed by the Loop at $3248 and the Near West Side at $3184.
Near West Side average rents are up by 4.85% since last year and our data suggests that rents in the Hyde Park neighborhood are down 8% since last year. We are intrigued by the presence of Hyde Park on this list and wonder whether the pandemic has impacted rents there, given that it houses the University of Chicago.
The neighborhood with the most expensive average rent for two bedroom apartments is the Near North Side, where average monthly rents are $5835 for this week. This is closely followed by the Near West Side at $5614 and the Near South Side at $5397.
Near West Side average rents are up by 5.96% since last year and our data suggests that rents in the Loop neighborhood are down 5.14% since last year.
