Chicago Falls From Top 10 Most Expensive Cities For 1 Bedroom Apartments: Report
By Stephen Gossett in News on Apr 3, 2017 8:11PM
Photo via Charleston's TheDigitel on Flickr
Chicago ranks above the national average in terms rent prices, but it's (just barely) no longer among the Top 10 most expensive cities to rent a one-bedroom apartment in the country, according to a new report.
The median rental price for a one-bedroom in Chicago came in at $1,770, well above the national average of $1,164, apartment rental website Zumper found in its most recent national rent report. But that figure is still low enough to drop Chicago out of the Top 10, if only by a scintilla.
Chicago fell to No. 11 in Zumper's national ranking in the latest monthly report. Honolulu leapfrogged our city thanks to a 4.7 percent increase, up to $1,780 per month. Yes, that's a whopping $10 differential from our rate, but we'll take housing-rate silver linings where we can find them.
On a more granular level, there are still wild fluctuations in rates within the city, no surprise. River North was the most expensive neighborhood, at $2175 for a one-bedroom, with Streeterville and the West Loop inching close behind. The most affordable neighborhoods were Riverdale and Fuller Park ($600), with South Deering ($625) not far off, according to Zumper's spring report.
Overall, one-bedroom rental rates rose by 1.92 percent over last month, the latest report found. Chicago's two-bedroom median rate ($2,260) ranked was nearly $900 higher than the national average ($1,377). As always, bear in mind that rental market reports tend to use different data sets, so the report is probably best interpreted as part of, rather than the entire, market landscape.