Chicago Falls From Top 10 Most Expensive Cities For 1 Bedroom Apartments: Report
By Stephen Gossett in News on Apr 3, 2017 8:11PM
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.
Zumper