According to RentJungle.com, in the City of Chicago at present, the average rent for a one-bedroom apartment is $1,792 a month while the average rent for a two-bedroom apartment is $2,294. These averages are markedly steep compared to other Midwestern cities; for example, the average rents in Columbus, Ohio are $744 and $904 for one and two bedroom rentals respectively, while rent averages in Indianapolis are $648 and $741, respectively. On the other hand, compared to rent in New York City, a competing major metropolitan area, Chicago’s rent is markedly lower (the average rent in New York City is $3,152 and $3,932, respectively). And perhaps surprisingly, Chicago rent is comparable to that of Los Angeles, where rent is $1898 and $2443 respectively. But what have Chicago trends looked like over the last decade, specifically since the market crash and subsequent turnaround?
Overall trends since the market crash of 2009
In July of 2009, the average rent in the city of Chicago (for all bedrooms) was $1,521, with a less pronounced difference between one and two bedroom rentals ($1,221 and $1,614, respectively) than is seen in later years. By February 2010, these numbers dipped to $1,462 for all bedrooms and $1,190 and $1,586 respectively, for one and two bedrooms–the lowest point from 2009 to present. Interestingly, in took only until June of the same year for the average rent for all bedrooms to peak above rent in 2009, with the average rent being $1,555. A brief dip was seen again in 2011, but by early 2013, rents has spiked considerably, averaging $1,753 (all bedrooms), $1,505 (one-bedrooms), and $1,969 (two-bedrooms); and by May of 2013, rent averages for two-bedrooms crept north of $2,000 and have stayed there ever since. And notably, from that point on, rents have raised marginally and steadily until present.
The most expensive Chicago neighborhoods
The Near North Side is the currently the most expensive neighborhood in Chicago, with an average rent (for all bedrooms) of about $2,500 a month; West Town is close second ($2,385) and the Loop a close third ($2,296). Lincoln Park and the Near South Side come in next highest, with rents at roughly $2,200, and Lincoln Square and North Center collectively are also decidedly up there, with rent averages around $2,000 per month. Logan Square rent averages have been climbing, and are presently about $1,800 per month. Armour Square and Logan Square are even fast approaching the $2,000 per month mark, with average rents at about $1,800 per month.
The most affordable Chicago neighborhoods
South Shore, Brighton Park, Chicago Lawn, and Chatham currently have the lowest rents, all in the mid-$900s. Even Englewood and West Englewood, previously known for their low rent, have broken the $1,000 per month average.
What is notable
While Chicago rent has steadily climbed after dipping post-market crash, rents have risen incrementally in relatively small amounts, though the gap in rent averages between one and two bedrooms continues to widen. The north sides continues to become increasingly expensive while the south and west sides have remained on the more affordable end of the rent spectrum, though even some of these neighborhoods–specifically on the Near West Side–are on the rise (Hermosa, Belmont Cragin).