Chicago apartment rents on the rise after pandemic slump

Report shows rents have rose steadily throughout 2021

Chicago /
Nov.November 08, 2021 01:00 PM
(iStock)

(iStock)

Chicago landlords may be back in the driver’s seat after being forced to offer concessions to lure tenants during the pandemic.

Rents rose steadily throughout 2021, though they were little changed last month,
ReJournals reported, citing a report from ApartmentList. They jumped by about 8.5 percent in the past 12 months, half the national 16 percent rate and still behind 10 percent for the state of Illinois.

Median rents in the Chicago area now stand at $1,284 for a one-bedroom apartment and $1,415 for a two-bedroom. Rents rose fastest in Naperville, where they climbed 14 percent, followed by Arlington Heights at 13 percent. Two-bedrooms rent for a median of $1,990 a month in Naperville — the highest in the state.

Bolingbrook and Kenosha had smallest increases, at 7.1 and 5.7 percent respectively. Kenosha’s median rent for a two-bedroom unit was $1,190. The only area with a lower median rent was Waukegan’s $1,180. Evanston had the largest decrease, dropping 1.9 percent.

Chicago has the fourth-highest median rent among major metropolitan areas, lagging behind Washington D.C., New York and San Francisco. https://therealdeal.com/sanfrancisco/ New York, Baltimore and Columbus rents rose faster than Chicago.

The median rent in San Francisco at $2,770, an increase of 9.7 percent in the past year, while New York’s stood at $2,030, up 18.9 percent.

[ReJournals] — Victoria Pruitt 





    Related Articles

    arrow_forward_ios
    St. Regis penthouse, Chicago
    St. Regis penthouse sold for $8M in December seeks $9.3M
    St. Regis penthouse sold for $8M in December seeks $9.3M
    Rendering of the planned development in Aurora between 80 and 220 N Broadway (DAC Developments, iStock)
    Aurora plans tax increment financing district to fund 246-unit apartment project
    Aurora plans tax increment financing district to fund 246-unit apartment project
    A photo illustration of Cook County (iStock)
    Cook County friendlier to homeownership than other markets
    Cook County friendlier to homeownership than other markets
    11 E Walton Street apartment 5800, 4002 and 3101 (Zillow, iStock)
    Three condos listed at Waldorf Astoria in Gold Coast
    Three condos listed at Waldorf Astoria in Gold Coast
    Compass' Robert Reffkin, @Proerties' Mike Golden and Berkshire Hathaway's Diane Glass (iStock, Getty Images, @Properties. Berkshire Hathaway)
    @properties, Berkshire brace for cooling market
    @properties, Berkshire brace for cooling market
    801 South Financial Place (Alta Rosevelt. iStock)
    South Loop apartment tower trades in largest downtown apartment sale of 2022
    South Loop apartment tower trades in largest downtown apartment sale of 2022
    Fritz Kaegi (iStock)
    Chicago Assessor Kaegi wins primary, fending off trade union challenge
    Chicago Assessor Kaegi wins primary, fending off trade union challenge
    977 Forest Avenue, Glencoe, IL (AtProperties)
    Six-bedroom mansion may become Glencoe’s second-priciest listing
    Six-bedroom mansion may become Glencoe’s second-priciest listing
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...