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Chicago Apartment Rent Gains Hold Steady as Inventory Spikes
A report from Zillow Group’s HotPads shows that Chicago apartment rents have enjoyed steady growth over the past seven months. That’s the case even as newly-available inventory has increased by more than 50% over the past year.
“The steady increase in inventory over the last few quarters, especially among the city’s most affordable units, has continued through the start of 2018,” said HotPads economist Joshua Clark.
Overall, there are 57.5% more rental listings to choose from in Chicago, while the inventory of one-bedroom apartments is up 77% year over year. In the city’s West Town neighborhoods, renters now have 59% more new rental listings available, and there are 57% more in Rogers Park. Inventory in the Lake View and Logan Square neighborhoods has increased by smaller percentages.
Median rent in Chicago is $1,790, up 1.7% from a year ago and in line with the national increase of 1.6% Y-O-Y.
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