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Chicago Multifamily Rents Continue Growth Streak
Chicago apartment rents increased 2.5% during June, and increased by 1.5% in comparison to the year-ago period, Apartment List reported. Currently, median rents in Chicago stand at $1,271 for a one-bedroom apartment and $1,401 for a two-bedroom.
June represents the fifth straight month that the city has seen rent increases after a decline in January. Chicago’s year-over-year rent growth lags the state average of 4.8%, as well as the national average of 8.4%, according to Apartment List.
If Chicago lags the broader apartment market for rent growth, then it’s ahead in terms of pricing. Apartment List reported that Chicago’s median two-bedroom rent of $1,401 is above the national average of $1,194, although well below the median $2,690 renters pay in San Francisco. While Chicago’s rents rose slightly over the past year, many cities nationwide saw decreases, including San Francisco (-10.2%), Washington, DC (-3.7%), and New York City (-3.0%).
- ◦Lease
- ◦Economy
