Chicago Rent Report, Q1 2018

 

Today we’re launching our first-ever HotPads quarterly rent report for Chicago, featuring an in-depth look at the city’s median rent and new rental inventory over the past year. Our data shows that renters can expect slightly higher rents but far more options when searching an apartment in Chicago. The median rent in Chicago is $1,790, up 1.7 percent from a year ago.

Chicago’s rent growth has been steady for the last seven months, hovering between 1.5 percent and 2 percent annually. The city’s rent growth is right in line with the rest of the country – median rent across the U.S. is $1,418, a 1.6 percent increase over the past year.

Renters who prefer to live in a one-bedroom apartment are in luck, because Chicago has plenty of options. There are 77 percent more new one-bedroom listings in the city compared to a year ago. Median rent for a one-bedroom has increased 0.7 percent annually, to $1,764 per month.

In fact, Chicago has more rental options in general. There are 58 percent more new rental listings in Chicago than a year ago, with West Town and Rogers Park reporting similar inventory increases.

Check out the stats for the city and several neighborhoods below.

Key Findings — Chicago

  • The median rent in Chicago is $1,790, up 1.7 percent from a year ago
  • Median rent for a one-bedroom in Chicago is $1,764, up 0.7 percent year-over-year
  • There are 57.5 percent more new rental listings to choose from in Chicago than a year ago, according to HotPads new inventory data
  • There are 77 percent more new one-bedroom rental listings in Chicago than a year ago

Key Findings — Lake View

  • The median rent in Lake View is $2,195, up 1.7 percent from a year ago.
  • Median 1-bedroom rents are $1,658, up 1.6 percent year-over-year.
  • Rental inventory in Lake View on HotPads is up 44.4 percent from a year ago.

Key Findings — Logan Square

  • The median rent in Logan Square is $1,812, up 1.6 percent from a year ago.
  • Median 1-bedroom rents are $1,678, up 2.4 percent from a year ago.
  • Rental inventory in Logan Square on HotPads is up 26.2 percent from a year ago.

Key Findings — Rogers Park

  • The median rent in Rogers Park is $1,679, up 1.8 percent from a year ago.
  • Median 1-bedroom rents are $1,460, up 1.4 percent from a year ago.
  • Rental inventory in Rogers Park on HotPads is up 56.6 percent from a year ago.

Key Findings — West Town

  • The median rent in West Town is $2,198, up 2.6 percent from a year ago.
  • Median 1-bedroom rents are $1,959, up 2.9 percent from a year ago.
  • Rental inventory in West Town on HotPads is up 59.1 percent from a year ago.

About this report: The HotPads Rent Report is a quarterly overview of the median rent and change in rental listing inventory within the city of Chicago, as well as four of its neighborhoods: Lake View, Logan Square, Rogers Park and West Town. New listings include all rental listings added to HotPads within the quarter, excluding properties listed for rent more than once in the last 90 days. Data are aggregated from rental listings on HotPads dating back to January 2014. The reports are compiled by the HotPads Economic Research team. HotPads tracks data for rental markets throughout the United States, but currently only produces reports for San Francisco, Chicago and Atlanta.