The Rental Market—Mid November
| Market Area | $$$ All | % Inc. | DOM | $$$ Studio | % Inc. | DOM | $$$ 1BR | % Inc. | DOM | $$$
2 BR |
% Inc. | DOM |
| Overall Chicago | $ 2,430 |
-0.2 |
56 |
$ 1,460 |
3.3 |
43 |
$ 1,960 |
-1.5 |
56 |
$ 2,430 |
0.5 |
55 |
| Logan Square | $ 2,330 |
2.5 |
53 |
$ 1,300 |
-11.4 |
39 |
$ 2,130 |
29 |
39 |
$ 2,280 |
2.8 |
61 |
| Hyde Park | $ 2,030 |
-4.2 |
55 |
$ 1,050 |
1.7 |
63 |
$ 1,460 |
-2.9 |
52 |
$ 1,890 |
1.4 |
57 |
| Lake View | $ 3,010 |
8.3 |
80 |
$ 1,580 |
0.9 |
37 |
$ 2,180 |
5.6 |
96 |
$ 3,120 |
5.2 |
74 |
| North Center | $ 3,040 |
32 |
58 |
$ 2,130 | NA |
9 |
$ 1,530 |
0.8 |
58 |
$ 2,430 |
5 |
70 |
| Rogers Park | $ 1,860 |
2.4 |
76 |
$ 1,200 |
6.6 |
41 |
$ 1,520 |
2.5 |
88 |
$ 2,010 |
1.4 |
75 |
| West Loop | $ 3,340 |
3.8 |
72 |
$ 2,090 |
2.5 |
53 |
$ 2,670 |
0.3 |
87 |
$ 3,770 |
6.6 |
64 |
Apartment renters in many of Chicago’s popular residential neighborhoods continue to see rent increases despite the fact that statistically the average rent in Chicago was essentially unchanged. The overall average rent was $2,430 per month for studio apartments as well as one-, two, and three-bedroom or larger apartments. The average time it takes for landlords to rent a newly available unit averaged 56 days.
The average rent for all apartments in Chicago ranges from $1,460 for a studio apartment to $1,960 for a one-bedroom unit and 2,430 for a two-bedroom place. Pioneer Realty Group tracked apartment rents through the middle of December across the City, in neighborhoods that included Logan Square, Hyde Park, Lake View, North Center, Rogers Park, and the Fulton Market/West Loop. In those markets, for the average of all apartment sizes, the most expensive units were in the Fulton Market, at an average of $3,340 per month. Apartments in North Center and Lake View were approximately 10% less expensive at $3,040 and $3,010 per month.
For two-bedroom apartments, prices range from $1,890 in Hyde Park and $2,020 in Rogers Park to $3,120 in Lake View and $3,770 in the Fulton Market/West Loop neighborhoods. Two-bedroom apartments consistently saw the greatest increases. The Chicago-wide average was a 0.5% increase, but all of the tracked markets had increases, with North Center, Lake View and Fulton Market all increasing more than 5%.
Studio apartments average the lowest average days on the market: 43 days for the overall Chicago market. In North Center, the average DOM was 9. In Hyde Park it was 63.
The increases can be explained by the overall strength of the Chicago marketplace and lower inventory of units, based in part by the season.