Is it expensive to rent in Chicago? The short answer is: It depends. If you’re moving from some of the largest markets in the United States — Los Angeles, New York or San Francisco — Chicago will seem like a great deal for you. In fact, Chicago doesn’t even make the top 10 list of the most expensive cities — great news for a great city!
Possessing one of the strongest rental markets and some of the most sought after neighborhoods in the nation, Chicago can be an affordable option with big-city convenience.
Real estate news source RE Journals cites last year as “a record-breaking year for apartment absorption in the downtown [Chicago] neighborhoods.” Estimated at more than 4,200 units at the time, Chicago’s downtown ranked second behind New York for the number of available apartment units and level of occupancy during the time of the report.
With home sales on the decline, renters have the advantage of a deeper rental pool, stable pricing (compared to other markets in the U.S.) and new inventory (54% of housing are rentals). Renting is becoming a choice more than a necessity, making 2019 a renter’s market! RENTCafe shared numbers from May 2019, showing that the average rent— $1,893— is only a 5% increase from 2018 and is well below San Francisco and New York’s averages.
However, Chicago’s rent prices vary widely, from $500 monthly to more than $3,000 per month. Hyde Park, Roger’s Park and Lakeview are a few of Chicago’s more affordable neighborhoods. But head downtown for luxury listings in The Loop, River West and River North.
Almost ¾ of the rental turnover in Chicago comes during the summer, making this time of year a landlord’s market. While moving in the Chicago winter may seem daunting, it’s the best time to find good deals on luxury living.
Luxury and penthouse options are growing by leaps and bounds in Chicago, and using a rental locator like AptAmigo can help you find the best deals on rent. Meaning: you might be able to level-up your lifestyle while still staying within budget. AptAmigo has inside information on buildings, neighborhoods, walkability and more, so having an entire team of locals on your side will ensure that you love your new apartment. If you’re thinking of moving, contact us ASAP and let’s start your dream apartment search today.