If you've been on the hunt for a new apartment or received a new lease (accompanied by a dreaded rent increase) from your current landlord, you're aware that it's not getting any cheaper to live in Chicago. A recent study conducted by apartment hunting service Abodo found that Chicago boasted the ninth highest increase in average rent for a one-bedroom apartment between March and April, shooting up 8 percent in that time.
Of course, that perceived increase may have something to do with the types of apartments that Abodo typically lists on its platform. A VentureBeat article about the Madison, Wisconsin-based start-up described it as a company that helps college-aged individuals find units in "upscale apartment buildings." A quick search of the company's current listings reflects this focus, with listings that are clustered in highly desirable (and equally highly priced) areas near Chicago colleges, such as Lincoln Park's lakefront and the Loop.
While it's possible that Abodo's findings are slightly skewed, there's no denying that the current glut of renters in Chicago has made it easier for landlords to demand higher prices for properties in areas of the city that have become popular destinations. Nowhere is this more evident than in Logan Square, where a pair of new luxury, transit-oriented developments are bringing rents of $1,500 to $4,000 to the rapidly gentrifying neighborhood, while local management company M. Fishman & Co. is accordingly increasing rents on its properties by $300 to $600, according to DNAinfo.
The situation may seem dire, but Chicago still has a long way to go before it approaches the drastic rent increases that San Jose, California is experiencing. According to Abodo's report, rents for a single-bedroom apartment in that city increased by a whopping 28 percent between March and April. Take a look at the full report below:
Image: Courtesy Abodo