News / City Life

Chicago's rents increased in almost every neighborhood since 2012

Chicago's rents increased in almost every neighborhood since 2012
Arvell Dorsey, Jr./Flickr

Chicago is getting more expensive every year. 

No one really needed to be told this, but Chicago's rents are on the rise. The fact only becomes worth talking about when a big chunk of data lands in your lap.

Such was recently the case when Domu released a study of Chicago average rent increases by neighborhood. The study found Chicago's rents have been increasing almost unanimously across the board since 2012, regardless of neighborhood. It should be noted, however, that this survey exclusively covers two-bedroom apartments and is restricted to Domu's own data—not every single rental in Chicago. Also, take a look at the map. Whopping chunks of Chicago to the west and south are conspicuously left unexamined.

Still, if you lived in Chicago's most popular areas, you've definitely felt a pinch in your wallet. The price increases are especially salient if you're living almost anywhere off the Blue Line. According to Domu, rent increases almost reached double-digit year-over-year increases in Wicker Park and Logan Square, and actually averaged 11.6 percent in the quickly gentrifying neighborhood of Avondale, which is just a Blue Line stop northwest of the Logan Square station. The same trend marched farther north into Irving Park and Albany Park, which are also seeing an influx of renters and home buyers frustrated by rising prices in neighboring areas.

Even rents in the Loop increased by 7.1 percent.

The neighborhood that experienced the least amount of rent hikes was Gold Coast, with a year-over-year average rent increase of just .5 percent. Then again, how much higher could rents really go over there?  

The next lowest increase was Uptown, followed by Lincoln Square and Humboldt Park, the much cheaper alternative to Wicker Park and Logan Square.

Across the entirety of Chicago, rents increased 5.2 percent each year since 2012, according to Domu. That means rents increased by 20 percent or more in the last four years.

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Comments

1 comments
Raleigh W

It's crazy though, Zillow's saying that rent prices in the Loop have dropped 20% year-over-year (see the image below). Does that sound right? 


Maybe it has something to do with the Chicago real estate market being so "undervalued" — compared to cities like NYC and Boston where they're more "fairly valued" (source: https://www.jumpshell.com/posts/average-rent-in-chicago). 


The Tribune also posted an article saying that rent prices in Downtown CHI could ease more over the next few years with all the new construction happening — something like 10,000 more units being build there in the next 3-5 years. (source: http://www.chicagotribune.com/business/ct-real-estate-downtown-1111-biz-20151110-story.html)


Image source: http://files.zillowstatic.com/research/public/rental/ZRI.Chicago.394463.pdf