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Chicago skyline from Lincoln Park
Photograph: Courtesy CC/Flickr/erikccooper

Rents are down, but Chicago is still 9th most expensive market in the U.S.

Written by
Jonathan Samples
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Rents for one- and two-bedroom apartments are down more than 3.5 percent this month, but Chicago is still among the most costly U.S. cities to rent, according to Zumper’s December National Rent Report.

The company ranked Chicago the ninth most expensive rental market in the last month of 2016, despite the cost of one-bedroom rental units falling 3.7 percent and two-bedroom rents down 4.7 percent from November. “The looming winter months may be leading to a slowdown of rental prices in the ‘Windy City,’” according to the report.

Still, lower rents are part of a larger trend. Chicago’s year-over-year prices show even greater declines, with one- and two-bedroom rents down 8.1 percent and 5 percent, respectively.

Chicago was joined by New York, Boston and Washington, D.C., as top 10 most expensive rental markets that saw falling prices in December. Zumper’s National Rent Report examines rental data from more than 1 million active listings across the country, which the company then aggregates monthly to calculate median asking rents in the 100 most populated U.S. metro areas.

Photograph: Courtesy Zumper

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