Chicago's One-Bedroom Renters Paying More Than Last Year
CHICAGO (CBS)--Spring is finally starting to show up, and as temperatures (hopefully) start to rise, rent prices in Chicago are are also on the uptick--according to apartment listing platform Zumper, a site that tracks nationwide rent trends.
The average rent price a year ago in Chicago was about 6 percent lower than it is now, according to the data. Month-to-month rent cost fluctuations have been incremental, however, with the price of a one-bedroom falling less than one percent in January, February and March of 2019.
A two-bedroom cost 4 percent less in March 2019 compared to a year ago.
Current price data for this month shows the average price of a one-bedroom in Chicago is $1,560 per month--a $60 increase from January when the rental market typically cools off.
A two-bedroom in January cost an average of $1,850 and in March it was $1,890.
Chicago has the 16th-highest rent in the nation, so rent costs for a one or two bedroom apartment are relatively reasonable when compared to many other urban cities, according to March 2019 data from Zumper.
In San Francisco, where renters pay the highest rent in the nation, the city had the most expensive one-bedroom rent ever last month, jumping 3.1 percent to $3,690 for a one-bedroom, Zumper says.
A two-bedroom in San Francisco was $3,300--a .2 percent month-to-month drop.
New Yorkers pay an average of $2,870 for a one-bedroom and $3,300 for a two-bedroom, the second most expensive U.S. city. San Jose has the third-highest apartment costs, with a one-bedroom costing an average of $2,540. San Jose renters shell out an average of $2,540 per month for a two-bedroom rental.
For Chicagoans, rental costs vary drastically by neighborhood. River North is the most expensive neighborhood to rent in, according to Zumper's analysis, which showed renters pay an average of $2,290 for a one-bedroom.
The West Loop was the second most expensive at an average of $2,200.
Neighborhoods priced closer to the city's average include Bucktown, East Village and Ukranian Village.
The most affordable neighborhoods are Chinatown, Belmont Cragin and Hermosa.
