Like most cities, Chicago rents vary greatly from one neighborhood to another. If you take the average rent for an entire city, it doesn’t really help you get a sense for what rents might be in a particular area.
To give you an idea of what rents are in a certain section of Chicago, we chose the affluent Magnificent Mile area. This district is located adjacent to downtown and contains a mixture of upscale department stores, restaurants, luxury retailers, residential and commercial buildings, and hotels – catering to tourists and wealthy locals. Seven 2-bedroom apartment rentals, listed within the last 12 months, were analyzed.
According to this search, as of April 5, 2017, the average rent is $2,653.
We learned that a two-bedroom can be rented in this Chicago neighborhood for approximately $2,000 to $3,000 a month. The rent with the lowest price is $1,950 for a small 2-bedroom w/1 bath, 724 sq. ft. apartment on W. Chestnut St, while the highest comes in at $2,915 for a 2-bedroom apartment rental near N. State Street.
Rent has been decreasing in Chicago for some time now. For example, since this time last year, there has been a 19% drop in median rent per month for the Old Town / Near North Side Chicago neighborhoods.
Chicago Rent Comps
Whatever great neighborhood you’re considering in Chicago – and there are plenty – be sure to take the time to run a rent comp report so you can get a feel for the local rental market.
For more information on rent comps in Chicago, click here for our report.
This blog was provided by Rentometer, the fastest, easiest way to compare rents anywhere in the U.S. Rentometer uses advanced technology and data management tools to provide a thorough rent comparison analysis within seconds, for any address in the U.S. Rentometer also offers premium subscription services for professional users that need more information and services to help them build and operate their rental housing businesses.