Aug
10

Chicago Rents Vary by Neighborhood

August 10, 2011

With home ownership at its lowest point in more than a decade, many residents are opting to rent. That made us wonder: Just how much does it cost to lease Chicago real estate?

The answer depends on which Chicago neighborhood that rental is located.

According to the Census Bureau, 65.9 percent of Americans owned a home during the second quarter of this year. That’s the lowest level since the beginning of 1998.

For rent signIf you add in the amount of homeowners who could lose their homes to foreclosure, that number is closer to 60 percent; the lowest level since the Census Bureau started keeping quarterly records in 1965.

The increase in renters has created a bigger demand for the same supply. Experts believe that more properties will be converted into rentals as the housing market continues to struggle, but for now, there is what there is.

So how much should a renter be paying or a landlord be charging around Chicago?

To find the answer, we looked at research from the first RentJuice Rent Index, which tracked 34 Chicago neighborhoods during the second quarter of this year to find the average cost of leasing a home in Chicago.

Here are a few of the findings:

*The average cost of renting a residence in Chicago during the second quarter was $1,410.

*The average price was $937 for a studio; $1,236 for a one-bedroom unit; $1,736 for two bedrooms; and $2,204 for a three-bedroom home.

*The most expensive rents were found in Chicago’s West Loop, where the average cost was $1,991; followed by Streeterville, $1,981; River West, $1,954, the Loop, $1935; and the South Loop, $1,875.

*The least expensive Chicago neighborhood was Albany Park, where average rents go for $1,135; followed by Uptown, $1,011; Lincoln Square, $954; Rogers Park, $925; and Edgewater, $891; all on the North Side.

*At the beginning of the third quarter, only 11 percent of Chicago’s listings offered three and four bedrooms. The Chicago neighborhood with the most amount of multi-bedroom listings was Wrigleyville, where 89 percent or nine out of 10 listings have at least two bedrooms. The average rent for a three-bedroom unit was $2,107.

“Through an analysis of our extensive rental database,” said RentJuice CEO David Vivero, “we are excited to be able to give our customers in Chicago an advantageous look under the hood and consumers an idea of what they can expect to encounter with the current market.”

Want to see the average rents in all Chicago neighborhoods? Visit RentJuice.com.

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Tracey

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[...] also breaks down statistics by rental market via its Rent Index. Chicagoland Real Estate Forum recently wrote about this. This component provides important data such as, where rents are most [...]

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