Oct
29

Many Real Estate in Chicago Renters Need a Rent ‘Reality Check’

October 29, 2012

chicago new apartment renters get rent checkApartment hunting, especially if you aren’t familiar with a brand new city can come with a series of frustrations. According to Apartments.com, there is a large gap between actual costs of apartments in major cities and how much new residents think rent will cost. But, one way that your hunt for the perfect real estate in Chicago rental can become easier is if you have a clear understanding of the average cost of rent in a particular city.

The national average rent of a one-bedroom is $954, while most residents search for apartments priced at $1,000. This means that potential renters could end up buying an apartment at a rate five percent higher than the average market rate.

However, the main problem with the rent gap is that renters are undercutting their price expectations by as much as 41 percent. In Brooklyn, N.Y. for example, the average rent of a one-bedroom apartment is $3,041, while the average searched rent is $1,506.

Apartments.com will now be sharing ‘rent check’ data to help city dwellers manage their apartment search expectations. Chicago isn’t in one of the ‘top ten’ markets for rent gap, so local data has yet to be released.

According to MyNewPlace.com, the average rent of a one-bedroom apartment in the Chicago-area is currently $1,091.

Have you ever overestimated or underestimated the cost of rent during an apartment search?

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Jessica Thom

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