After a solid year of COVID-19 restrictions, stay-at-home orders, and higher unemployment, Chicago’s real estate market and rental market have fared surprisingly well.
The Overall Real Estate Market
With the COVID-19 recession in mind, many expected Chicago’s real estate market to take a break from its growth for 2020. Surprisingly, Chicago home values have gone up 9.2% since March 2020 (information sourced in May 2021).
The average rent for a 1-bedroom apartment in Chicago, IL is currently $1,400, a 7% decrease compared to the previous year. This has been a blessing for renters, many of whom may be feeling a financial crunch from COVID-19-related job loss. Obviously, this is not as good news for landlords, for whom it’s ideal that rents more closely follow property values. However, flat rents are definitely preferable to increased vacancies.
The breakdown between renter-occupied households and owner-occupied is 53% : 48%.
Neighborhoods and Their Average Rents for a 2 Bedroom Apartment
Near North Side: $2,900
Lincoln Park: $2,000
West Town: $1,800
Logan Square: $1,700
Rogers Park: $1,475
Near West Side: $2,300
Hyde Park: $1,950
Lincoln Square: $1,550
South Loop: $2,500
Albany Park: $1,435
North Center: $1,675
South Shore: $1,250
Irving Park: $1,500
View currently available units to rent in Chicago on our Rental Listing page.
Have questions about the rental market and how it relates to your own unit or building? We’re here to help! With more than 200 buildings managed since 2003, we know the Chicagoland rental market! Reach out to us to discuss your options.