Chicago is a bustling city with a wide range of rental options available to tenants. However, with so many options available, it can be challenging to determine what rent prices are most attractive to potential tenants. In this blog post, we’ll look at some statistics related to rent prices in Chicago that can help landlords and property managers understand what rent prices are most attractive to tenants.
5 Factors that Affect Chicago Rent Prices
1. Average Rent Prices in Chicago
According to a report by Zillow, the median rent price in Chicago in April 2021 was $1,925. This is up 3.6% from the previous year, indicating that rent prices in Chicago have been steadily increasing. However, it’s important to note that rent prices can vary significantly depending on the neighborhood.
2. Most Expensive Neighborhoods in Chicago
Chicago is home to some of the most expensive neighborhoods in the United States. According to a report by RentCafe, the most expensive neighborhoods to rent in Chicago are River North, Streeterville, and Gold Coast. The median rent price in these neighborhoods ranges from $2,300 to $2,600 per month.
3. Affordable Neighborhoods in Chicago
While some neighborhoods in Chicago can be pretty expensive, more affordable options are also available. According to a report by RentCafe, some of the most affordable neighborhoods to rent in Chicago include Rogers Park, Albany Park, and Uptown. The median rent price in these neighborhoods ranges from $950 to $1,300 per month.
4. Amenities and Rent Prices
Amenities can significantly impact the rent prices that tenants are willing to pay. According to a study by RentCafe, apartments with a fitness center in Chicago command an average rent price of $2,215 per month, compared to $1,829 for apartments without a fitness center. Additionally, apartments with a pool command an average monthly rent price of $2,232 compared to $1,884 for apartments without a pool.
5. Market Conditions in Chicago
Market conditions can also have a significant impact on the rent prices that tenants are willing to pay. According to a report by Apartment List, Chicago has the sixth-highest renter population in the United States, with a rental vacancy rate of just 3.3%. This indicates that the rental market in Chicago is highly competitive, which can drive up rent prices.
The above statistics related to rent prices in Chicago can help landlords and property managers determine what rent prices are most attractive to tenants. By understanding the average rent prices in different neighborhoods, the impact of amenities on rent prices, and the overall rental market conditions, landlords and property managers can make informed decisions about setting rent prices that are both competitive and attractive to potential tenants.
If you have further questions about Chicago rent prices or how to make your rentals more attractive to tenants, schedule a free, no-strings consultation with me today. Let’s get your property ready for your next tenant.