Posted Oct 30, 2014

Chicago: A Look at the Q3 Quarterly Report

See the latest Lovely data here.

With renter demands and new construction throughout the city, rents have been on the rise in the Windy City throughout the entirety of 2014. Chicago’s citywide median rent, clocking in at $1,684 is the highest it’s been in nearly three years. Like Los Angeles, which also experienced the highest rent prices in nearly three years, Chicago experienced massive year over year growth — more than 13% compared to the previous year. Below we’ll break down the Chicago rental market with more insights from our quarterly report — check it out!

Chicago Renters Faced Tremendous Citywide Rent Increases During Q3 2014

Not only did Chicago experience more than a 13% year over year citywide median rent increase, but the city also saw tremendous growth since the previous quarter! Compared to Q2 2014, Chicago rents increased by more than 5% in Q3 2014. Of the core markets we analyzed in our quarterly report, Chicago saw the highest quarter over quarter growth, contributing rising prices throughout 2014. However, beyond the overall citywide median, we must not forget about how these changes differ when we break down the prices by bed count. Compared to this time last year, studio, one and two bedrooms all boasted massive growth figures — 24%, 16% and 9%, respectively. While Chicago renters coveting studio apartments had worse luck compared to last year, they actually saw a steal compared to Q2 2014. The median price for studios across the city actually decreased compared to the previous quarter. Despite drop that studios experienced, one and two bedroom apartments across the city did not follow suit and actually experienced sustained growth since last quarter. Despite all of this talk of growth percentages, Chicago renters can still rent two apartments in the Windy City for the price of one in San Francisco. Go figure!

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A Look into the ‘Hoods

Chicago hosts a handful of neighborhoods well above the citywide median, but many more neighborhoods fell far below in Q3 2014. More than 30 Chicago neighborhoods experienced median rent prices more than 15% below the citywide median, compared to only 6 Chicago neighborhoods with rents more than 15% above the citywide median. Some of the usual suspects continue to top the list as the highest rent neighborhoods, including Goose Island, Near North Side, The Loop, Wicker Park and the South Loop. Each of these neighborhoods experienced median rents over $2,000. Some of these high rent ‘hoods gave renters some additional value in Q3 2014 if they were looking to rent with their furry friends. In addition to popular neighborhoods Goose Island and The Loop, more than 50% of the units in the South Loop, Chatham and the West Loop were also pet friendly. To see the full list of neighborhoods and where they fall in relation to the citywide median, check out chart below!

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Did you find a new place to call home in Chicago during Q3 2014? We’d love to hear from you! Tell us about your experience in the comments below or on Facebook and Twitter.

 

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Rental Market Report - Chicago

 

Photo Cred: Chris Smith

Elizabeth Pullman

About

Elizabeth oversees Marketing at Lovely. It is her goal to make sure every single person nationwide knows about Lovely and Lovely Pro!

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