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Did you know that Elmhurst is home to the fastest-growing rents in Chicagoland? In fact, it’s not just Elmhurst that’s seeing a spike in rental rates. Several suburban cities are joining the recent rent race, as detailed in our newly-released Chicago Apartment Market Report. Part of the reason why this is happening is that many of the new apartment projects being built today are geared toward higher-end, luxury renters.
Here are a few specifics about the state of the rental market in Chicagoland, in case you’d be interested in discussing the topic with your readers:
- The fastest-growing rental market in the Chicago metropolitan area is Elmhurst where rents went up a whopping 14.2% y-o-y to hit a worrying $1,440/mo.
- Oak Park is great for downtown commuters and there’s more elbow room in the city for sure, but it all comes at a cost. The average rent in Oak Park is now $1,808, up 9% y-o-y.
- Finding an affordable home is becoming tougher even in renter-friendly Steger, with apartments now commanding $841/mo., a 6.2% increase compared to 2015.
- Now for the good news: the area’s most expensive markets are starting to lose steam. Always wanted to move to Deerfield, the vibrant city that is home to nice restaurants and lively dining venues, plus top-rated schools and tree-lined streets? Now may be the best time as rents are rather tame, settled at $2,189. Deerfield closed 2016 as the 6th slowest-growing market in the area, with rent growth at 0.4%.
- Overall, rents in the Chicago Metropolitan Area – now pegged at $1,387 – grew by 4% in 2016, right on par with the national growth rate.
The full report* – which you can see here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/chicago-year-end-report/ – includes many more data points and easily shareable graphics, including the fastest and slowest growing rental markets in the Chicago Metropolitan Area, lists of the most expensive and cheapest cities, as well as the hottest neighborhoods in Chicago right now.
*This study was conducted by apartment search website RENTCafé using data from sister company Yardi Matrix, an apartment market intelligence provider that reports on all multifamily properties of 50+ units (14.7M units and >78,000 properties) across 124 markets covering >80% of the population in the United States.
