The West Loop has been deemed the priciest rental neighborhood in Chicago, with an average rental price of $1,991.
Albany Park, located on the North Side among notoriously affordable neighborhoods including Rogers Park, Edgewater and Uptown, was found to be very inexpensive, where studios are available for lease at $614 on average. The neighborhood also boasts “the best ethnic cuisine.”
The top five most expensive rental city neighborhoods were as follows: West Loop ($1,991), Streeterville ($1,981), River West ($1,954), Loop ($1,935) and South Loop ($1,875).
RentJuice also speculated on the difficulty of finding a larger rental unit in the current market, saying that Wrigleyville has proven to be the best rental area for renters who desire multi-bedroom units. On top of the area’s favorable ratio (89 percent) of units having at least two bedrooms, the average rent for a three-bedroom is $2,107 which is $97 less than Chicago’s average three-bedroom rate.
At the end of June, a 6.7 percent increase in listing prices was found. Studio rentals were up the most (14.3 percent), five-bedroom rentals followed (12.1 percent) and two-bedroom properties experienced a two percent increase since last June.
“Through an analysis of our extensive rental database, we are excited to be able to give our customers in Chicago an advantageous look under the hood and consumers an idea of what they can expect to encounter with the current market,” said RentJuice CEO David Vivero in the release.