According to the RentJuice’s Chicago Rent Index, four out of the five neighborhoods with the highest rent prices during the second quarter saw rent increases during the third quarter.
This has been the second Chicago Rent Index that RentJuice has conducted. This report compares Chicagoland neighborhoods by asking rent, availability date, unit configuration, price per square foot and Walk Score.
“The rental market has long been difficult to track, with listings shared disjointedly via fax and email for decades,” said RentJuice CEO David Vivero. “The RentJuice Rent Index sheds light on the Chicago housing market by pulling rental listings data directly from our online database where thousands and thousands of availabilities from large and small property owners are shared in real-time.”
Of the five neighborhoods with the highest rent prices–Streeterville, River West, West Loop, Loop and South Loop–West Loop was the only one that did not see an increase from the second to the third quarter. With an average rent price of $2,006, Streeterville replaced West Loop as the priciest Chicago neighborhood, according to the Index.
Rent prices increased an average of 0.43 percent on average, with the greatest increase taking place in Lincoln Square, whose gain was 5.8 percent between second and third quarters.
In terms of highest increases to price per square foot, downtown neighborhoods took the lead this quarter. When speaking of price per square foot, the priciest neighborhoods from most expensive to least are the Gold Coast, Streeterville, River West, Loop and River North.
New to the Index this quarter is the inclusion of the Walk Score. This aspect of the Index essentially measures the convenience of the neighborhood’s location and setup, meaning how easy it is for residents to walk to popular destinations. The top Walk Score was found in River North, whose score was 97.7, the lowest being a 63.8 found in the suburb of Oak Lawn.
“We’re excited to help identify local market trends and equip potential renters with the knowledge they need to make well-informed decisions, as well as leasing offices with in-depth information to better assist clients,” says Vivero.
The RentJuice Chicago Rent Index is a benefit available to all RentJuice users.
RentJuice is an online real estate platform, used to connect prospective renters, brokers and property managers. Founded in 2009 by CEO David Vivero, RentJuice currently serves markets in Boston, Chicago, Miami and New York.