Chicago rents show downward trend

by Lydia Bhattacharya

It’s been a good week for rental data. Earlier this week, Zumper released its monthly national rent report, which ranks cities in the U.S. by how expensive each respective rental market is. When matched up with a recent report published by TurboTenant, a software program that offers property management tools, agents can get an idea where the rental market is right now, both locally and nationally.

In March, the national rental average for a one-bedroom apartment landed at $1,219, marking a 0.1% month-over-month decrease and a 0.2% year-over-year increase. Similarly, the national rental average for two-bedroom apartments reached $1,463, representing a 0.1% month-over-month decrease and a 0.9% year-over-year increase.

Unsurprisingly San Francisco ranked as the No. 1 city for high rental costs for both one- and two-bedroom apartments ($3,500 and $4,580, respectively), with New York coming in second ($3,000 and $3,320, respectively). These two cities have been cemented as the top rental markets for a while, but both remained flat over the last month. In terms of the more dynamic markets, Oklahoma City had the fastest month-over-month growth for one-bedroom rentals, increasing by 5.3%.

In contrast to the steady averages nationwide, Chicago saw an overall downward trend in the rental market, with the rents for one-bedrooms decreasing by 4.6% month over month, and 7.1% year over year. Similarly, the rent for two-bedroom apartments also declined, with a 1.7% loss month over month and a 10.1% loss year over year.

As a result, Chicago was knocked down two places in Zumper’s ranking for rental costs, decreasing to No. 18. The report noted that the average price for a one-bedroom apartment in Chicago is $1,450 and the average rent for a two-bedroom apartment is around $1,700.

TurboTenant found that the average number of days that an apartment remained on the market in Chicago was 18, slightly above the national average of 15.

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