Chicago rents have dropped by 3% over the past 12 months, putting the median rent at $1,600, according to a new study by Realtor.com.
That put the city at the No. 8 spot for large markets with rent decreases. The San Jose-Sunnyvale-Santa Clara, California area topped the list with a rent decline of 14.1%.
The decrease in rents has been experienced by cities across the country, but large metropolitan areas were hit the worst, the report added. Rents in expensive areas have been falling since the onset of the pandemic, and continue to do so. Even in cities that have seen an increase in rents, those increases were substantially lower than those prior to the pandemic.
“Last March, rents in the 50 largest metro areas were growing by 3.2% year-over-year, on average,” the report noted. “That growth has consistently slowed throughout the pandemic, down to 0.6% in February. As of March, rent growth has ticked up to 1.1%.”