Rents are dropping in Chicago — kind of

by Emily Mack

Like home prices, post-pandemic rental costs have skyrocketed. But recent data shows a bit of relief in the city of Chicago.

According to Rent.com, three-bedroom apartments have experienced a 35% decline in rent year over year. They are now $2,125 per month on average. However, when it comes to smaller apartments, the savings are less extreme. Rents for two-bedroom apartments have dropped 13% to a monthly $2,341, while one-bedroom and studio apartment rents shrank just 2% to $1,897 and $1,366, respectively.

Additionally, many of the most popular neighborhoods have yet to feel that relief. In areas like Fulton Market, the Loop and Old Town, rent for a two-bedroom remains well above $3,500. In River North, a two-bedroom now costs $4,500 per month which, according to Axios, makes it the priciest neighborhood in the city.

Overall, these rent prices put the Windy City at No. 16 on Zumper’s list of the most expensive rents in the nation. See the full top 15 below.

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