Chicago is the 12th-priciest rental market in the country, according to Zumper’s November National Rent Report.
Zumper’s National Rent Index showed that last month the median rent on a one-bedroom apartment was flat at $1,534, while the median two-bedroom apartment rent fell 0.4% to $1,902. Zumper attributed the drop to a seasonal shift, as November typically marks the start of “low demand months,” when most renters have already secured properties and landlords lower prices to fill vacancies before the holidays.
“Our national rent index showing flat-to-declining monthly rates is a clear sign of a shift into the slow moving season,” said Zumper CEO Anthemos Georgiades. “We anticipate that national rents will continue to see modest declines through the rest of this year and likely into the beginning of next year as well.”
Year-over-year rents for one- and two-bedroom units increased 2.3% and 2.5% respectively. Zumper noted that those increases align with the latest U.S. annual inflation rate of 2.6%.
Chicago had the 12th-highest rent in the nation.
In Chicago, the median one-bedroom rent in November was $2,150, down 2.3% from October but up 5.9% from last year. Two-bedroom rents fell 3% from October but were up 0.4% from 2023 to $2,630.
New York was the most expensive followed by Jersey City, New Jersey and San Francisco, California.