SAN FRANCISCO, March 28, 2018 /PRNewswire/ -- Renters searching in Chicago can expect to see slightly higher rental prices, but far more options to choose from, according to the inaugural HotPads® Rent Report.i Median rent in the city of Chicago is $1,790, up 1.7 percent from a year ago.
Rental appreciation in Chicago has been steady for the last seven months, hovering between 1.5 percent and 2 percent annual appreciation, right in line with the rest of country. Median rent across the U.S. is $1,418, a 1.6 percent increase over the past year.
There are 58 percent more newly-available listings for Chicago renters to choose from than a year ago, with West Town and Rogers Park neighborhoods reporting similar increases.ii In West Town, renters will have 59 percent more new rental listings to choose from and 57 percent more in Rogers Park.
Chicago renters on the hunt for a one-bedroom will have plenty of options to choose from – inventory among one-bedroom rentals has increased 77 percent over the past year. Median rent for a one-bedroom has increased 0.7 percent over the past year to $1,764 per month.
"There's a clearly defined seasonal pattern to rents in Chicago," said Joshua Clark, economist at HotPads. "We are seeing a consistent rise in rents in the summer months. Renters should consider that when approaching their next move by either extending their current lease to conclude sometime after the end of September or securing their next rental before the summer season gets going. The steady increase in inventory over the last few quarters, especially among the city's most affordable units, has continued through the start of 2018 and should leave renters more confident in their ability to find an affordable apartment."
Key Findings — Chicago
- The median rent in Chicago is $1,790, up 1.7 percent from a year ago
- Median rent for a one-bedroom in Chicago is $1,764, up 0.7 percent year-over-year
- There are 57.5 percent more new rental listings to choose from in Chicago than a year ago, according to HotPads new inventory data
- There are 77 percent more new one-bedroom rental listings in Chicago than a year ago
Key Findings — Lake View
- The median rent in Lake View is $2,195, up 1.7 percent from a year ago.
- Median 1-bedroom rents are $1,658, up 1.6 percent year-over-year.
- Rental inventory in Lake View on HotPads is up 44.4 percent from a year ago.
Key Findings — Logan Square
- The median rent in Logan Square is $1,812, up 1.6 percent from a year ago.
- Median 1-bedroom rents are $1,678, up 2.4 percent from a year ago.
- Rental inventory in Logan Square on HotPads is up 26.2 percent from a year ago.
Key Findings — Rogers Park
- The median rent in Rogers Park is $1,679, up 1.8 percent from a year ago.
- Median 1-bedroom rents are $1,460, up 1.4 percent from a year ago.
- Rental inventory in Rogers Park on HotPads is up 56.6 percent from a year ago.
Key Findings — West Town
- The median rent in West Town is $2,198, up 2.6 percent from a year ago.
- Median 1-bedroom rents are $1,959, up 2.9 percent from a year ago.
- Rental inventory in West Town on HotPads is up 59.1 percent from a year ago.
HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i The HotPads Rent Report is a quarterly overview of the median rent and change in rental listing inventory within the city of Chicago, as well as four of its neighborhoods: Lake View, Logan Square, Rogers Park and West Town. Data are aggregated from rental listings on HotPads dating back to January 2014. The reports are compiled by the HotPads Economic Research team. HotPads tracks data for rental and housing markets throughout the United States, but currently only produces reports for San Francisco, Chicago and Atlanta.
ii New listings including all rental listings added to HotPads within the quarter that were not added to the platform more than once in the past 90 days.
SOURCE Hotpads, Inc.