Chicago apartment rents continue to rise. But the pace of this growth is slowing, according to the latest research from Apartment List.
According to Apartment List, the median apartment rent in Chicago stood at $1,692 in October. That’s down 1.3% from September, but is up 1.6% on a year-over-year basis.
Apartment List says that the median one-bedroom apartment rent was $1,568 in October, while the median two-bedroom monthly rent hit $1,707.
During the first 10 months of this year, apartment rents in Chicago have risen 3.4%. That is a slower rate of growth compared to last year. In 2023, Chicago apartment rents rose 4.6% from January to October.
Apartment rents throughout the country fell in October. Apartment List found that national median apartment rents fell 0.7% in October when compared to September.
Chicago’s monthly rent drop of 1.3% meant that Chicago ranked 85th among the 100 largest cities in the United States in rent growth in October.
With its median rent of $1,692, Chicago ranks as the 30th most expensive large city for renters in the United States. The median rent across the nation is $1,225 for a one-bedroom unit and $1,380 for a two-bedroom apartment, both more affordable than what renters will find in Chicago.
The most expensive city for renters in October was Irvine, California, where the median overall apartment rent stood at $3,084.
