Chicago multifamily rents remained fairly stable in July, increasing by just 0.2% from the previous month, according to the latest research from Apartment List.
According to Apartment List’s August Chicago rent report, the median monthly apartment rent rose to $1,743 in July in the Chicago market. That’s just a bit higher than where this figure stood in June and is 1.6% higher than in the same month one year ago.
Apartmet List reported that the median monthly rent for a one-bedroom apartment in the Chicago market stood at $1,615 in July. The median monthly rent for a two-bedroom apartment was $1,758.
While that monthly rent growth of 1.6% doesn’t seem too brisk, the Chicago market’s rent growth has outpaced the national average. According to Apartment List, monthly median apartment rents across the country actually fell 0.8% this July when compared to July of 2023.
Seven months into the year, apartment rents in Chicago have risen 6.4%. This is a slower rate of growth than what the Chicago market saw last year. From January to July of 2023, monthly apartment rents had increased at a slightly brisker 7.7%.
Apartment List says that Chicago’s monthly rent growth from June to July ranked 59th among the 100 large cities that the company tracks. To be fair, though, monthly rents didn’t really soar anywhere in July. Boston saw the most rent growth from June to July, with its median monthly apartment rent rising by 1.5% during this time.
Chicago’s overall median monthly rent ranked 26th highest among the largest cities in the country. The median rent across the nation as a whole is $1,242 for a one-bedroom, $1,399 for a two-bedroom and $1,414 overall, accoding to Apartment List. This makes the median rent in Chicago 23.2% higher than the national median rent.
