The average apartment rent in Chicago took a dip this November, according to the latest research from Apartment List.
In its December Chicago Rent Report, Apartment List said that the median monthly apartment rent in the city of Chicago stood at $1,784 in November. That is a drop of 0.6% when compared to October.
The median apartment rent in Chicago is still up 7% on a year-over-year basis, according to Apartment List.
According to Apartment List, the median monthly rent for one-bedroom apartment units in the city of Chicago hit $1,654 in November. That figure stood at $1,800 for two-bedroom units.
And while the median apartment rent in Chicago did fall in November when compared to October, monthly rent growth here is still outpacing the national average.
Apartment List said that the median national monthly apartment rent increased 4.4% this November when compared to the same month a year ago, a weaker performance than what was seen in Chicago. The national median apartment rent fell by a higher 1.1% from October to November, again a weaker performance than what Apartment List recorded in Chicago.
Chicago median apartment rents have risen 6.9% 11 months into this year, according to Apartment List. This is a faster rate of growth compared to what the city of Chicago experienced at this point last year, when from January to November median monthly rents had increased only by 1.8%.
