Market Insight

How much does it cost to rent an apartment in Chicago? For a snapshot of the rental market in neighborhoods across the city, we analyzed median rents of 2-bedroom apartments during April 2017.

In general, our data reflects the conventional wisdom that the farther an apartment is located from downtown, the less expensive it is. As we’d expect, Streeterville, the New Eastside and River North are among Chicago’s priciest neighborhoods. The next most expensive neighborhoods are located just outside the downtown area and include the West Loop, River West and the Near North Side. With a...

One question we frequently receive from landlords is, “What is the best time of year to list my rental?” It’s common knowledge that Chicago’s rental market is seasonal, peaking in the summer and slowing down as temperatures drop. But which is the best month to advertise your rental? For this, we turn to market time.

Market time is the period of time an apartment remains on the market before a tenant signs a lease and can be used to gauge the level of demand for housing. We pulled the average market times for rentals in Chicago throughout 2016. By comparing average market times for...

Occasionally, we like to crunch the numbers in order to get a sense of how hot Chicago’s rental market is. One important metric that we use to gauge the pace of the market is “market time,” or the number of days a listing remains active before a lease is signed. Market time reflects the level of demand for housing. In a "hot" market, the number of days a listing sits on the market is typically low. Landlords can use this information when drafting leases and setting lease expiration dates.

The infographic below illustates the seasonality of Chicago's rental market. Average market...

We analyzed data from listings posted on Domu during the last year in order to compare rents of 2-bedroom apartments in neighborhoods throughout the city. The infographic above paints a familiar picture: Rents are highest in downtown neighborhoods and those nearby. At $2900/month, River North is the most expensive neighborhood in the city. Runners-up include Streeterville and the Gold Coast. At $1175/month, Portage Park is the most affordable neighborhood for 2-bedrooms. Deals can be found in Pilsen, as well as neighorhoods throughout the north side, including West Ridge,...

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