Market Insight

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,...

Rents are at record-highs throughout the city. How does your neighborhood compare with others? We crunched our data to examine the median rent prices of 1- bedroom apartments in neighborhoods throughout Chicago. But first, a note about our method. We pulled all listings posted on Domu between August 2014 through August 2015, eliminated outliers, and calculated the median rents of 1-bedrooms in some of our most popular neighborhoods. The data represents listed rents as opposed to actual rents.

What we found is not surprising—the priciest rentals are clustered around the downtown area...

Every landlord—and tenant—knows that rents in Chicago have soared in recent years. We decided to mine our own data to see if it tells the same story as reports we’ve been reading. Most of our findings are exactly what you’d expect. Our data paints a portrait of a thriving Chicago rental market with rents increasing steadily in almost every neighborhood since 2011.

We examined the average increase in rents of 2-bedrooms per year from 2012 to 2015. While rents on the north side increased at a steady pace, rents in some of Chicago’s west side neighborhoods, including Logan Square,...

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