August 2, 2011

Top Secret Apartment Data

We at Domu have something golden, and, yes, we are gonna give it up for nothing.  It’s our no-longer-top-secret apartment data, and what it says about the Chicago rental market just may surprise you.

On any particular day there are thousands of apartment listings on Domu, and that’s not including “building listings,” in which multiple apartments are advertised for rent in a single listing.  So we assigned our in-house computer nerd responsibility for taking periodic snapshots of this data, sorting the figures, applying a proprietary algorithm, and generating a list of the median rents in the 15 most popular Chicago neighborhoods on the website.

Today, for the very first time, we unveil our results to the general public.  In the graphs below, we have displayed the median rents in 15 select neighborhoods, sorted by apartment size and ranging from studios to three-bedroom units.  Some of the highlights are as follows:
 

  • River North and the Gold Coast are consistently the most expensive places to rent an apartment.  The studio and one-bedroom apartments are slightly cheaper in River North, but the two and three-bedroom apartments are significantly more expensive in the Gold Coast.
     
  • Across all unit types, Lincoln Park is typically less expensive than six other Chicago neighborhoods, including (in order), River North, the Gold Coast, the West Loop, the actual Loop, the South Loop, and Old Town.
     
  • The median rent for a River North studio ($1400) is exactly double the median rent for a Lincoln Square studio ($700).
     
  • For one and two-bedroom apartments, the median rent in River North is slightly more than double the median rent in Logan Square.  A one-bedroom renter in Logan Square saves, on average, $913 a month.  A two-bedroom renter in Logan Square saves, on average, $1475 a month.
     
  • The biggest pricing disparities occur in the three-bedroom category.  Three-bedroom apartments are nearly four-and-a-half times more expensive in the Gold Coast than they are in Logan Square and exactly twice as expensive in Lincoln Park as they are in Logan Square.
     
  • Of the most popular Chicago neighborhoods, the least expensive apartment option is an Edgewater studio.
     

We are already tracking changes in median rents with the passage of time, so stay tuned for even more insightful information from domu!

Cost Of One-Bedrooms In Chicago

Cost Of Two-Bedrooms In Chicago

Cost Of Three-Bedrooms In Chicago

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