The Chicago apartment market changed course in a significant way during 2020. A trend of rising rents halted in mid-2020 after a growth period that lasted for over half a decade. Now, renters are seeing some of the most amenable apartment rent pricing to hit Chicago since 2014. Apartment renters in Chicago may be accustomed to seeing lower prices if they search for apartments during off-peak season (basically anything listed outside of April - September). Apartment rents did decline citywide in Chicago during the past year, but some neighborhoods witnessed more pronounced discounts on Domu than others.
Here are the 7 Chicago neighborhoods where listed apartment prices dropped around 5 percent during the 2020 rental season on Domu.
Apartment Pricing Went Down Significantly in Hyde Park
Pricing for apartments in Hyde Park was down more than 5 percent compared to the previous year in 2020.
Featured Apartment Listing for Hyde Park:
Hyde Park Apartments for Rent at 5550 S Dorchester
In a convenient location near the Metra Electric and South Shore Line station on E 56th St, this apartment building offers renters a chance to live close to the most compelling highlights of Hyde Park. The University of Chicago campus is about 10-minute walk from these apartments and Hyde Park's most popular retail and restaurant district is only a couple blocks north of the apartments for rent at 5550 S Dorchester.
Streeterville Apartments Saw Reductions in Price During 2020
This downtown neighborhood experienced a drop in prices that was partly expected due to oversupply in the area. But there were other factors at play over the course of 2020 that contributed to lower rent prices for Streeterville apartments. Renters who’ve always had their eye on living close to Lake Michigan, the Chicago River and cultural institutions like the Museum of Contemporary Art can now find Streeterville apartments at prices that haven’t been seen in years.
Featured Apartment Listing for Streeterville:
Streeterville Apartments for Rent at Cityfront Place
Renters can expect a high standard of amenities in this building that's perched along the bank of The Chicago River. The views from Cityfront Place are some of the best out of Streeterville apartments.
River North Apartments Also Seeing Reduced Rents in 2020
River North wasn’t spared the price reduction that most downtown neighborhoods experienced in 2020. Some newly constructed luxury apartments did open their doors in River North during the 2020 season, so that did tamp down some of the price drops for River North rent prices. But overall prices were down more than 5 percent for River North apartments in 2020.
Featured Apartment Listings for River North:
New Luxury Apartments for Rent at Wolf Point East
The views are simply incredible from this apartment building that rests near the confluence of The Chicago River's north and south branches. This pet-friendly building opened in 2020, bringing the redevelopment of Wolf Point one step closer to completion.
River North Apartments for Rent at 750 North Rush
This is a delightful find among River North apartments: a pet-friendly apartment building that has great access to public transportation, shops and museums.
Apartments for Rent at Chestnut Tower
For an apartment that screams class, look no further than Chestnut Tower. This apartment tower is located near the Moody Bible Institute and the Wells Street Corridor. Residents will find it's also quite manageable to walk over to the shops along N Michigan Ave and the Magnificent Mile from Chestnut Tower.
West Loop Apartment Rents Inched a Little Bit Lower in 2020
The West Loop has been on a hot streak for so long that it was a minor surprise to see it included on this list with reduction in rent prices around 5 percent in 2020 compared to the previous year. Bargain hunters who’ve always circled West Loop apartments as their desired location should delve back in now to see the best pricing for West Loop apartments in nearly a decade.
Featured Apartment Listings in the West Loop:
West Loop Apartments for Rent at Porte
From custom kitchen designs and other high end finishes in these West Loop apartments, renters will have every comfort and convenience at their fingertips in Porte. And this new building has rolled out some fine rent concessions during its initial opening phase, so there's double incentive for renters to open the door to one of these brand-new West Loop apartments.
West Loop Apartments for Rent at Milieu
Get in the mix with this highly touted new development in the West Loop. Everything that renters need, from cozy fire pits for the cooler months to a "gear garage" that lends out sporting equipment to residents, is right at hand in this apartment building. The views are stellar and the rent concession offers are pretty eye-opening for this new apartment building, too.
Fashionable Wicker Park Apartments Saw Friendlier Pricing in 2020
The trendy Wicker Park neighborhood was spared from the deeper discounts that befell downtown Chicago neighborhoods during the past year. With a little distance from the Loop and downtown, Wicker Park apartments have an undeniably cozy feel to them and the character of the neighborhood has been a big draw for renters in recent years. With fewer renters needing to worry about commuting to the office in 2020, Wicker Park apartments dropped in price to adjust to new pandemic-influenced search preferences among renters.
Featured Wicker Park Apartment Listing:
Wicker Park Apartments for Rent at 1611 West Division Apartments
Opt for energy efficiency in your next Chicago apartment with help from this forward-looking apartment building in Wicker Park. The distinctive metal cladding along the outside gives 1611 West Division a one-of-a-kind look among buildings in Wicker Park, but there's a reason for this design element: the metal creates a shield against heat loss in the apartments, a nice perk during Chicago's winter months.
Apartment Prices in the Loop May Wait Another Year to Come Back Around
Chicago’s Loop was visited by civil unrest in the summer of 2020. Layer the episodes of unrest on top of the economic toll brought about by the Coronavirus pandemic, which included many office closures in the city's main business district, and 2020 may not have looked like the banner year for renting apartments in the heart of downtown Chicago. But for renters who adore the downtown scenery and want to live there no matter the circumstances, 2020 was actually a pretty decent year to score a deal on a Loop apartment.
Featured Apartment Listings for Chicago Loop:
Chicago Loop Apartments for Rent at Millennium on LaSalle
This new office-apartment building conversion will welcome its first renters in 2021. The building's transformation from mid-century offices into chic downtown apartments is like a microcosm of the Loop's evolution from a strictly business part of town to an area that's taken on a whole new life as a residential enclave. Renters who want to live amidst the iconic sights and scenes of downtown Chicago ought to check out the apartments coming to the Millennium on LaSalle in spring of 2021.
Uptown Apartments Continue to Develop, Come Down Slightly in Price for 2020
Uptown has been experiencing a resurgence lately. The momentum may have been somewhat stalled as the pandemic shuttered theaters and other live performance venues that contribute greatly to the excitement surrounding Uptown apartments, but renters who are willing to stick it out until the concert halls reopen could be pleasantly surprised to see that prices did come down in 2020. Uptown apartment rents were down nearly 4 percent compared to the previous year in 2020.
Featured Apartment Listings for Uptown:
Uptown Apartments for Rent at Sheridan Plaza
This pet-friendly apartment building puts renters near the Wilson station and all the surrounding businesses, including large retailers such as Target and smaller neighborhood favorites like Uptown Bikes. Getting around is a breeze from this Uptown location, with all the transit options along N Broadway as well as being close to Lake Shore Drive.
Uptown Apartments for rent at Eight Eleven Uptown
This sophisticated apartment building capitalizes on a great location near the lakefront and all the recreational facilities in the vicinity of Montrose Harbor. The building is refreshingly modern for the Uptown neighborhood -- and the sheer glass on the apartment building exterior means that residents can soak in the gorgeous views of parks and Lake Michigan from the comfort of home.