Market Insight

Median rental price of 1-bedroom apartments in Chicago

Ever wondered how much it costs to rent a 1-bedroom apartment in Chicago? Luckily for you we’ve combed our records to give you a look at the median rental price for 1-bedroom apartments across the city of Chicago. 

Luxury 1-bedroom units have sprung up in River North, the New Eastside and Streeterville. This reflects a trend of new developments near downtown that cater to a generation of professionals who value mobility and proximity to work more than square footage. This accounts for some of the higher rental prices for units surrounding the Loop.

The Loop itself is actually...

Based on the current apartment listings on Domu this season, the move-in fee is poised to replace the security deposit among Chicago landlords and property managers.  Here's why: the Chicago Residential Landlord Tenant Ordinance (CRLTO) imposes harsh penalties for minor and sometimes inadvertent infractions relating to security deposits, but it does not yet regulate move-in fees.  Of course, refundable security deposits have their advantages— they incentivize tenants to maintain their apartments and they allow the landlord to deduct any unpaid rent which has not been...

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...

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