Another month has passed which means it's time to take a look at the new numbers for the country's rental market. Apartment search site Zumper has just released its new national rent report which sheds some light on the state of renting in the 24 priciest US cities. Far from perfect, Zumper's reports should be taken with a grain of salt as these numbers only reflect the apartments that are available on the site itself, so don't expect to see rent prices that would reflect the rates that most mom and pop independent landlords would charge. In the latest report, Zumper bumps Chicago from the 7th place spot down to the 9th place spot, following Miami while leading Seattle in terms of cost of living. It pegs the monthly median price for a one bedroom in Chicago at $1,720, down from $1,760 a month ago. The median for a two bedroom has dropped from $2,370 to $2,300.
Things get a little wonkier when you start looking at the Chicago neighborhood breakdown. Zumper ranks the Near North Side as the priciest neighborhood in Chicago, however according to the way this data is compiled, this includes all listings from Streeterville, the Gold Coast and River North. So naturally, combining all of those neighborhoods together will create one mega-pricey region. Additionally, the new report has Evanston listed as the seventh most expensive neighborhood in Chicago. As we all know, Evanston is not a neighborhood in Chicago. You may as well add data from Oak Park while you're at it.
While our colleagues in New York, LA and San Francisco have indicated that the reports seem to be somewhat reliable for their cities, we're certainly aware of the gripes many have with these particular reports as far as Chicago rent prices are concerned. Again, these numbers aren't the be-all and end-all of rental data, but the report does offer some insight to those who may be interested in learning more about rent prices stand on a national and local level.
·April 2015 Rent Report [Zumper]
·Zumper National Rent Report: April 2015 [Zumper]
·Zumper: Chicago Now Has 7th Highest Rent Prices in Country [Curbed Chicago]
·Market Reports archives [Curbed Chicago]