March Rent Report Reveals More Renters, ‘Average’ Satisfaction
Nearly 2,000 renters in Chicago gave the city poor marks for weather, quality of schools and safety, but landed more favorably on public transit and job opportunities, according to a survey conducted by Apartment List for its March 2017 rent report.
Overall, the group gave the city a B minus for satisfaction. The city received one F in the survey – for state and local taxes.
The report also cites rising rents. The highest price hikes in the area over the past year have been in Evanston (4.5-percent increase) and Wheaton (4.4 percent). According to the report, Chicago saw a 2.5-percent increase in the past 12 months, and a 1.4 percent increase in the past month.
Within the city, River North has the highest rent prices, according to the report, where two-bedroom apartments have a median rent of $3,140. In Austin and Garfield Park, the median rent for a two-bedroom unit is $950, according to the findings.
Rents in Uptown and Rogers Park were among those with the highest year-over-year growth, with median prices rising 6 percent and 5.3 percent, respectively.
The median rent of a two-bedroom apartment in the city came in at $1,600, which ranks 21st nationwide. San Francisco topped the list at $4,600, followed by New York City with the average two-bedroom apartment costing residents $4,100.
An NYU Furman Center report found that between 2006 and 2013 the share of the population living in rental houses in Chicago grew from 46 percent to 52 percent. It looks like this growth is continuing—the Apartment List survey reports that the number of renters in Chicago increased by 1.4 percent over the last month.
Jan. 31: We discuss the prognosis for state and local job markets amid changing local and national politics.
Jan. 12: The city plans to go to the debt markets for almost $1.2 billion, including more so-called “scoop and toss” borrowing.
Dec. 27: Illinois' population declined in 2016 for the third straight year, losing more people than any other state in the union. The drop of more than 37,000 people leaves Illinois with a population just north of 12.8 million.