Cultural Diversity Combined with a Campus Vibe in Chicago’s Hyde Park
In 1853 a real estate speculator, Paul Cornell, bought 300 acres of land between 51st and 55th Streets along Lake Michigan’s shore. The land was a mere seven miles south of Chicago’s downtown. His intent was to convince Chicago businessmen to build homes for their families, and Hyde Park became a suburb for wealthy city dwellers who wanted to leave the noise and overcrowding of a growing city. In 1857 the Hyde Park House was built. It was an extremely high-end hotel built on the shore of Lake Michigan. Mary Todd Lincoln spent the summer of 1865 there with her children. The hotel burned down in 1879 and The Sisson Hotel was built there in 1918, eventually becoming converted to condominiums. In 1889 the City of Chicago annexed Hyde Park and in 1891 the University of Chicago was established with money from John D. Rockefeller, eventually laying claim to 89 Nobel Prize laureates. In 1893 the World’s Columbian Exposition was held in Hyde Park. The fair brought an influx of new residents which would give rise to the development of a more urban feel in the community. All but one of the structures built for the fair were temporary. The remaining building is Charles Atwood’s Palace of Fine Arts which has become the Museum of Science and Industry, the largest science museum in the Western Hemisphere. The neighborhoods’ 89 Nobel winners include President Barack Obama.
The total population for Hyde Park is 12,567 with the median age at 32 years. 10.12 % of households have children under the age of 18 and the average median household income is $66,220. 15.78% of the residents have bachelor’s degrees. In the current market it will cost $965 per month to rent a 416 square foot studio apartment, $1395 per month for a 627 square foot one-bedroom and $3,334 per month for a 1275 square foot place.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Hyde Park is a culturally diverse community with the University of Chicago campus drawing students from around the world. The Midway Plaisance Park, Jackson and Washington Park and South Shore Cultural Center host trails, tennis courts, events and festivals to enrich the lives of community members and guests. In the northeast section of Hyde Park, you can find a vast array of coffeehouses, restaurants and specialty shops.
Welcome to the July 2020 Chicago Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the July 2020 key findings and figures for the Chicago rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago rent prices in the chart below.
Chicago rent prices decreased over the last month. From June to July, the city experienced a -0.4% decrease for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,761.0.
When we take a look at the two-bedroom comparison from June to July, Chicago experienced a -0.89% decrease for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $2,005.0.
Rent prices have decreased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Chicago suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Evanston, IL, Naperville, IL, Hoffman Estates, IL, Schaumburg, IL .
Rent decreased in Oak Park, IL, Lombard, IL, Arlington Heights, IL.
1 suburb is currently priced higher than the city of Chicago.
6 suburbs are currently priced lower than the city of Chicago.
Rent growth in Chicago over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago rent prices appear to be relatively affordable for local residents.
The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of ABODO's July 2020 National Apartment Report and data set here.
For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.
|1 BR July||1 BR M/M % Change||2 BR July||2 BR M/M % Change|
|Oak Park, IL||$1,131.0||-5.99%||$1,673.0||-2.68%|
|Arlington Heights, IL||$1,037.0||-12.64%||$1,402.0||-3.11%|
|Hoffman Estates, IL||$1,326.0||0.30%||$1,543.0||-0.13%|
Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.