Industrial Warehouses Turned Swanky Luxury in Chicago’s West Loop
The physical boundaries for West Loop are defined as south of Grand Avenue, north of I-290, east of Ashland and west of the Chicago River. There are many micro-neighborhoods that exist within this boundary like Greektown, which has many traditional Greek restaurants and the National Hellenic Museum. The Fulton Street Market is a landmarked district comprising world class restaurants and many manufacturing businesses. The Jackson Boulevard Historic District Is made up of preserved homes dating from the 1880s and 1890s.
West Loop has undergone major shifts in land use over the years. Once a hub for industrial meat packing, during the 1960s and 1970s as many as 12,000 men lived along a section of Madison Street called Skid Row. Fast forward to present day West Loop and the demographics have changed drastically. Today the approximately 33,000 residents are a combination of young adults, families and empty nesters. The median income has risen to $110,000 per year with the influx of international corporations like Google and Boeing moving to West Loop.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
West Loop is home to many internationally known restaurants--including those with Michelin-starred ratings--and historic Italian delis. The Time Out Market Chicago is a destination for culture and food. Boasting 50,000 square feet, it hosts 18 kitchens, three bars and a beautiful rooftop terrace. For more fun visit the Punch Bowl Social’s Fulton Market where you can eat, drink and play in 30,000 square feet filled with bowling alleys, karaoke rooms, arcade games, casual food and drinks. With its kitschy design scheme, you’ll have plenty of opportunities to take pictures of you and your friends. West Loop is home to Union Park where the Pitchfork Music Festival is held each year. History and film fans will want to visit Union Station, which opened in 1925 after ten years of construction. Built by the union of four railroad companies to service passengers and freight, it is an architectural masterpiece.
Welcome to the June 2020 Chicago Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the June 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 May to June, 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 May to June, 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 June 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 June||1 BR M/M % Change||2 BR June||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.