Welcome to the August 2020 Chicago Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the August 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 July to August, 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 July to August, 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 August 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 August | 1 BR M/M % Change | 2 BR August | 2 BR M/M % Change | |
|---|---|---|---|---|
| Chicago, IL | $1,768.0 | -0.95% | $2,023.0 | -1.51% |
| Evanston, IL | $1,807.0 | 8.79% | $2,099.0 | 2.79% |
| Oak Park, IL | $1,131.0 | -5.99% | $1,673.0 | -2.68% |
| Naperville, IL | $1,261.0 | 1.12% | $1,647.0 | 1.04% |
| Lombard, IL | $1,723.0 | -0.06% | $2,514.0 | 1.54% |
| 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% |
| Schaumburg, IL | $1,358.0 | 0.22% | $1,600.0 | -0.44% |
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.