Major corporations attract top talent to their headquarters in the Loop and its year-round activity options make it even more attractive to both young professionals and families alike. Chicago is also among the cities where rent prices are starting to climb, especially in some of the hottest neighborhoods.
If you’ve been considering a move to one of Chicago’s most popular neighborhoods, you may want to consider activating your search sooner than later to secure your next address.
1. West Town
Photo courtesy of Choose Chicago
- Price increase over the past year: 17.85 percent
- Average rent for one-bedroom in West Town: $2,395
- Average rent for one-bedroom in Chicago: $1,944
Homes were constructed near the railroad shops and newly constructed factories by the river and along Milwaukee Avenue in West Town during the 1860s to accommodate the working class.
Today, independent boutiques, dining options and fancy gyms abound for everyone from the stroller set to the weekly marathon training groups.
The rent has been keeping pace, having increased by 17.85 percent in the past year.
2. Streeterville
- Price increase over the past year: 13.89 percent
- Average rent for one-bedroom in Streeterville: $3,041
- Average rent for one-bedroom in Chicago: $1,944
Streeterville used to be where old money lived. Its close proximity to Lake Michigan, Lake Shore Drive and the Magnificent Mile is attractive for those who appreciate quick access to the lakefront path, quick transportation and world-class shopping.
It’s also home to two of the city’s most popular hospitals: Northwestern Memorial Hospital and Lurie Children’s Hospital of Chicago.
Add it all up and it’s no surprise that prices are rising. Rent in Streeterville has gone up 13.89 percent from last year to now.
3. Lakeview
Photo courtesy of Choose Chicago
- Price increase over the past year: 13.53 percent
- Average rent for one-bedroom in Lakeview: $1,810
- Average rent for one-bedroom in Chicago: $1,944
Lakeview has several neighborhoods within it, each with its own vibe. Chicago Cubs fans love being in the thick of baseball season since Wrigley Field is in the heart of the neighborhood, while Boystown in East Lakeview is home to eclectic shopping and a diverse nightclub scene.
It’s not unusual to see stroller parking outside popular kid-friendly shops and restaurants along Southport Avenue. Some areas have up to three possible CTA lines (Red, Brown and Purple lines), in addition to several bus routes, making it even more attractive to those who favor using public transportation into the Loop.
Perhaps unsurprisingly, easy access to a wide assortment of entertainment and commute options means rising living costs. Rent in Lakeview has gone up 13.53 percent from last year to now.
4. Hyde Park
Photo courtesy of Choose Chicago
- Price increase over the past year: 12.63 percent
- Average rent for one-bedroom in Hyde Park: $1,751
- Average rent for one-bedroom in Chicago: $1,944
Walk into a coffee shop or bookshop along E. 57th Street and you’re just as likely to be rubbing shoulders alongside a Nobel Laureate from University of Chicago as you would a budding artist.
The diverse neighborhood is home to a mix of architectural styles (including Frank Lloyd Wright’s Frederick C. Robie House), the Museum of Science and Industry and miles of tree-lined streets.
Hyde Park gained even more national and international recognition over the last decade as it was also home to President Barack Obama and his family before he moved them to 1600 Pennsylvania Avenue. Its average rent is just shy of the city average and has risen 12.63 percent in a year’s time.
5. Douglas
- Price increase over the past year: 10.61 percent
- Average rent for one-bedroom in Douglas: $1,020
- Average rent for one-bedroom in Chicago: $1,944
Being close to Lake Michigan is a perk in Chicago and 31st Street Beach in Douglas is particularly delightful because it’s very much a family-friendly beach. A mix of residents, from students attending the Illinois Institute of Technology (IIT) to families, call this neighborhood home.
It’s conveniently located next to Chinatown and Bronzeville, each with a very different neighborhood vibe. Just west, on 35th Street, is Guaranteed Rate Field, where the Chicago White Sox play ball.
Douglas is just a few miles south of downtown and near both the I-90 and I-55 expressways, making it very easy to get north, west or south. While still relatively affordable, rent in Douglas has risen 10.61 percent in just one year.
Methodology
We looked at all neighborhoods in Chicago with sufficient available inventory on Apartment Guide and Rent. and compared the average price from May 2018 to May 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on May 2019 multifamily rental property inventory on ApartmentGuide.com and Rent. and is used for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.
