Rental Prices Are Down in Chicago

Chicago is currently the 13th most expensive rental market in the nation, yet a new report from Zumper finds that rental prices for one- and two-bedroom apartments have dropped 15 percent year-over-year, the largest decline nationally.

“This steady downturn in prices the past year is most likely due to the influx of newer apartment buildings with move-in specials and an overall increase in inventory, which may be a relief to renters," Zumper marketing manager Crystal Chen tells The Chicago Tribune. Yet, another apartment listing site, HotPad, recently found that median rents for a one-bedroom in Chicago are up 0.7 percent from last year.

“I think it’s too early to see whether these changes in supply are going to have an effect on median rents, but they certainly bode well,” Clark said. The rental landscape is in flux, says Jeremy Jackson, Chicago market manager and licensed real estate managing broker for Zumper. “It’s very month by month, who has the leverage in the negotiations,” he said. “Is it a landlord’s market or is it a renter’s market? It’s been a renter’s market for the last several months. I personally have an inkling that’s going to flip around.”

Read more