National and local rents keep rising
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With sky-high home prices, many renters are renewing their leases and staying put for now, according to the most recent report from housing site Rent.com.
Why it matters: The demand for apartments — which in December hit an all-time high of 97.5% occupancy nationwide — has pushed up rental prices in most parts of the country.
- Rent increases in Chicago and statewide largely follow national trends.
Zoom in: Illinois rents checked-in at 14-19% lower than the national average.
- But in Chicago, the average rent for a two-bedroom apartment is the 15th-highest in the nation among medium-to-large cities.
- Even at $3,242 a month, our local digs are a bargain over those in Jersey City, New Jersey and in Boston, where a two-bedroom averages $4,700.
The other side: Those who want a cheap city crib for remote work might want to check out Wichita, Kansas, where the average two bedroom rents for $596.
💠Justin's thought bubble: UNREAL. I remember having a three bedroom in Lincoln Square that cost $650 in 1996.
💠Monica's thought bubble: I still miss my sunny, vintage, three-bedroom apartment in North Park that I rented for $1,000 a month just a decade ago.