Rent increases challenging city's affordability goal
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Mayor Brandon Johnson says he wants to make Chicago the most affordable big city in America. Rent prices continue to make that difficult.
Why it matters: Chicago's more than 600,000 renters pay more monthly than the national average.
Context: Chicago leaders are currently considering two different ordinances to overhaul the city's rental and landlord plan.
By the numbers: Chicago's median rent for a one-bedroom apartment was $2,079 compared to $1,948 nationwide, Zillow reports.
- Rents are up nearly 5% since last year.
- Chicago has 9,099 rentals available.
Of course, rents go up with unit size, so the average rent for a 4-bedroom in Chicago is up to $13,278 per month.
Zoom in: The suburbs got hit even harder with increases. Joliet's median rent was up nearly 15% since this time last year. The average price for a one-bedroom is $1,390, Zumper reports.
- Arlington Heights' rental prices rose more than 11%, with the average rent at $1,750.
- Schaumburg and Wheaton are the most expensive in the metro area behind Chicago.
Zoom out: New York City, Los Angeles, San Francisco and Boston have average rents closer to $3,000.
Yes, but: Even though rents are rising, renting is still more affordable than buying in all major U.S. cities, including Chicago.
- The typical U.S. rent is $1,948 a month, Zillow reports, compared to the typical new home buyer's monthly payment of $3,014.
The bottom line: Chicago's renters' market continues to squeeze people out, moving the city further from the goal of being the most affordable big city.