StrawStickStone Chicago Rent Index: 1st Quarter, 2012

Just beyond the jump is a table containing the average rents and price ranges from the past 3 months in Chicago. There’s definitely some interesting data. To me, though, the most interesting part of this whole article is what happened during the revision process from when I first started writing it in February until now. See, normally as the number of apartments rented in an area increases, the general average will drop. It’s a simple matter of probability.

In the course of a month, every single average included in this table went up. Chicago rents are not just going up, they’re skyrocketing, and it’s happening in every sector of the market that I studied. I should note that this is Downtown and the North Side only, as I don’t feel that I know the South Side market well enough yet to provide proper analysis. I’m hoping I’ll be able to include it in the 2nd Quarter Rent Index, though.

I can think of a lot better ways to spend $207k per year than on an apartment. Can you?

Oh, and if you’re curious, that $17250 per month 2 bedroom apartment wasn’t even a penthouse. It was a 48th floor 2 bed, 2 1/2 bath rental at 11 E Walton St in the Gold Coast. It rented before it even made it onto the MLS. Someone signed a lease to spend $207,000 this year for a rental.

Downtown* Name Brand Neighborhoods** Generic Neighborhoods***
Avg (Count) Low / High Avg (Count) Low / High Avg (Count) Low / High
Studio $1208 (56 Rented) $850 / $2150 $954 (34) $700 / $1325 $815 (15) $500 / $1150
1 bed, Vintage Invalid (4) $1100 / $1900 $1195 (6) $800 / $1850 $1115 (6) $850 / $1900
1 bed, Condo $1821 (324) $1095 / $6000 $1477 (125) $650 / $2399 $1308 (108) $725 / $2050
1 bed w In-Unit laundry $1946 (152) $912 / $6000 $1507 (28) $945 / $2399 $1404 (49) $895 / $2050
2 bed, Vintage Invalid (0) N/a $1491 (21) $975 / $2650 $1317 (17) $825 / $1850
2 bed, Condo $2818 (276) $1450 / $17,250 $2170 (237) $975 / $4250 $1640 (285) $750 / $3000
2 bed w In-Unit Laundry $2847 (207) $1495 / $7800 $2195 (171) $1200 / $4250 $1721 (174) $850 / $3000
3 bed, Vintage Invalid (0) N/a $2510 (11) $1200 / $4500 Invalid (5) $1200 / $2150
3 bed, Condo $4937 (70) $2000 / $15,000 $2860 (91) $1350 / $4800 $1971 (69) $995 / $3700
3 bed w In-Unit Laundry $4818 (58) $2000 / $13,000 $2990 (90) $1200 / $5500 $2058 (67) $1200 / $3700
3 bed Single Family Invalid (0) N/a $3109 (13) $1250 / $6250 $1864 (19) $750 / $3700
Pets**** Dogs OK: $2663 | No Pets: $2363 | Cats Only $1875 Dogs OK: $2268 | No Pets: $1957 | Cats Only: $1826 Dogs OK: $1606 | No Pets: $1492 | Cats Only: $1197

* Downtown: Within 1.25 miles of the intersection of State & Madison, Chicago
** Name Brand Neighborhoods: Lincoln Park, Wicker Park, Bucktown, Wrigleyville / Lakeview
*** Generic Neighborhoods: Uptown, NorthCenter, Logan Square, Avondale, Irving Park, Humboldt Park
**** Average rent rates based on pet policy across all sizes of apartments.

Read more about Name Brand & Generic Neighborhoods.
Read more about why cat-friendly apartments are cheaper.

Stats based on printed rent rates for the first quarter of 2012 as listed in MRED LLC’s ConnectMLS for the city of Chicago. Completed rentals only, no active listings.

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-Kay C.

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