Raising the rent: 5 Chicago neighborhoods that will cost you more in 2019
Reprinted from Chicago Tribune, by Darcel Rockett Contact Reporter
Published: June 7, 2019
Apartment search website Rent.com culled data to find which Chicago’s neighborhoods (based on inventory from Apartment Guide and Rent.com) have seen the highest one-bedroom rent increases between May 2018 and May 2019. West Town, Streeterville, Lakeview, Hyde Park and Douglas rounded out the top five, respectively.
Based on the company’s data, the average price of a one-bedroom rental in Chicago sits at $1,944. In Streeterville, that price jumps to $3,041 — a nearly 14 percent increase from 2018. West Town rent increased nearly 18 percent, with the average one-bedroom costing $2,395. Average monthly rent in Lakeview, Hyde Park and Douglas are below the city average, according to Rent.com, but still saw double-digit, year-over-year percentage increases. The company cites new construction, supply and demand, and large neighborhood investments or new businesses boosting these neighborhoods’ popularity.
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