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Less to the Landlord: Rents Drop in Chicago by Four Percent

  • January 12, 2012

by Erin Calandriello

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If you are currently looking to rent in Chicago, chances are that you’ll be paying a little bit less than a few months ago. RentJuice reported today that asking rents decreased by four percent since the end of the third quarter in 2011.

Lincoln Park saw the biggest drop (4.6 percent), with rents declining to $1,404 in December. The Gold Coast came in second with a 4.1 percent dip, taking its monthly average to $1,767. But rents did not fall everywhere. Oak Lawn saw an 8 percent increase, bringing its monthly rent to $1,654. In the city, rent climbed around two percent in areas including River West, Andersonville, and United Center Park, taking their monthly averages to $2,045, $1,189, and $1,585, respectively.

The least expensive neighborhoods in which to rent during December (on a price per square foot basis) were:

  • Avondale at $1.09
  • Albany Park – Irving Park at $1.08
  • West Rogers Park at $1.06

Look for a report tomorrow that delves into the renting versus buying debate.

This article originally published at http://chicago.urbanturf.com/articles/article/less_to_the_landlord_rents_drop_in_chicago_by_4_percent/4921

Choose an edition: Wash DC | Chicago