CHICAGO--(BUSINESS WIRE)--The average cost of renting a home in Chicago is $1410, according to data from the inaugural RentJuice Rent Index in Chicago. The quarterly analysis was today launched by RentJuice, the online platform developed by real estate insiders that connects prospective renters, brokers and property managers to each other in real-time. The RentJuice Rent Index will enable neighborhood comparisons by asking rents, availability date, unit configuration and more in the Windy City.
More Roommates, Less Options
Life might get a little more challenging for consumers hoping to find a new place to rent with a few roommates. As of the beginning of the third quarter, only 11 percent of Chicago’s rental listings were categorized as three and four bedrooms.
Consumers looking to live with a few buddies should tell their broker, “Take me out to Wrigleyville.” Currently, the neighborhood provides the largest selection of multi-bedroom availabilities in Chicago – nine out of 10 (89%) listings in Wrigleyville have at least two bedrooms. And rent in this area near Chicago’s famed ballpark is below average: average rent for a three-bedroom unit in Wrigleyville is $2107, and average rent for a three-bedroom unit in Chicago overall is $2204.
North Side: Prices South of Average
Chicago’s north side has earned a reputation for having cheaper rents than the rest of the city. Neighborhoods like Rogers Park, Edgewater and Uptown have particularly affordable rental listings that are well below Chicago’s average prices.
Consumers in need of an inexpensive place to set up shop should check out Albany Park, where a studio can be leased for an average of $614, the lowest average cost of an apartment in Chicago. Thanks to the addition of several large residential buildings in the neighborhood, Albany Park can be labeled an up-and-coming neighborhood. Once known solely for Korean barbecue, some say Albany Park now offers the best ethnic cuisine in the city, attracting the foodie crowd. Years down the line, renting a home in Albany Park could be looked at as much more than a cost savings strategy.
High-Rise Rents Downtown
As a result of the recession and housing crisis, many potential homebuyers in Chicago are still a bit gun-shy. Instead of forking over a sizable downpayment for a mortgage, many consumers are choosing to put their dollars toward high-priced rentals, such as luxury properties downtown, with low required commitment.
The reason so many luxury units are available is simple: with a soft market for real estate sales, prospective sellers are often forced to turn to other measures in order to turn a profit. In many cases, landlords are renting out luxury condominiums until a seller’s market returns.
High rental prices can be seen in downtown areas like Streeterville, River West, and the various Loop neighborhoods. As part of this quarter’s RentJuice Rent Index, the top five most expensive rental neighborhoods in Chicago have been identified.
|
Top Five Most Expensive Rental Neighborhoods in Chicago, 2Q11 |
||||||
| Priciest Neighborhoods in Chicago | Average Asking Price | |||||
| West Loop | $1991 | |||||
| Streeterville | $1981 | |||||
| River West | $1954 | |||||
| Loop | $1935 | |||||
| South Loop | $1875 | |||||
“The RentJuice team’s longstanding immersion in the rental industry and our deep relationships with our customers have cultivated an appreciation for the value of thoroughly understanding the dynamics of one’s local market,” said RentJuice CEO David Vivero. “Through an analysis of our extensive rental database, we are excited to be able to give our customers in Chicago an advantageous look under the hood and consumers an idea of what they can expect to encounter with the current market.”
RentJuice’s core product is RentJuice Free, a free online platform that allows property managers and landlords to instantly share their availabilities with partner agencies to shorten vacancies, as well as save time and effort. The Company also offers RentJuice Pro, a paid upgrade that provides agents, brokers and leasing offices a “virtual rental office” that facilitates efficiency in every step of the rental process, including automatic ad syndication to more than 20 consumer websites such as Zillow and Trulia.
The RentJuice Rent Index is included as a benefit to all RentJuice users and is also available for download at: www.RentJuice.com/Chicago-2Q11
About RentJuice
RentJuice was founded in 2009 by CEO David Vivero and CTO Kunal Shah and is led by a team that helped grow companies like Salesforce.com, Market Leader, Vimeo and CollegeHumor. The Company pioneered the online software category Rental Relationship Management (RRM) and currently serves the Boston, Chicago, Miami and New York markets.