Ultimate Energy, Nightlife and Young Crowds in Chicago’s Lakeview
Chicago is home to many iconic professional sports teams. The White Sox, The Bears, The Bulls, The Blackhawks and of course the perennially--until recently--cursed but loved Chicago Cubs. If you’re a Cubs fan — and who isn’t? — the neighborhood called Lakeview is the home of Wrigley Field, the major league baseball stadium that seems to pop up in the center of the neighborhood from nowhere. The venerable Major League Baseball stadium was first constructed in 1914 when the Chicago Whales played in what was called the Federal League.
Lakeview usually votes Democratic, and there is a strong sense of community involvement as there are 13 local neighborhood groups that act as input agencies to local government. Among them are the West DePaul Neighborhood Association and the South East Lakeview neighbors. Lakeview’s population is 97, 804 with 31,345 persons per square mile. Median age is 32.5 and the male to female ratio is 1.0:1. 33% of the population has a master’s degree or higher, and 47% obtained a bachelor’s degree. The average 750 square foot apartment rents for about $750.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Lakeview is directly north of Lincoln Park and is directly bordered by Lake Michigan. Lake Shore Drive, the main thoroughfare, reminds some of Miami Beach in the summer as the street is tree-lined and full of high-rise apartments and condos. Lakeview is so large that it has three subdivisions—North Halsted, Boystown and Wrigleyville. Don’t miss the Music Box Theater, The Playground Theater, and of course the world-famous Lincoln Park Zoo. Boystown was the first gay neighborhood to be recognized officially in the U.S. It has grown into a vast LGBT cultural center. You can expect lots of thriving nightlife, and don’t forget about the off-Loop theater district. The annual gay pride parade is held yearly and starts on Montrose and Broadway. Top area restaurants include The Chicago Diners and Strings Ramen shop.
Welcome to the May 2022 Chicago Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2022 key findings and figures for the Chicago rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago average rent prices in the chart below.
Chicago rent prices increased over the last month. From April to May, the city experienced a 3.65% increase for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,619.0.
When we take a look at the two-bedroom comparison from April to May, Chicago experienced a 3.46% increase for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $1,942.0.
Rent prices have increased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Chicago suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Oak Park, IL, Evanston, IL, Naperville, IL, Arlington Heights, IL .
Rent decreased in Lombard, IL, Warrenville, IL.
2 suburbs are currently priced higher than the city of Chicago.
4 suburbs are currently priced lower than the city of Chicago.
Rent growth in Chicago over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago average rent prices appear to be relatively affordable for local residents.
The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's May 2022 National Apartment Report and data set here.
For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.
|1 BR May||1 BR M/M % Change||2 BR May||2 BR M/M % Change|
|Oak Park, IL||$1,105.0||0.46%||$1,519.0||3.33%|
|Arlington Heights, IL||$1,325.0||0.38%||$1,597.0||1.14%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.