Thriving Nightlife Paired with Eclectic Shops and Restaurants in Chicago’s Old Town
The area referred to as Old Town was home to many Native American Nations including members of the Illinois, Miami and Potawatomi. After the 1833 Treaty of Chicago most indigenous peoples were forcibly removed. The land was then settled by German Catholic immigrants. Although there is no legal entity called Old Town, the people who live there regard the northern border as North Avenue and the neighborhood continues south to Division Street. The East edge is LaSalle Street and heads west to Halsted. Old Town has many historic buildings, including St. Michael’s Church, one of only seven buildings to survive the Great Chicago Fire. In 1924 Henry Gerber established the first gay-rights group, the Society for Human Rights, and his home has since been designated as both a Chicago Landmark and a National Historic Landmark. The 1950s saw an influx of Puerto Ricans that emigrated to Chicago. In the 60s and 70s Old Town became a center for folk musicians. The Old Town School of Folk Music was located on North Avenue until its move to Armitage Street in 1968.
The total population of Old Town is 39,019 and the median age is 33.6 years. A whopping 89.5% of households have no children and the median income is $86,803. Only 29% of Old Town’s residents have bachelor’s degrees and 12.43% have only some high schooling. An average 620 square foot apartment hovers around $2,000 and a three-bedroom, 1330 square foot place, will cost you just under $6,000.
Today the Old Town Triangle Art Center is a cultural hub and the annual Old Town Art Fair attracts people from all over the area. There is considerable diversity in the eclectic shops of Old Town as they sell items from spices to wines. Second City, a comedy/improv club made famous by performers like Bill Murray, John Belushi, Stephen Colbert and Tina Fey, is still in Old Town. At the corner of North and Wells since 1967 they have expanded to include a mainstage, theater, small theaters for student shows as well as a training facility and film school. Zanies is another popular comedy club.
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.