Vibrant Vintage Meets Eclectic Culture in Chicago’s Pilsen
The neighborhood of Pilsen runs from 16th Street on the north to the Chicago River on the south and from Canal Street to the Chicago River on the east to Western Avenue on the west. Pilsen has a storied past beginning in the 1840s when German and Irish immigrants settled there. At that time the Southwestern Plank Road was a major thoroughfare up and down the Illinois Michigan Canal; the canal provided work for the immigrants. After the Great Chicago Fire of 1871 immigrants from Czechoslovakia settled in the area and soon after the McCormick Reaper Works opened in nearby South Lawndale, providing jobs for the Czech community. Much of the neighborhood developed around 18th Street and one of those businesses was a restaurant called At the City of Plzen. The name was an homage to a city in Bohemia, homeland of the Czech community and the neighborhood got its name from this restaurant. Pilsen was annexed by the City of Chicago in 1889 and roads were finally paved, making way for mass transit to the neighborhood. Many of the local industries were shuttered during the Depression and Pilsen sank into decline. In the 1950s a small wave of Mexican families moved to Pilsen from Texas and the neighborhood has retained their arts, culture and food. By the 2000s the neighborhood underwent repairs and in the 2010s Pilsen started becoming gentrified, much to the concern of the Latinx community who fear their Mexican heritage will be lost.
The average rent for a 171 square foot apartment is around $950 per month, a two-bedroom 877 square foot place will run about $1250 per month and a three bedroom with 1,078 square feet can be rented for $1400 per month. The total population of Pilsen is 79,205 with the median age being 33 years. 54.13 % of Pilsen residents have little or no high schooling and only 7.89 % have bachelor’s degrees. 28.1 % of households have children and the average median income is $62,105.
The National Museum of Mexican Art is found in Pilsen. And the community is home to the city’s largest collection of murals by local and international artists. Mana Contemporary Chicago is an art center in an enormous landmark building in Pilsen. Designed by noted Chicago architect George Nimmons, the building is now home to dozens of artist’s studios, exhibition spaces, classrooms, a central cafe, a library and more. Besides art there are many eclectic shops, bodegas and panaderias along with vintage record stores.
Welcome to the January 2021 Chicago Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the January 2021 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 rent prices in the chart below.
Chicago rent prices decreased over the last month. From December to January, the city experienced a -1.34% decrease for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,697.0.
When we take a look at the two-bedroom comparison from December to January, Chicago experienced a -0.3% decrease for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $1,979.0.
Rent prices have decreased 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 3 of the Chicago suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Naperville, IL, Hoffman Estates, IL, Schaumburg, IL .
Rent decreased in Oak Park, IL, Evanston, IL, Lombard, 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 declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago 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 January 2021 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 January||1 BR M/M % Change||2 BR January||2 BR M/M % Change|
|Oak Park, IL||$1,101.0||-0.27%||$1,609.0||0.63%|
|Hoffman Estates, IL||$1,340.0||0.75%||$1,555.0||0.65%|
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.