Downtown Energy and Business Hustle in Chicago’s South Loop
On the beach at 18th Street, in the area we know as South Loop, the Fort Dearborn Massacre took place in 1812. In 1836 Henry B. Clark built a home on 20 acres on the outskirts of a town called Chicago, and the city was incorporated a year later. Clark House--built in the Greek Revival style--is the oldest surviving home in Chicago and is now a museum that gives us a glimpse into life before the Civil War. The west border of South Loop is the Chicago River. The Donohue Building was the first printing house on what was to become Printer’s Row. Dearborn Station was built across the street and became a major transportation hub for the entire city. Eventually Printer’s Row buildings were vacated, and the area lost its prominence. South Loop was home to brothels, burlesque theaters and arcades. It was one of the city’s Skid Rows until the 1970s and one of the largest shelters was located on State and Balbo until 2007. Dearborn Station has been converted to retail and office space and former warehouses and factories have been converted to residential buildings.
The total population of South Loop is 23,021 and the median age is 34. Only 7.13% of households have children and the household average annual income is $102,500. 46.7% of the residents have never been married and 25% hold bachelor’s degrees. A one-bedroom, 760 square foot apartment will cost you approximately $2,200 per month and a three-bedroom, 2,149 square foot place will run about $7,175 per month.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
The Museum Campus was not created until 1998, though it started in 1921 when the Field Museum moved from the Palace of Fine Arts Building. The other museums that are located on the campus are the Shedd Aquarium and the Adler Planetarium. The Arie Crown Theater at McCormick Place and the Auditorium Theater are two major venues in South Loop. Saturdays during the summer you can take advantage of Printer’s Row Farmers Market. Grant Park is a must visit destination in the area, with 319 acres it hosts many public events and festivals like Taste of Chicago, The Grant Park Music Festival, Lollapalooza and the Chicago Marathon.
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.