Lakeside Access Paired with Downtown Energy in Chicago’s Streeterville
Just north of downtown you’ll find Streeterville. This charming area is known for its amazing views of Lake Michigan, and its vibe is universally considered as one of the most unique in Chicagoland. Navy Pier is the big thing here. It used to be a U.S. Navy training installation, and today it attracts hordes of tourists. Kids like the many fair-type rides available, and of course the pier is full of restaurants, brewpubs, and generally exciting nightlife.
A one-bedroom Streeterville apartment is definitely on the pricey side with a median $1900 average. If you live in other parts of Chicago, you can take a train or a bus for a couple of bucks and enjoy the scene that way. Beware that you might be spending over $7.00 for a beer at some of the taverns. Gasoline is always more expensive near downtown, so fill up your tank in the suburbs. Streeterville’s population is almost 35,000.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
The Museum of Contemporary Art that is located downtown is an absolute must. The John Hancock building is a must-see edifice, and if you’re brave, you’ll walk out onto the tilted glass veranda. There is a lakefront trail that snakes up along the great Lake Michigan. On one side it looks like South Beach and across the street you’ll see many high-rises. Gold Coast rents can be expensive, but the idea of living in this spectacular area just might be worth it. Shopping is a big deal here, and with the nearness of the Magnificent Mile, brick and mortar stores like Nordstrom and Bloomingdales still draw crowds. There is a six-city block mall called The Shops at North Bridge, and this Michigan Avenue location is stellar. Upscale grocers like Whole Foods are located here along with perennial favorites like Trader Joe’s. farmer’s markets are numerous, and the Chicago summer that begins in earnest around June 1 makes weekends a great time to purchase farm-fresh food and do some serious upscale shopping.
Welcome to the August 2022 Chicago Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the August 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 July to August, 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 July to August, 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 August 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 August||1 BR M/M % Change||2 BR August||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.