Thriving Art and Fine Dining in Chicago’s Walkable Wicker Park
In 1868 The Chicago Board of Public Health chose to create a fashionable park west of Milwaukee Avenue and south of North Avenue. An alderman, Charles Wicker, purchased 80 acres to be developed as a subdivision with a four-acre park at its center in this area. The subdivision building was begun by Chicagoans who were displaced by the Great Chicago Fire in 1871. By the end of the 19th century Wicker Park was home to many of Chicago’s wealthy Northern European immigrants who subsequently built cathedrals similar to those in Europe. The church styles included Renaissance Revival and Baroque Revival architecture. During the late 1950s, the Kennedy Expressway was built which displaced many residents and by the 1970s the city lost slightly more than 11% of its residents. At one point an area of North Avenue became a haven for prostitution, drug dealers and gangs. New affordable housing became available because of community development groups like Northwest Community Organization and by 2012 Wicker Park was named the #4 hippest hipster neighborhood in the country by Forbes.
The current population of Wicker Park is 21,973 with 48% holding bachelor’s degrees and 29% holding master’s degrees or higher. This is a family-friendly area of Chicago with 11% of the population 10 years old and younger. 42% of the people are in the 25-34 group and only 5% at 65+. The median household income is $116,093 and rents range from an average of $1,320 per month for a 580 Old Town.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Trendy, eclectic businesses are scattered throughout modern-day Wicker Park, like Paper Doll, a quirky shop on Division Street that carries paper products from Egg Press, Smock and The Happy Envelope. A spa, restaurant and café called Red Square are currently occupying a building that once housed a Russian bathhouse. As a nod to the middle of the last century, Corbett vs. Dempsey is a gallery that specializes in works by artists who became adults from 1950-1979. Today, as gentrification continues, we find a vast array of shops and galleries popping up. Wicker Park also boasts some of the safest and best bike lanes in all of Chicago, including lanes into nearby Humboldt Park where various paths create a sense of freedom for cyclists.
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.