America’s Pastime Dominates the Scene in Chicago’s Wrigleyville
Although sometimes considered to be a part of Lakeview, the name Wrigleyville describes exactly what this Chicago neighborhood is most known for: The home of Major League Baseball’s Chicago Cubs. The park is set right in the middle of the neighborhood and seems to come out of nowhere. As you would imagine, the area is full of bars and restaurants, and one of the coolest things about Wrigleyville are the nearby building rooftops that overlook the stadium and provide free viewing of Cubs baseball games. During baseball season, the area is filled with Cub fans from all over the world as most games are sold out. Lights have been added to Wrigley Field to allow night games because for many years the Cubs only played during the day in their genuinely classic stadium.
Wrigleyville itself is not that big. Only approximately 3000 people live there, split evenly between males and females. The median age is a young 32 years, and over 80% of the residents are U.S. citizens. The median home price is nearing $500,000, and the median apartment can cost up to $2,500. 64% of the inhabitants rent while 36% own their homes or condos.
Famous Clark Street affords a great people-watching experience as it is filled with places to eat, drink and hang out. Gallagher Way is the spot for farmer's markets, outdoor concerts and first-run movie viewings. And don’t think that Wrigleyville is just a summer experience, because during the holidays it’s just charming. Try Cubby Bear and Uncommon Ground if you are looking for cool places to eat. Chicago’s Pizza is an excellent place to try deep-dish pizza—a Chicago invention and world-wide favorite.
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.