The subject of today’s snapshot is Uptown, Chicago, Illinois. Based on our analysis, Uptown Chicago’s year-over-year average rents decreased among selected bedroom unit types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Uptown, Chicago, Illinois 1-2 bedroom rents from November 1, 2020 – November 1, 2021:
As the table shows, 1BR units decreased by 3% from last year or $43 less, and 2BR units decreased by 3% or $28 less. As demonstrated by the table, year-over-year performance for selected bedroom types saw no significant change in rent price.
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Chicago. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.