Rent Prices For 2-Bedroom Apartments in Chicago Down 10% in March
Posted by Helaine Cohen on
According to new data released from Zumper, River North features the most expensive rent prices for a one-bedroom unit of any location in Chicago. Zumper, a full-service apartment and rental platform, analyzed rent prices all over Chicago and one-bedroom units in the River North neighborhood for the month of March settled at $2,175.
As for the city’s overall median rent prices, one-bedrooms in Chicago were listed at $1,730 in March, while two bedroom rentals priced at $2,280, which is about a 10% drop for a two-bedroom compared to March of 2016.
Both Streeterville and the West Loop weren’t far behind River North in terms of rent prices, as both registered a price of over $2,000 for a one-bedroom apartment in March. In other downtown neighborhoods,…
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So far in the early part of 2017, home sales across the state of Illinois are on the rise. According to the most recent data from the Illinois Association of Realtors, the number of sold homes is up 9.3% compared to this time last year, and homes across the board are also selling at a faster pace as well. 
Large scale development has been on the rise all throughout Downtown Chicago for a couple years now, but according to a recent report from the Wall Street Journal, the Windy City is seeing one of the highest levels of residential high rise construction of any place in the country. In fact, Chicago is reported to have more active cranes throughout its skyline than 11 other major cities in the U.S., only trailing Seattle by the slightest of margins.
Almost everybody enjoys checking out a series of before and after photos, especially when it comes to home improvement projects, new development, or just about anything real estate-related. If you’ve been living here in Chicago the past several years, chances are you’ve noticed tons of development going on, especially right now when over 60 cranes currently dot the city’s rapidly expanding skyline.
According to a recent report from Curbed, a New York-based developer is hoping to build a new 725-foot tower right in the heart of River North, which is an ambitious new plan that would also require demolishing a number of 19th century Italianate buildings at the development site, 42 E. Superior.
Both new development and home prices across the board are on the rise in Chicago, which is a clear indicator of how strong the market is heading into the busy spring season. And unlike in so many markets across the country, inventory isn’t quite as much of an issue here in the Windy City, as long as we’re not talking about new construction condos situated in the heart of some of downtown’s most sought-after neighborhoods.