Source: Rent.com Graphic: Axios Visuals
With sky-high property prices, many tenants are renewing their leases and staying put for the time being, according to the latest report from housing site Rent.com.
Why is this important: Demand for apartments – which in December hit a national record high of 97.5% occupancy – has pushed up rental prices in most parts of the country.
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Enlarge: Illinois rents are 14-19% lower than the national average.
But in Chicago, the average rent for a two-bedroom apartment is the 15th highest in the country among mid-to-large cities.
Even at $3,242 per month, our local accommodations are a bargain compared to those in Jersey City, New Jersey and Boston, where a two-bedroom averages $4,700.
The other side: Those wanting an inexpensive city crib for remote work might want to head to Wichita, Kansas, where the average two-bedroom rent is $596.
💭 Justin’s thought bubble: UNREAL. I remember having a three bedroom in Lincoln Square that was $650 in 1996.
💭 Monica’s thought bubble: I still miss my sunny, vintage three-bedroom apartment in North Park that I rented for $1,000 a month just ten years ago.
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