LOGAN SQUARE — A new report from Domu has confirmed what apartment seekers on the Northwest Side have no doubt found out the hard way: Rents are through the roof.
Rent for two-bedroom units in Logan Square and Avondale have soared at some of the highest rates citywide — a 9.9 and 11.6 percent average increase per year since 2012, respectively, according to the analysis. But the numbers won't come as a surprise to anyone who's looked for an apartment in recent years.
“Every landlord — and tenant — knows that rents in Chicago have soared in recent years,” the Domu report reads. “We decided to mine our own data to see if it tells the same story as reports we’ve been reading.”
The details mirror claims from housing advocates and everyday renters who say rising costs have priced out long-term residents and made finding an apartment difficult in the increasingly popular neighborhoods.
Domu examined the average increase in rents of two-bedrooms per year from 2012 to 2015 and found that “while rents on the North Side increased at a steady pace, rents in some of Chicago’s west side neighborhoods, including Logan Square, Avondale and Wicker Park, increased at an even faster clip.”
“Throughout Chicago, rents of two-bedrooms increased an average of 5.2 percent per year since 2012. And although an increase of five percent may seem small, it’s equivalent to more than a 20 percent increase over just four years,” the report concludes.
The full analysis can be found here.
For more neighborhood news, listen to DNAinfo Radio here: