CHICAGO — The median monthly cost for available one-bedroom apartments in Chicago is up 11.6 percent over a year ago, a new report says.
In its August report based on apartments listed for rent, zumper.com says the median cost in Chicago is $1,920.
A two-bedroom in Chicago was $2,600, also a year-to-year jump of 11.6 percent.
The Near North Side was the most expensive of neighborhoods:
Nationally, San Francisco was the most expensive to rent, at $3,500 and $4,750, seeing a 12.9 percent jump for one-bedroom units and 17.3 percent for two-bedroom homes. New York was No. 2 at $3,100 and $3,600.
Chicago ranked 7th in the nation in median rents.
Notable increases cited were Oakland (up 20 percent for a one-bedroom) and Austin (up 17 percent.)
Earlier this year, the New York University Furman Center reported that
Zumper.com, which says it analyzed rental data from more than 1 million listings nationwide. Median means half of rents are higher, half are lower.
"Rents are on the rise for many reasons, including a preference among Millennials to rent instead of buy and the continuing difficulty many consumers have in securing a mortgage even as the Federal Reserve continues to keep interest rates artificially low," according to Marketwatch.
Said the zumper.com report researchers: "The past year saw a perfect storm for rising rents across the United States. As more millennials entered the workforce, and consequently the rental market, prices have surged across a number of major metro regions. Many of these young professionals have a propensity to rent rather than buy, and are drawn toward urban areas as a whole given the career opportunities and amenities."
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