CHICAGO — Rising rent is just a fact of life.
Whether you moved into your first apartment two or 20 years ago, it's likely the price has gone up.
We've put together an interactive tool that allows you to see how much that rent has changed.
Noah Schatz, CEO of Domu, which tracks rental data through its listings, said most neighborhoods have had spikes in asking rent in recent years.
Tanveer Ali explains the data used to compare your rent from then to now.
"These increases are beyond inflation," Schatz said. "The rental prices are inconsistent with income."
Geoff Smith, executive director of DePaul University's Institute for Housing Studies, said rent prices go up as demand goes up.
"Rent goes up where people want to move," Smith said.
In Chicago, the increases have occurred in waves. In 2012, neighborhoods such as Wicker Park, Wrigleyville and Andersonville saw double-digit percentage increases in rent, according to Domu's analysis. The next year, Pilsen, Belmont Cragin and North Center had huge jumps. Last year, parts of Uptown and Bridgeport led the way.
"It's not that people are trying to move into these neighborhoods. It's that landlords are able to command their price," Schatz said. "If you can't afford your neighborhood you'll move to one you can afford."
New developments are also big drivers in the increasing rent trend. From new towers around Downtown to a number of projects in Wicker Park and Logan Square appealing to car-less professionals, these new building are commanding premium rents.
"People are paying for them," Schatz said. "They are paying the most I've ever seen."
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