Overview

In this month’s report, we explained a few key market trends:

🔑 The national median rent price is feeling the winter freeze. 

🔑 Chicago’s rental landscape is vastly different compared to 4 years ago.

🔑 In four states, it’s cheaper to rent a 1-bedroom than a studio apartment.

National Trends

While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:

Rent prices are approaching their winter lows.

🔑 The national median rent price for a one-bedroom apartment (now $1,495) remained flat from October to November.

🔑 Typically, rent prices hit their low point in January, following steady monthly declines from October through December. 

Regional Trends

In this month’s report, we dove deep into the following trend:

Chicago is now the No. 10 most expensive city to rent a one-bedroom apartment.

🔑  While the median rent price for a one-bedroom in Chicago ($2,012) is still lower than coastal options like New York ($3,522), Boston ($2,700), or San Francisco ($3,250), it’s been rapidly ascending our list of most expensive cities in the country. In November, it cracked the top 10.

🔑 According to our data, rent has been rapidly rising since early 2022. Between November 2021 and November 2022, the median rent price for a one-bedroom apartment shot up by 22%. It grew by about 3% the following year, and then by another 5% the year after that. Compared to last November, prices this year are about 3% higher. 

🔑 That means that, when compared with 2021, renters are being asked for about 36% more per month for a one-bedroom apartment.

Rent at the State Level

🔑  In Georgia, Michigan, North Carolina, and Rhode Island, renters are paying more for a limited supply of studios than they are for more readily available one-bedroom apartments.

🔑  In each of these states, we are seeing a level of multifamily housing construction that does not meet demand, zoning laws that discourage dense housing in many areas, and an emphasis on constructing housing units that command higher rent prices. 

To learn more about rent trends in your city and to see our methodology, read our full monthly rent report here.