Multifamily Rents Skyrocket In Humboldt Park And West Town
Apartment rents in some Chicago markets changed dramatically since June. Humboldt Park and West Town both saw rent increases of 15%, while Pullman pricing plummeted 12.5% in the last three months, Zumper data shows.
Humboldt Park got $150 more expensive for one-bedroom units in just those three months, rising to $1,150 average rent now. West Town's rents rose from $1,395 to $1,600/month. Extension of the 606 could make this area even more appealing to residents by increasing connectivity to the North Branch Industrial Corridor and the up-and-coming amenity hot spot of Lincoln Yards. But the spike in pricing is concerning many — affordable housing is becoming increasingly hard to find in the historically working family-dominated Humboldt Park area as commercial activity moves in and zoning prevents new affordable units. Humboldt Park will be one of the featured neighborhoods in Bisnow's Emerging Markets event Dec. 12.
Pullman, which already was one of Chicago's cheapest multifamily markets before its 12.5% drop, saw rates for one-bedroom apartments drop from $800 to $700/month. The proposed Red Line extension is expected to make Pullman a more convenient place to live, which could turn this trend around.
Chicago overall got cheaper relative to the rest of the country, dropping beneath Philadelphia to become the 16th most expensive city to rent apartments. Two-bedroom units have fallen the most, with average rent for those units dropping 15% year over year. The average monthly rent now in Chicago is $1,860 for two-bedroom units and $1,520 for one bedroom.