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River North is home to much of downtown's new multifamily development, and the new arrivals and demand from renters have sent rents skyrocketing. Renters looking for a River North address should be prepared to fork over $2,175/month, according to a report from Zumper. That is the average price for a one-bedroom apartment in River North, and it is the highest average in the city in Q1 2017.
That demand and the pipeline activity has also carried over into Streeterville and the West Loop (each at $2,050/month for a one-bedroom), UIC and Little Italy ($1,590/month), and even Pilsen and the Lower West Side ($1,300/month).
While River North has the highest average rents, the neighborhoods with the fastest-growing rent spreads this quarter are Wicker Park and, surprisingly, Garfield Ridge near Midway Airport. Rents for one-bedroom units in these neighborhoods have risen more than 10% in Q1.
Related: Which Chicago Neighborhoods Had The Largest Rent Growth Last Year?
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