In the last few years, the economy has been in “recovery” mode and while this has been happening the rental market has also been at an all-time high. The reason? When the U.S. entered the recession, or dare I say…Depression, many people were far too worried about committing to a new mortgage as everyone was at risk of getting laid off. So what happened? Renting, and a lot of it. Because of this, people start doing research in big cities and wonder how much a new apartment will cost in an amazing city like Chicago. But before we get into how much Chicago apartments cost, let’s focus on some extra costs you need to consider.
First off, Gas prices. Chicago is notoriously known for consistently having the highest gas prices in the nation. As of this post, the average in the city is hovering around $3.80 a gallon. Keep that, and an additional $200 a month for parking in mind if you move to Chicago and own a car. Now that we have that out of the way, realize that buying anything in Chicago will cost you big. According to Wikipedia (which actually is a pretty legitimate resource now for citations because they have staff on hand to check data) “The city of Chicago has the highest total sales tax of all major U.S. cities (9.5%).” Lastly, throw in some Renter's Insurance and you are good to go. So now that you know about these other costs, and are aware that you need a “buffer” when coming to the city, let’s talk what you can expect to pay as a Chicago Unit Renter.
According to Domu.com, a Chicago-only apartment listing website, here are the average prices for rentals in Chicago from August of 2011. Is the data a year old? Yes. But, I can assure you that prices haven’t changed that drastically in the last year so this is a good barometer of how pricey things really are.
So there you have it, the prices of apartments in Chicago. Obviously these are just averages and not a guarantee of what a place will actually cost, but it gets the point across.