Average Rent Price In Chicago Reaches Its Highest Point Ever

Are you on the fence about buying right now because the interest rates have increased? Well, your rent is about to skyrocket too. Not only are rents increasing at a fast pace, but Chicago just reached its highest average rent price ever.

According to Zillow’s data, the estimated average rent in Chicago is $1,925, as of November 2022 (the most recent rental data available at the time of writing). While that figure is certainly cheaper than the average rent in America’s largest city — New York City, with an average rent of $3,353 for that same month — as well as cheaper than the nation’s second largest city — Los Angeles, with an average rent of $2,915 — Chicago’s average rent is comparatively expensive for the Midwest region of the U.S.

Why pay someone else’s mortgage when you can pay your own, and build equity?