Next Stop โ Higher Rent Prices
Chicagoโs CTA โLโ train system is an essential part of many Chicagoanโs lives. With around 800,000 riders each weekday, it eases traffic congestion and improves the lives of every Chicagoan, even the ones that donโt ride it. It should be no surprise then, that it is one of the first things that people consider when looking to rent anย apartment. Close proximity to the right trains means shorter commutes, saving money on transportation, and more time to spend doing what you love. Since RentHopโs data scientists love maps and rental data,ย theyโve mapped out rental prices by subway stop to assist in your apartment hunting endeavors.
Brand New Buildings Drive Rents Higher
- The newly opened โVantageโ building at 150 Forest Ave adds hundreds of new Loop-priced luxury apartments in Oak Park, driving up the median price at the โHarlem/Lakeโ and โOak Parkโ – Green Line stops by around 15%
- The โNEXTโ building at 347 W Chestnut St has prices soaring in the Near North byย the Purple & Brown Line – ‘Chicago Ave’ stopย by over 11%
- The new units at the โMarquee at Block 37โ building at 25 W Randolph St is contributing to a 14.8% increase in asking rents in the North Loop, closest to the ‘Lake St’ – Red Line station
You can use the interactive map to see the current one bedroom rent prices as well as how prices have changed since last year. You can also scroll down for an easy to share version of this map.
The Interactive Map Below Shows Chicago Rents by โLโ Train Stop
In order to calculate the median rent for the map above, we used our RentHop rental data for one bedroom apartments from the first quarter of 2017 and GISย data for subway stops from data.cityofchicago.org. To get accurate prices near the subway stops, we looked first atย non-duplicated listings within one eighth of a mile (660 feet) of a subway stopย and if there wereย at least 50 unique data pointsย we calculated the median. If not, the radius from the subway stop was increasedย and the data was resampled to ensure enoughย uniqueย listings were used when calculating the median. One eighth of a mile was the most common distance used.
Where Does the Train of Rising Rents Stop?
This year, weโve seen a variety of rising and dropping prices across the city, with a majority of stops seeing increases. The increases can be chalked up to the widespread new development lately, with luxury units popping up in Oak Park, The Near North side, and in The Loop. Rent prices are up on Pilsen apartments and Woodlawn apartments as well, with prices being much cheaper than those closer to the schools UIC and UofC, respectively.
Many parts of the city have seen rents stabilize or drop, like in the West Loop and much of the Near West Side. Longtime luxury areas are softening a little as new units flood the market, meaning there are some good deals for savvy shoppers. Below, weโve compiled a list of the stops with the largest price pops and drops between Quarter 1 2016 and Quarter 1 2017.
These L stops saw the biggest rent pops on one bedroom apartments
- Green Line โย Harlem/Lakeย โ (+15.3%)ย $1,524
- Red Line โย Lake Stย โ (-14.8%)ย $2,225
- Green Line โ Oak Park โ (+14.4%)ย $1,545
- Green Lineย โ Cottage Grove โ (+11.5%)ย $1,254
- Purple & Brown Line โย Chicago Aveย โ (+11.1%)ย $2,150
- Pink Line โย 18thย Stย โ (+9.2%)ย $1,269.50
These L stops saw dropping rents
- Pink Line โย Polkย โ (-8.6%)ย $1,787
- Blue Line โย Illinois Medical Districtย โ (-8.5%)ย $1,785
- Brown, Orange, Purple, Pink Line โย Washington/Wellsย โย (-7.9%)ย $2,265
- Blue Line โย Clintonย โย (-7.9%)ย $2,090
- Brown, Green, Orange, Pink, Purple Line โย Randolph/Wabashย โ (-7.7%)ย $2,125
ย Time or Money?
Would you travel a few extra stops to save some extra dough?ย How about for $500?ย We scanned the map for the best single stop rent savings and found some really surprising results.
The list below represents the largest price disparities between a single stop. This could be because they are on the edge of a business development district, rents dropped at one stop, prices soared at the other, both, or all of the above. Itโs also possible that the typical one-bedroom apartment near one stop is very different from an apartment a stop away.ย Some stops are also considerably further apart, such as between Ashland and California Avenues on the Green Line.
Turn your commute into extra cash at these stops
- Save $926ย on the long stretch from Ashland Ave ($2,051) toย California Aveย ($1,125) โ Green line
- Save $755ย by hiking past Cermak-Chinatown ($1,794) toย Sox-35thย Stย ($1,039) โ Red Line
- Save $517ย between Polkย St ($1,787) andย 18thย Stย ($1,270) โ Pink Line
- Save $390ย between Ill. Medical Ctr. ($1,785) andย Westernย Aveย ($1,395) โ Blue Line (Forest Park)
- Save $366ย between Grandย Ave ($2,275) andย Chicagoย Aveย ($1,906) โ Red line
- Save $312ย between Division St ($1,890) andย Damen Aveย ($1,578) โ Blue Line (OโHare)
There’s a Condensed Map for Easy Sharing
What Does This All Mean For You?
Finding an apartment in Chicago is hard. Decidingย where to live and starting your search is probably the most difficult step. By giving you as much information about the market as possible, RentHop hopes to point you in the right direction. This map is just one of the data-backed insights we offer. All of our Chicago apartment listings are ranked using available data to ensure that renters always see the best quality apartments.