{"id":83,"date":"2016-09-15T00:19:32","date_gmt":"2016-09-15T00:19:32","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=studies&#038;p=697"},"modified":"2016-09-15T00:20:39","modified_gmt":"2016-09-15T04:20:39","slug":"where-does-the-train-of-rising-rents-stop","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/","title":{"rendered":"Where Does the Train of Rising Rents Stop?"},"content":{"rendered":"<p><strong>An Analysis of Rents and the Elevated Rail\u00a0Lines<\/strong><\/p>\n<p>Close your eyes and think of your least favorite things. If the \u2018L\u2019 and your monthly rent comes to mind, then you\u2019re in for a treat. The RentHop data science team has put together a map of median rents for one-bedroom apartments across the rail lines in Chicago. We cross-referenced our apartment listings to train entrance locations, taking the median of apartments within 500 meters. We set a minimum threshold of 50 listings for calculating each median, incrementally expanding the radius around a train stop if too few listings were initially returned. To prevent identical apartments that were listed multiple times, from inaccurately affecting the stats, we grouped duplicated listings.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Check out the map to see how rents are faring at your stop<\/strong><\/p>\n<p>Stops where rents dramatically dropped off are highlighted in <strong><span style=\"color: #159a3f;\">Green<\/span><\/strong>.<\/p>\n<p><strong><span style=\"color: #159a3f;\">Bright Green<\/span><\/strong> represents a 20%+ drop in price in just one subway stop.<\/p>\n<p><strong><span style=\"color: #10642b;\">Darker Green<\/span><\/strong> represents a 10-20% drop in price from the previous stop.<\/p>\n<figure id=\"attachment_727\" aria-describedby=\"caption-attachment-727\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Chicago-Subway-Median-Rent-Map_high_res.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-727\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Chicago-Subway-Median-Rent-Map_high_res.png\" alt=\"high-res-chicago-subway-median-rent-map\" width=\"800\" height=\"1117\" \/><\/a><figcaption id=\"caption-attachment-727\" class=\"wp-caption-text\">Click to view in a seperate window<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><strong>Would you commute for extra cash? <\/strong><\/p>\n<p>It&#8217;s no surprise that as you get farther away from Downtown Chicago, the more rents drop.<\/p>\n<p>Often we\u2019re forced to think about more than just location when choosing a neighborhood and prices are high. While looking at prices by L stop we found an interesting trend, <strong>in the range of 2-3 miles outside of the Loop in any direction, prices dramatically drop off. <\/strong>Although the purpose of the study was to inform readers of what rents are geographically, we also gained some insight into where certain affluence cut-off areas are. Without digging too deep into the reason behind the prices, it\u2019s clear that some combination of commute time to the city center and gentrification plays a role in creating the price cliffs.<\/p>\n<p>&nbsp;<\/p>\n<p><i>Let\u2019s take a closer look at the prices and trends along the different \u2018L\u2019 lines.<\/i><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #ff0000;\">Red Line<\/span><\/strong><\/p>\n<p>The Red line has the widest range of price of any subway line, reaching the furthest south and all the way north to Evanston. We see that prices jump a little <strong>heading north from the Loop<\/strong>, then drop steadily after that, with southbound trains having a steeper slope.<\/p>\n<ul>\n<li>Median monthly <strong>rent drops $390 between the Grand and Chicago<\/strong> stop on the Red Line, or 18.3%. <strong>That\u2019s $4,680 a year saved <\/strong>by moving up just one subway stop<\/li>\n<li>The Chicago stop on the Red Line <strong>was $340 cheaper<\/strong> than around the Chicago stop on the <span style=\"color: #522996;\">Purple<\/span> and <span style=\"color: #61361e;\">Brown Line<\/span><\/li>\n<li>Moving to <strong>the Fullerton stop could save you $400\/month, or 22.5% <\/strong>less than rent at North\/Clybourn. That\u2019s some serious savings for a few extra minutes of travel time in the morning<\/li>\n<\/ul>\n<p><strong>On the Red Line heading south <\/strong>rents drop off even more drastically<\/p>\n<ul>\n<li>From Cermak-Chinatown to Sox-35<sup>th<\/sup> <strong>there\u2019s a $565 drop which is 31.8%<\/strong><\/li>\n<li>In another 12 blocks (35<sup>th<\/sup> to 47<sup>th<\/sup>) rent drops another $310 or 25%<\/li>\n<li>Between 63<sup>rd<\/sup> and 69<sup>th<\/sup> we saw a 17.8% drop. Prices south of 69<sup>th<\/sup> were consistently low, the lowest of all prices along the subway lines of Chicago<\/li>\n<\/ul>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-735\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Red-Line-Curve.jpg\" alt=\"red-line-curve\" width=\"578\" height=\"385\" \/>\u00a0<\/strong><\/p>\n<p><strong><span style=\"color: #159a3f;\">Green Line<\/span><\/strong><\/p>\n<p>Chicago\u2019s Green Line train reaches from the Loop to Harlem\/Lake to the west, and Cottage Grove &amp; Ashland\/63<sup>rd<\/sup> to the South. It runs adjacent to the Red Line as well as the Pink and Blue lines for much of its length, and shares some similar price trends. <strong>The biggest price drop between any two stops occurs on the Green line.<\/strong><\/p>\n<ul>\n<li>Making home near California on the Green Line <strong>will save a whopping $875 or 43% <\/strong>of monthly rent versus Ashland<\/li>\n<li>35<sup>th<\/sup> Street-Bronzeville\/IIT is <strong>4% cheaper ($555) than the Cermak stop<\/strong><\/li>\n<li>One can<strong> save $280 or 23%<\/strong> by living near the Indiana stop instead of IIT<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><i>Looking at our price-distance from the loop graph<\/i>, we see that prices actually jump a few percent at 2 miles west of the Loop, then drops off sharply (past Ashland).<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-732\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Green-Line-Curve.jpg\" alt=\"green-line-curve\" width=\"578\" height=\"385\" \/>\u00a0<\/strong><\/p>\n<p><strong><span style=\"color: #1aa2dc;\">Blue Line<\/span><\/strong><\/p>\n<p>The Blue line train serves much of West Chicago as well as reaching all the way to O\u2019Hare to bring visitors into the city. The city\u2019s largest university, UIC, is served by the Blue line as well as the expansive and expanding Medical District, with clear effects being seen on the rent prices near those stops.<\/p>\n<ul>\n<li>The Medical District stop is a <strong>10% or $200 savings<\/strong> over Racine<\/li>\n<li>Kedzie-Homan is <strong>$558 or an astounding 32.7% cheaper than Western Ave.<\/strong><\/li>\n<li>Living near the <strong>Pulaski stop is worth $310\/month, <\/strong>possibly worth considering, especially if you\u2019re a student trying to keep expenses down.<\/li>\n<\/ul>\n<p><em>Heading Northwest on the Blue Line <\/em>we see a price jump immediately outside the Loop, in River West. Continuing further will give you a series of very significant price drops.<\/p>\n<ul>\n<li>Commuting to the Division past the Chicago stop is worth $240 or a 12.1% monthly savings<\/li>\n<li>The Damen stop is <strong>5% cheaper than Division, saving $340\/month<\/strong><\/li>\n<li>If you already live as far out from the Loop as Belmont, it may be seriously worth considering the move to Austin, where rent is <strong>2% or $140 cheaper<\/strong><\/li>\n<\/ul>\n<p><i>Our price-distance graph <\/i>shows rent prices decreasing at approximately the same rate when heading away from the Loop, with slight increases before the 2-mile mark, and very quick declines from 2-6 miles. Prices mostly flatten out after that.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-729\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Blue-Line-Curve.jpg\" alt=\"blue-line-curve\" width=\"578\" height=\"385\" \/><\/p>\n<p><strong><span style=\"color: #d17399;\">Pink Line<\/span><\/strong><\/p>\n<p>Chicago\u2019s Pink Line train head west, adjacent to the Green Line, before turning south and west again. It\u2019s a shorter line, but there\u2019s still a few interesting data points with its rents as it heads west.<\/p>\n<ul>\n<li>Western Ave is 13.5% cheaper than Damen Ave, a $215\/month savings<\/li>\n<li>Kedzie is a <strong>$200 drop (15%) from California<\/strong><\/li>\n<li>Another stop on the Pink<strong> to Central Park is worth 23% of month\u2019s rent <\/strong>or $260<\/li>\n<\/ul>\n<p><i>Our price-distance graph shows that rents don\u2019t start decreasing until 3 miles from the Loop. <\/i>After that they decline steadily but swiftly.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-734\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Pink-Line-Curve.jpg\" alt=\"pink-line-curve\" width=\"578\" height=\"385\" \/><\/p>\n<p><strong><span style=\"color: #61361e;\">Brown<\/span> \/ <span style=\"color: #522996;\">Purple<\/span> Lines<\/strong><\/p>\n<p><strong>Our highest Median Rent was found around the Merchandise Mart <\/strong>at $2,302\/month. Price decrease were much more gradual on these northbound-only lines. The only drastic price-drop was <strong>at the Armitage stop, where rent is $300 less than at Sedgwick, <\/strong>an 18% savings.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #ff7e00;\">Orange Line<\/span><\/strong><\/p>\n<p>The Orange line train head southwest from the Loop to Midway Airport. There wasn\u2019t an abundance of rentals in this region and the stops are pretty far apart. <strong>There is a big drop in prices between 35<sup>th<\/sup> and Western, $540 actually, <\/strong>but apartments are a bit scarce.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-733\" src=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Orange-Line-Curve.jpg\" alt=\"orange-line-curve\" width=\"578\" height=\"385\" \/><\/p>\n<p><strong>Don&#8217;t settle for less than you deserve<\/strong><\/p>\n<p>In a city with such a diversity of people and choices there&#8217;s no reason one should feel as though they don&#8217;t have a choice. A little information goes a long way, and here at RentHop, we want to give you as much information and as many choices as you can handle. When calculating where to live, think about how much your commute is worth to you. It may be hard to hold on to the perfect neighborhood <strong>when you can save $4,000-$5,000 a year by living 10 minutes further away<\/strong>. When it comes down to it, you\u2019ll have to weigh the importance of location with how much you value your time.<\/p>\n<p>If you\u2019re in the market for a new apartment, or were just influenced to move because of this study, be sure to check out the extensive selection of <a href=\"https:\/\/www.renthop.com\/chicago-apartments-for-rent\">Chicago apartments for rent.<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>RentHop, it\u2019s like apartment hunting.. but smarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Analysis of Rents and the Elevated Rail\u00a0Lines Close your eyes and think of your least favorite things. If the \u2018L\u2019 and your monthly rent comes to mind, then you\u2019re in for a treat. The RentHop data science team has put together a map of median rents for one-bedroom apartments across the rail lines in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-83","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market-insights"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Where Does the Train of Rising Rents Stop? - Real Estate Data &amp; Research<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where Does the Train of Rising Rents Stop?\" \/>\n<meta property=\"og:description\" content=\"An Analysis of Rents and the Elevated Rail\u00a0Lines Close your eyes and think of your least favorite things. If the \u2018L\u2019 and your monthly rent comes to mind, then you\u2019re in for a treat. The RentHop data science team has put together a map of median rents for one-bedroom apartments across the rail lines in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Data &amp; Research\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/renthopapartments\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-15T00:19:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-09-15T04:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Chicago-Subway-Median-Rent-Map_high_res.png\" \/>\n<meta name=\"author\" content=\"lawrence\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@renthop\" \/>\n<meta name=\"twitter:site\" content=\"@renthop\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"lawrence\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\"},\"author\":{\"name\":\"lawrence\",\"@id\":\"https:\/\/www.renthop.com\/research\/#\/schema\/person\/bfb1e305460412627d529695d248df79\"},\"headline\":\"Where Does the Train of Rising Rents Stop?\",\"datePublished\":\"2016-09-15T00:19:32+00:00\",\"dateModified\":\"2016-09-15T04:20:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\"},\"wordCount\":1226,\"publisher\":{\"@id\":\"https:\/\/www.renthop.com\/research\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2016\/09\/Chicago-Subway-Median-Rent-Map_high_res.png\",\"articleSection\":[\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\",\"url\":\"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/\",\"name\":\"Where Does the Train of Rising Rents Stop? 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