Downtown Chicago apartment rents ‘test the upper limits of renter tolerance’

[Paul De Luca]

Rents, price per square foot both rise

Gross rents — the amount a tenant pays per month to live in an apartment — rose 5.6% from $3,121 to $3,295 on average, according to the report, which tracks roughly 27,500 apartments in 85 class A properties delivered downtown since 2016.

All submarkets saw rents rise, with the Gold Coast/Old Town and South Loop seeing the greatest increases with gains of over 9%. Streeterville was the most expensive submarket by average gross rent, which clocked in at $3,735 after a 1.9% increase.

The average price per square foot (PPSF) rose 4.1% year over year to $4.19.