The rent prices in real estate in Chicago, in the Illinois region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per sq.feet in Chicago has risen strongly during the last 6 months. In March, the average price per sq.feet was $2.21. In April this price barely changed remaining at $2.25 per sq.feet. In the following two months the price per sq.feet has practically remained the same, going from $2.23 to $2.28 per sq.feet. The price per sq.feet has had a considerable rise of 196 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $2.25 to $4.41 during July, and August.
When referring to the price in Chicago (cities), this has risen in the last 6 months. The rent price in March is $1,586, rising in April till $1,770. During the following two months (May, June) the price has had an average rise from $1,678 to $1,774.5. Based on an analysis of the first four prices and the last two months the average price has increased 108 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $1,850 they are 6 % more affordable than the average price for Chicago . The properties with the highest average price have 4 bedrooms, Their price is 62 % more expensive than the average. After that we have properties with 3 bedrooms priced at $2,296.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $1.68 / sq.feet, with an average $6.47 / sq.feet price in Chicago. The properties with the most affordable average prices have 1 bedroom. They are 60 % more affordable than the average followed by properties with 2 bedrooms with a price at $2.17 / sq.feet.
The graph displaying the average rent prices displays the property type "Villa" as the most affordable one. At an cost of $1,850 it is 33 % more affordable than the average price in Chicago. "Condo" is seen as the second most affordable property type. The most expensive property type is "Land" followed by "House". At a price of $2,659 it is 67 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Condo" at an average price of $2.34 / sq.feet followed by "Townhouse" priced at $2.97 / sq.feet. "Land" is the most expensive type of property with a $112 / sq.feet value followed by "House" with an average price of $111.71 / sq.feet.