What is the rental market like in Chicago?

The Chicago rental market is seeing prices go up, but there are fewer homes available for rent than last year. This means renters might find fewer options to choose from. The median listing price for rentals in Chicago is $392,500. This is a slight dip of 0.5% from the previous month but still 4.1% higher than what it was a year ago. There are 14,609 active rental listings right now, which is 7.0% fewer than last year. New listings are also down by 5.5%, with 10,056 new rentals hitting the market. This drop in available homes could make it tougher to find a place. Homes are staying on the market for about 35 days, which is a little quicker than last year. Also, 14.1% of rentals have dropped their prices, which is slightly less than a year ago. These numbers suggest that while some landlords are lowering prices, overall demand is still there. For renters in Chicago, this means you might need to act quickly when you find a place you like. Be prepared for slightly higher prices compared to last year and fewer options to pick from.