Chicago Rents Rose 2.8% in 2014

The rental market in Chicago this year saw a modest increase of 2.8%, with a number of neighborhoods experiencing strong growth.  Areas such as Lincoln Park (6.25%), West Town (5.85%) and Uptown (9%) each saw a rise above the overall city average.

Chicago_Rents_2014Another interesting point in 2014 was the split in trends between Near North Side and The Loop, each one of the most expensive neighborhoods in Chicago this year. While The Loop stayed flat (-0.05%), Near North Side surged, experiencing a 14% pop in rents.

To take a look at the current market for rentals, check out apartments for rent in Chicago on Zumper.

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Boston Rents Up 2.3% in 2014

Though citywide rents increased over two percent, the Boston rental market in 2014 was a tale of two sides. Areas such as Back Bay (-5.3%), Beacon Hill (-4.0%) and Downtown Boston (-4.5%) all saw a slight decrease as the market topped out, while less central neighborhoods surged, especially to the south.

Boston_Rents_2014

Coolidge Corner (+12.3%), Allston (6.3%), and the South End (8.3%) were increasingly popular with renters. Also up were the areas surrounding MIT, including Kendall Square/Area IV (+1%), amidst a slight depression in rents for neighboring East Cambridge (-8.4%).

To take a look at the current rental market, explore apartments for rent in Boston on Zumper.

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