Price Tracker: Chicago rental prices climbing faster than rentals in other major cities
CHICAGO (WLS) -- The ABC 7 I-Team is tracking the rising costs of rent in the Chicago area, as area tenants face sky high prices.
ABC7 Chicago is now streaming 24/7. Click here to watch
A new study from Zillow shows that Chicago rental costs are climbing faster than rentals in other major cities.
The I-Team used the ABC7 Price Tracker to see what the trends looked like over time.
SEE ALSO | See how your cost of living has changed with the ABC Price Tracker
Home prices in Chicago and the suburbs tend to be lower than the national average, Chicago-area rental prices are rising much faster than typical prices nationwide.
The latest data shows that in September, the typical monthly rent for an apartment or house in the Chicago area was about $2,113.
That's nearly 7% higher than the national average. When adjusted for inflation, rents are about 10% higher than they were ten years ago.
In New York, typical rent prices are 7% higher than they were 10 years ago.
In San Francisco rents are actually 5% lower than they were 10 years ago after adjusting for inflation.
