In August, Chicago ranked the 7th most expensive city for one-bedroom apartment rentals in America, according to a new rent report from Zumper.
Chicago placed just behind Oakland (6th), which saw its one-bedroom rents increase by a shocking 23 percent over last year. Chicago's year-over-year one-bedroom rents increased by 10.3 percent.
The average price of a one-bedroom rental in Chicago is $1,920.
This should come as no surprise—Chicago's rents increased in almost every neighborhood since 2012.
Here are the top 10 most expensive cities for renters in the U.S., according to Zumper:
While Chicago and the rest of the cities in the top 10 come as no surprise, one surprising city stands in stark contrast to our beloved city (and its pricey companions): Houston, whose one-bedroom rents placed a measly 21st nationwide. Why Houston? Well, Texas's sprawling Gulf Coast metropolis is set to overtake Chicago as the nation's third-largest city in the U.S. by 2025, according to population data from Reuters. In fact, Houston's year-over-year one-bedroom rents have declined by 4.7 percent, and they're still almost $1,000 less than Chicago's monthly going rate.
Here's a more detailed analysis of the most expensive cities for renters.
While rents for one-bedroom apartments in Chicago haven't increased month-over-month (July-August), quarterly and yearly trends are better indicators of what's to come, both of which rose at 5.5 percent and 10.3 percent, respectively. This on top of having the highest sales tax in America (10.25 percent) and Rahm's recent $500 million tax hike are sure to leave renters and Chicagoans at large feeling a dent in their wallets. On the upside, as the weather tends to get chillier, home prices tend to decrease, which can sometimes lead to a corresponding dip in rents. Until it hits below zero, we'll just have to wait and see what winter brings.