Chicago has long been hailed as one of the most affordable big cities, but recent numbers suggest that may soon be changing.
According to a new report by rental platform Zumper, Chicago has seen the largest year-over-year rent increases in the U.S. The median cost for a one-bedroom rental is now $2,170, up 20.60 percent from the previous year. The Windy City sits behind only Syracuse, which rose 22.10 percent. For a two-bedroom unit, the median cost is $2,730, a staggering 30 percent year-over-year increase and the biggest jump in the country.
Despite the sharp rise, Chicago still finds itself outside the top 10 for one-bedroom rentals. The most expensive city is New York, where the median price is $4,200, followed by Jersey City ($3,140), San Francisco ($2,900), Boston ($2,820) and Miami ($2,650). Overall, Chicago is No. 11, right behind Washington D.C. and Los Angeles (tied at $2,250).
Conversely, the city that saw the largest year-over-year decreases for a one-bedroom unit was Winston-Salem at -19 percent ($850). Greensboro is second at -17.70 percent ($930), followed by Albuquerque ($900) and Irving ($1,290) at -15.10 percent, and Scottsdale at -14.30 percent ($1,680).
To gather its data, Zumper analyzed over one million active rental listings in the 100 largest U.S. cities and calculated the median asking rent.