Chicago’s latest apartment boom has captured a lot of headlines in recent months, and it’s hard to argue that the prices at many of these fancy new luxury buildings have raised some eyebrows over that same time span as well, especially as more and more units continue to be developed at a level that some might say has reached over saturation. But according to recently released numbers, many of us looking for an apartment in Chicago right now are actually pretty fortunate given the Windy City ranks well below many other major cities in the country from an affordability standpoint.
Each of these new reports that were released by London-based Nested revealed that Chicago ranks below coastal cities like San Francisco, Miami, Seattle, Boston, Los Angeles, and New York, not to mention Washington D.C., which was listed No. 4 overall in terms of the highest rental rates per square foot.
San Francisco topped the list at $4.95 per square foot, putting the monthly rental rate for a single person at $2,077.96. New York wasn't far behind at $4.75 per square foot and a monthly rental rate for a single person at $1994.00.
Chicago, which ranked as the 8th most expensive city in the county, came in at $2.49 per square foot with a monthly rental rate of $1,045.28. The two cities that ranked just below Chicago to round out the top ten include Houston at No. 9 and Detroit and No. 10.