While some of Downtown Chicago’s new apartment towers may seem pricey on the surface, a new report from RENTCafé shows the Windy City is actually pretty affordable compared to other top financial markets across the globe.
According to their analysis, Chicago only has the 17th highest rent prices out of the top 30 global finance centers, which includes markets like New York City, Boston, San Francisco and Los Angeles in the U.S.; and London, Paris, Tokyo, Sydney, and Dubai around the world.
The RENTCafé report analyzed the average rent price for a one-bedroom apartment between 600 and 999 square feet, and Chicago, which as mentioned placed 17th on the list, had an average rent price of just $1,720. New York City, which ranked as the most expensive market for a one bedroom rental, averaged $3,680 per month.
Not far behind New York was San Francisco, which has an average one bedroom rent price of $3,360, while Boston, Hong Kong, and Geneva rounded out the top 5. The most affordable market was Casablanca (Morocco), which had an average rent price of just $820 for a one-bedroom unit, followed by Montreal, which recorded an average rent price of $850 for a one-bedroom rental.
For a closer look at what one bedroom apartments are going for in all of the top 30 financial markets, check out the infographic below.