CHICAGO — Eight of the Midwest’s 10 most expensive zip codes for apartment renters are in Chicago, according to a new report.
The most expensive zip code in the region is 60606, which encompasses portions of Downtown Chicago and where the average rent for all apartments is $2,707, according to an analysis from RentCafe.
The study found all eight of the most expensive zip codes have seen year-over-year rent increases, as well, with the 60606 area seeing a 4.9 percent increase in average rent.
The study figured out the average rent by using data on July rent at apartment buildings which have 50 or more units.
The priciest zip codes in the city:
• 60606 (Downtown/part of West Loop): $2,707, a 4.9 percent increase from last year
• 60654 (River North, part of Downtown): $2,619, a 1.3 percent increase
• 60611 (Mag Mile, Streeterville): $2,550, a 1.5 percent increase
• 60601 (The Loop, Millennium Part area): $2,500, a .2 percent increase
• 60622 (Wicker Park, West Town, Ukrainian Village): $2,446, a 2.6 percent increase
• 60642 (Goose Island, River West, Noble Square): $2,342, a 2.1 percent increase
• 60605 (South Loop): $2,306, a 1.7 percent increase
• 60607 (Near West Side, University Village: $2,295, a 2.5 percent increase
Besides Chicago, Minneapolis ($2,266) and suburban Barrington ($2,258) have the highest average rent in the Midwest, according to the report.
And though Chicago rent might be the priciest in the Midwest, the city’s average rent doesn’t even come close to being the most expensive in the country. That honor goes to Manhattan in New York City, where one zip code (10282) has an average rent of $5,657 — more than double the average rent in Chicago’s priciest zip code.
Other zip codes in Manhattan, Los Angeles and San Francisco fill up the rankings of the 10 most expensive areas in the country based on their average rent.