Waukegan, IL Rental Market Trends
Waukegan Rent Report: November 2024
Welcome to the Apartment List November 2024 Rent Report for Waukegan, IL. Currently, the overall median rent in the city stands at $1,327, after rising 0.5% last month. Prices and are now up 3.2% year-over-year. Read on to learn more about what’s been happening in the Waukegan rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.
Waukegan rents are up 0.5% month-over-month and up 3.2% year-over-year
The median rent in Waukegan rose by 0.5% over the course of October, and has now increased by a total of 3.2% over the past 12 months. Waukegan’s rent growth over the past year has has outpaced both state (2.2%) and national (-0.7%) averages.
Waukegan rent growth in 2024 pacing similar last year
Ten months into the year, rents in Waukegan have risen 4.1%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to October 2023 rents had increased 4.0%.
Waukegan rents are 17.6% lower than the metro-wide median
If we expand our view to the wider Chicago metro area, the median rent is $1,611 meaning that the median price in Waukegan ($1,327) is 17.6% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.4%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 10 cities in the Chicago metro area that are included in our database. Among them, Lombard is currently the most expensive, with a median rent of $2,130. Waukegan is the metro’s most affordable city, with a median rent of $1,327. The metro's fastest annual rent growth is occurring in Westmont (8.6%) while the slowest is in Chicago (1.6%).
You can also use the map below to explore the latest rent trends in the Chicago metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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