32 Studio Apartments for rent in Des Plaines, IL
March 2020 Des Plaines Rent Report
Welcome to the March 2020 Des Plaines Rent Report. Des Plaines rents increased over the past month. In this report, we'll evaluate trends in the Des Plaines rental market, including comparisons to cities throughout the metro, state, and nation.
March 2020 Des Plaines Rent Report
Welcome to the March 2020 Des Plaines Rent Report. Des Plaines rents increased over the past month. In this report, we'll evaluate trends in the Des Plaines rental market, including comparisons to cities throughout the metro, state, and nation.
Des Plaines rents increased slightly over the past month
Des Plaines rents have increased 0.2% over the past month, but have been relatively flat at 0.2% in comparison to the same time last year. Currently, median rents in Des Plaines stand at $982 for a one-bedroom apartment and $1,156 for a two-bedroom. Des Plaines' year-over-year rent growth lags the state average of 1.2%, as well as the national average of 1.7%.
Rents rising across the Chicago Metro
While rents have remained steady in the city of Des Plaines throughout the past year, cities across the metro have seen a different trend. Rents have risen in 9 of of the largest 10 cities in the Chicago metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Gary has the least expensive rents in the Chicago metro, with a two-bedroom median of $921; the city has also seen rents fall by 0.9% over the past year, the biggest drop in the metro.
- Naperville has the most expensive rents in the Chicago metro, with a two-bedroom median of $1,773; the city has also seen rent growth of 0.8% over the past month, the fastest in the metro.
Des Plaines rents more affordable than many large cities nationwide
Rent growth in Des Plaines has been relatively stable over the past year - some other large cities have seen more substantial increases. Des Plaines is still more affordable than most large cities across the country.
- Other cities across the state have seen rents slightly increase, with Illinois as a whole logging rent growth of 1.2% over the past year. For example, rents have grown by 1.3% in Rockford and 0.8% in Springfield.
- Des Plaines' median two-bedroom rent of $1,156 is slightly below the national average of $1,194. Nationwide, rents have grown by 1.7% over the past year compared to the stagnant growth in Des Plaines.
- While rents in Des Plaines remained moderately stable this year, similar cities saw increases, including New York (+2.2%), DC (+2.1%), and Columbus (+1.6%); note that median 2BR rents in these cities go for $2,564, $1,577, and $972 respectively.
- Renters will find more reasonable prices in Des Plaines than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than two-and-a-half times the price in Des Plaines.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start 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, comparing only units that are available across both time periods 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. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.