December 2018 Elgin Rent Report
Welcome to the December 2018 Elgin Rent Report. Elgin rents increased over the past month. In this report, we'll evaluate trends in the Elgin rental market, including comparisons to cities throughout the metro, state, and nation.
Elgin rents increase sharply over the past month
Elgin rents have increased 0.6% over the past month, but have been relatively flat at 0.2% in comparison to the same time last year. Currently, median rents in Elgin stand at $1,000 for a one-bedroom apartment and $1,180 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in September. Elgin's year-over-year rent growth lags the state average of 0.7%, as well as the national average of 1.3%.
Rents rising across the Chicago Metro
While rents have remained steady in the city of Elgin throughout the past year, cities across the metro have seen a different trend. Rents have risen in all 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.
- Palatine has seen the fastest rent growth in the metro, with a year-over-year increase of 2.3%. The median two-bedroom there costs $1,360, while one-bedrooms go for $1,160.
- Elgin has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,180; rents rose 0.6% over the past month but remained flat year-over-year.
- Naperville has the most expensive rents of the largest cities in the Chicago metro, with a two-bedroom median of $1,760; rents were up 0.4% over the past month and 1.7% over the past year.
Elgin rents more affordable than many large cities nationwide
Rent growth in Elgin has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Elgin is still more affordable than most large cities across the country.
- Elgin's median two-bedroom rent of $1,180 is equal to the national average of $1,180. Nationwide, rents have grown by 1.3% over the past year compared to the stagnant growth in Elgin.
- While rents in Elgin remained moderately stable this year, similar cities saw increases, including New York (+2.3%), Denver (+1.9%), and San Francisco (+1.8%); note that median 2BR rents in these cities go for $2,530, $1,340, and $3,100 respectively.
- Renters will find more reasonable prices in Elgin 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 Elgin.
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.
| City |
Median 1BR price |
Median 2BR price |
M/M price change |
Y/Y price change |
| Chicago |
$1,080 |
$1,270 |
-0.0% |
1.1% |
| Aurora |
$1,110 |
$1,310 |
0.8% |
0.4% |
| Joliet |
$1,030 |
$1,210 |
0.6% |
0.2% |
| Naperville |
$1,500 |
$1,760 |
0.4% |
1.7% |
| Elgin |
$1,000 |
$1,180 |
0.6% |
0.2% |
| Arlington Heights |
$1,240 |
$1,460 |
0.2% |
1.1% |
| Evanston |
$1,300 |
$1,530 |
0.2% |
1.6% |
| Schaumburg |
$1,380 |
$1,620 |
0.4% |
2.0% |
| Palatine |
$1,160 |
$1,360 |
0.8% |
2.3% |
| Des Plaines |
$1,040 |
$1,220 |
0.3% |
1.1% |
| Wheaton |
$1,210 |
$1,420 |
-0.6% |
-2.1% |
| Hoffman Estates |
$1,110 |
$1,310 |
-0.3% |
1.5% |
| Oak Park |
$930 |
$1,090 |
-0.2% |
-0.2% |
| Lombard |
$1,290 |
$1,520 |
0.5% |
1.2% |
| Crystal Lake |
$1,250 |
$1,470 |
-0.7% |
0.5% |
| Carol Stream |
$1,110 |
$1,310 |
0.2% |
-0.3% |
| Wheeling |
$1,180 |
$1,390 |
-0.1% |
0.8% |
| Calumet City |
$890 |
$1,050 |
0.0% |
-0.7% |
| Glendale Heights |
$1,140 |
$1,340 |
-0.3% |
-1.7% |
| St. Charles |
$1,360 |
$1,600 |
0.8% |
-1.2% |
| Woodridge |
$1,220 |
$1,430 |
-1.0% |
3.9% |
| Woodstock |
$980 |
$1,150 |
-0.5% |
-1.4% |
| Westmont |
$1,230 |
$1,440 |
1.8% |
2.8% |
| Lisle |
$1,200 |
$1,410 |
1.6% |
1.9% |
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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.
