April 2018 Lombard Rent Report
Welcome to the April 2018 Lombard Rent Report. Lombard rents declined over the past month. In this report, we'll evaluate trends in the Lombard rental market, including comparisons to cities throughout the metro, state, and nation.
Lombard rents declined marginally over the past month
Lombard rents have declined 0.2% over the past month, and have decreased significantly by 2.2% in comparison to the same time last year. Currently, median rents in Lombard stand at $1,260 for a one-bedroom apartment and $1,480 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in December of last year. Lombard's year-over-year rent growth lags the state average of 0.6%, as well as the national average of 2.0%.
Rents rising across the Chicago Metro
While rent prices have decreased in Lombard over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 9 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.
- Elgin has seen rents fall by 0.5% over the past month, the biggest drop in the metro. It also has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,170.
- Aurora has seen the fastest rent growth in the metro, with a year-over-year increase of 3.3%. The median two-bedroom there costs $1,300, while one-bedrooms go for $1,110.
- Naperville has the most expensive rents of the largest cities in the Chicago metro, with a two-bedroom median of $1,720; rents decreased 0.2% over the past month but were up 1.6% over the past year.
Many large cities nationwide show more affordable rents compared to Lombard
As rents have fallen significantly in Lombard, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Lombard is less affordable for renters.
- Lombard's median two-bedroom rent of $1,480 is above the national average of $1,170. Nationwide, rents have grown by 2.0% over the past year compared to the 2.2% decline in Lombard.
- While rents in Lombard fell significantly over the past year, many cities nationwide saw increases, including Houston (+2.8%), Denver (+1.9%), and Columbus (+1.9%).
- Renters will generally find more expensive prices in Lombard than most large cities. For example, Detroit has a median 2BR rent of $890, where Lombard is more than one-and-a-half times that price.
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 |
$1,070 |
$1,260 |
0.2% |
0.2% |
| Aurora |
$1,110 |
$1,300 |
0.3% |
3.3% |
| Joliet |
$1,020 |
$1,200 |
-0.3% |
1.5% |
| Naperville |
$1,460 |
$1,720 |
-0.2% |
1.6% |
| Elgin |
$990 |
$1,170 |
-0.5% |
0.8% |
| Arlington Heights |
$1,220 |
$1,440 |
0.1% |
-1.9% |
| Evanston |
$1,270 |
$1,500 |
0.4% |
0.9% |
| Schaumburg |
$1,340 |
$1,580 |
-0.4% |
2.0% |
| Bolingbrook |
$1,270 |
$1,490 |
-0.1% |
1.6% |
| Palatine |
$1,130 |
$1,330 |
0.6% |
2.1% |
| Des Plaines |
$1,040 |
$1,220 |
-0.5% |
2.5% |
| Wheaton |
$1,230 |
$1,450 |
0.8% |
-1.4% |
| Hoffman Estates |
$1,110 |
$1,300 |
-0.3% |
0.7% |
| Oak Park |
$930 |
$1,100 |
0.1% |
-1.6% |
| Lombard |
$1,260 |
$1,480 |
-0.2% |
-2.2% |
| Crystal Lake |
$1,250 |
$1,480 |
0.1% |
2.4% |
| Carol Stream |
$1,110 |
$1,300 |
0.1% |
2.0% |
| Wheeling |
$1,170 |
$1,370 |
0.1% |
0.2% |
| Calumet City |
$890 |
$1,050 |
0.2% |
0.8% |
| Glendale Heights |
$1,150 |
$1,350 |
0.1% |
1.5% |
| St. Charles |
$1,350 |
$1,590 |
-1.2% |
1.1% |
| Woodridge |
$1,170 |
$1,380 |
-1.1% |
3.8% |
| Lansing |
$890 |
$1,050 |
-0.1% |
1.5% |
| Woodstock |
$980 |
$1,150 |
0.2% |
0.2% |
| Lisle |
$1,160 |
$1,370 |
-0.9% |
-0.7% |
| Park Forest |
$980 |
$1,150 |
0.0% |
0.4% |
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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.
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