7 1 Bedroom Apartments for rent in Richton Park, IL
April 2020 Richton Park Rent Report
Welcome to the April 2020 Richton Park Rent Report. Richton Park rents increased over the past month. In this report, we'll evaluate trends in the Richton Park rental market, including comparisons to cities throughout the metro, state, and nation.
April 2020 Richton Park Rent Report
Welcome to the April 2020 Richton Park Rent Report. Richton Park rents increased over the past month. In this report, we'll evaluate trends in the Richton Park rental market, including comparisons to cities throughout the metro, state, and nation.
Richton Park rents increased slightly over the past month
Richton Park rents have increased 0.2% over the past month, and are up moderately by 3.4% in comparison to the same time last year. Currently, median rents in Richton Park stand at $1,063 for a one-bedroom apartment and $1,251 for a two-bedroom. Richton Park's year-over-year rent growth leads the state average of 1.4%, as well as the national average of 1.9%.
Rents rising across the Chicago Metro
Throughout the past year, rent increases have been occurring not just in the city of Richton Park, but across the entire metro. Of the largest 10 cities that we have data for in the Chicago metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Naperville has the most expensive rents in the Chicago metro, with a two-bedroom median of $1,784; the city has also seen rent growth of 0.6% over the past month, the fastest in the metro.
- Hammond has the least expensive rents in the Chicago metro, with a two-bedroom median of $997; rents increased 0.1% over the past month and 0.8% over the past year.
Richton Park rents more affordable than many large cities nationwide
As rents have increased moderately in Richton Park, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Richton Park is still more affordable than most large cities across the country.
- Rents increased marginally in other cities across the state, with Illinois as a whole logging rent growth of 1.4% over the past year. For example, rents have grown by 1.8% in Rockford and 0.8% in Springfield.
- Richton Park's median two-bedroom rent of $1,251 is above the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the 3.4% rise in Richton Park.
- While Richton Park's rents rose moderately over the past year, the city of San Francisco saw a decrease of 0.2%.
- Renters will find more reasonable prices in Richton Park than most large cities. For example, San Francisco has a median 2BR rent of $3,102, which is nearly two-and-a-half times the price in Richton Park.
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.