52 1 Bedroom Apartments for rent in Vernon Hills, IL
April 2020 Vernon Hills Rent Report
Welcome to the April 2020 Vernon Hills Rent Report. Vernon Hills rents increased over the past month. In this report, we'll evaluate trends in the Vernon Hills rental market, including comparisons to cities throughout the metro, state, and nation.
April 2020 Vernon Hills Rent Report
Welcome to the April 2020 Vernon Hills Rent Report. Vernon Hills rents increased over the past month. In this report, we'll evaluate trends in the Vernon Hills rental market, including comparisons to cities throughout the metro, state, and nation.
Vernon Hills rents increased significantly over the past month
Vernon Hills rents have increased 0.4% over the past month, but have decreased slightly by 0.1% in comparison to the same time last year. Currently, median rents in Vernon Hills stand at $1,350 for a one-bedroom apartment and $1,589 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in November of last year. Vernon Hills' year-over-year rent growth lags the state average of 1.4%, as well as the national average of 1.9%.
Rents rising across the Chicago Metro
While rent prices have decreased in Vernon Hills over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in all 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.
- 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.
Many large cities nationwide show more affordable rents compared to Vernon Hills
As rents have fallen slightly in Vernon Hills, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Vernon Hills is less affordable for renters.
- Other cities across the state have seen rents marginally increase, 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.
- Vernon Hills' median two-bedroom rent of $1,589 is above the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the 0.1% decline in Vernon Hills.
- While rents in Vernon Hills fell slightly over the past year, many cities nationwide saw increases, including New York (+2.7%), DC (+2.3%), and Baltimore (+1.9%).
- Renters will generally find more expensive prices in Vernon Hills than most large cities. For example, Springfield has a median 2BR rent of $725, where Vernon Hills is more than twice 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.
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.