Schaumburg, IL Rental Market Trends

Schaumburg Rent Report: October 2024

Welcome to the Apartment List October 2024 Rent Report for Schaumburg, IL. Currently, the overall median rent in the city stands at $2,006, after rising 0.8% last month. Prices and are now up 3.4% year-over-year. Read on to learn more about what’s been happening in the Schaumburg rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.

Schaumburg rents are up 0.8% month-over-month and up 3.4% year-over-year

The median rent in Schaumburg rose by 0.8% over the course of September, and has now increased by a total of 3.4% over the past 12 months. Schaumburg’s rent growth over the past year has has outpaced both state (2.1%) and national (-0.7%) averages.

Schaumburg rent growth in 2024 pacing below last year

Nine months into the year, rents in Schaumburg have risen 5.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had increased 6.9%.

Schaumburg rents are 23.6% higher than the metro-wide median

If we expand our view to the wider Chicago metro area, the median rent is $1,623 meaning that the median price in Schaumburg ($2,006) is 23.6% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.2%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 12 cities in the Chicago metro area that are included in our database. Among them, Lombard is currently the most expensive, with a median rent of $2,114. Waukegan is the metro’s most affordable city, with a median rent of $1,318. The metro's fastest annual rent growth is occurring in Mount Prospect (8.9%) while the slowest is in Chicago (1.4%).

You can also use the map below to explore the latest rent trends in the Chicago metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.