UpdatedFri, Feb 19, 2021 at 10:01 am CT
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Chicago is among the cities to see the steepest decline in rent prices across the U.S. In the past year, the cost of rent has decreased by 12.5 percent in the city. (Shutterstock)
CHICAGO AREA, IL While rent is on the rise in smaller, more-affordable U.S. cities, many of the country s largest metropolitan areas and coastal cities saw prices fall rapidly throughout most of 2020, illustrating how the COVID-19 pandemic had a starkly different effect on regional housing markets over the course of the year.
Chicago is among the cities to see the steepest decline in rent prices. In the past year, the cost of rent has decreased by 12.5 percent in the city. Meanwhile, suburban towns closer to the city on Apartment List s final National Rent Report of 202o, including Oak Park and Arlington Heights, have also seen a dip in rent, while towns farther out have seen increases.