Most Expensive Neighborhoods For Rent In Chicago

CHICAGO (CBS) -- What are the most expensive neighborhoods for rent in Chicago?

The top-ranked area is the 60606 ZIP Code in the West Loop, where the average rent runs $2,707, according to an analysis by Rent Cafe. 

The West Loop took the top spot after rents increased nearly 5 percent from 2017.

Chicago is home to eight of the 10 most expensive rental neighborhoods in the Midwest, Rent Cafe found.

They are:

West Loop (60606): $2,707

River North (60654): $2,619

Streeterville (60611): $2,550

River East/Millennium Park (60601): $2,500

Wicker Park/Ukrainian Village (60622): $2,446

Goose Island/River West 60642: $2,342

South Loop (60605): $2,306

West Side/University Village (60607):  $2,295

All of those neighborhoods have undergone a rental development boom over the past decade or more. Rent Cafe also reports that the West Loop has the highest percentages of Millennials of any neighborhood in the nation.

The West Loop, which runs along the South Branch of the Chicago River between Greektown and the Loop,  does not make the ranking of 50 most expensive areas in the United States, which cuts off at $3,549.

Most expensive in U.S. is the 10282 ZIP code in Manhattan, an area along the Hudson River near the World Trade Center, where average rent is $5,657. Eight of the 10 most expensive neighborhoods in the United States are in Manhattan.  The 94105 ZIP in San Francisco and 90024 ZIP in Los Angeles also make that list.

The study is based on average rental prices as of July 2018. It relies on data from Yardi Matrix and includes rent charged in buildings with 50 or more units.