Rents in Naperville continue to increase, though at a slower rate compared to neighboring communities, according to the most recent data from a rental tracker. But the city still has some of the highest rents in the area.
In an August report, ApartmentList.com data shows the median rent in Naperville rose 0.4% between June and July, the first time this year rent growth in the city fell below a half percent.
Naperville’s slowed rate is reflective of a national trend.
Nationwide, rents rose 1.1% over the past month, down from the 1.4% rise between May and June, the report said.
The slowdown signals the market is following its typical seasonal trend, according to ApartmentList, and renters can expect rent growth to continue to cool.
However, there are no signs that prices will actually fall in a meaningful way, meaning that American renters will continue to be burdened by historically high housing costs, according to the report.
Year-to-year growth in Naperville in July was up 9.3% compared to the national average of 12.3% over the last year.
In neighboring Lisle, median rent rose 1.4% in the past month and 11.9% in the past year, while rents increased in Aurora by 0.7% since June and 11.8% since July 2021.
Renters generally find more expensive prices in Naperville compared to other cities in the nation and the Chicago metropolitan area, according to ApartmentList.com.
Naperville’s median two-bedroom rent of $1,984 is above the national average of $1,358 and above the state average of $1,251.
The only rent that was higher in July, according to the report, was in Wheaton, where the median cost of a two-bedroom unit was $2,010.
One-bedroom units in Wheaton were the same as Naperville at $1,572.
In Aurora, the median rent is $209 less than in Naperville for a one-bedroom and $188 less for a two-bedroom, according to data from the report.
To the east, Lisle rents are $117 and $201 lower than Naperville for one- and two-bedroom units, respectively.
Randolph is a Multifamily Investment Sales Broker with eXp Commercial servicing Multifamily Buyers and Sellers in the Greater Chicago Area.