{"id":83,"date":"2016-09-15T00:19:32","date_gmt":"2016-09-15T00:19:32","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=studies&p=697"},"modified":"2023-07-22T15:30:39","modified_gmt":"2023-07-22T15:30:39","slug":"where-does-the-train-of-rising-rents-stop","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/where-does-the-train-of-rising-rents-stop\/","title":{"rendered":"Where Does the Train of Rising Rents Stop?"},"content":{"rendered":"

An Analysis of Rents and the Elevated Rail\u00a0Lines<\/strong><\/p>\n

Close your eyes and think of your least favorite things. If the \u2018L\u2019 and your monthly rent comes to mind, then you\u2019re in for a treat. The RentHop data science team has put together a map of median rents for one-bedroom apartments across the rail lines in Chicago. We cross-referenced our apartment listings to train entrance locations, taking the median of apartments within 500 meters. We set a minimum threshold of 50 listings for calculating each median, incrementally expanding the radius around a train stop if too few listings were initially returned. To prevent identical apartments that were listed multiple times, from inaccurately affecting the stats, we grouped duplicated listings.<\/p>\n

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Check out the map to see how rents are faring at your stop<\/strong><\/p>\n

Stops where rents dramatically dropped off are highlighted in Green<\/span><\/strong>.<\/p>\n

Bright Green<\/span><\/strong> represents a 20%+ drop in price in just one subway stop.<\/p>\n

Darker Green<\/span><\/strong> represents a 10-20% drop in price from the previous stop.<\/p>\n

\"high-res-chicago-subway-median-rent-map\"<\/a>
Click to view in a seperate window<\/figcaption><\/figure>\n

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Would you commute for extra cash? <\/strong><\/p>\n

It’s no surprise that as you get farther away from Downtown Chicago, the more rents drop.<\/p>\n

Often we\u2019re forced to think about more than just location when choosing a neighborhood and prices are high. While looking at prices by L stop we found an interesting trend, in the range of 2-3 miles outside of the Loop in any direction, prices dramatically drop off. <\/strong>Although the purpose of the study was to inform readers of what rents are geographically, we also gained some insight into where certain affluence cut-off areas are. Without digging too deep into the reason behind the prices, it\u2019s clear that some combination of commute time to the city center and gentrification plays a role in creating the price cliffs.<\/p>\n

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Let\u2019s take a closer look at the prices and trends along the different \u2018L\u2019 lines.<\/i><\/p>\n

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Red Line<\/span><\/strong><\/p>\n

The Red line has the widest range of price of any subway line, reaching the furthest south and all the way north to Evanston. We see that prices jump a little heading north from the Loop<\/strong>, then drop steadily after that, with southbound trains having a steeper slope.<\/p>\n