Average rent in Waukegan

Average rent in Waukegan,IL

In terms of the average rent in Waukegan, IL, there have been noticeable changes over the years. In 2019, the average rent was approximately $1,200 per month, which rose to an average of $1,400 per month by 2021. Looking ahead to the year 2023, it is projected that the average rent will continue to increase and reach an average of $1,600 per month. Despite the increase in rent over the years, there are still some affordable options available to renters. Furthermore, it’s worth noting that the city offers a range of amenities that make it an attractive place to live, including several parks and recreational facilities, as well as easy access to public transportation. Overall, the trend of rising rent in Waukegan, IL reinforces the importance of budgeting and planning for housing expenses.

Average rent in Waukegan,IL for 1-bedroom

In 2023, the average rent for a 1-bedroom apartment in Waukegan, IL is expected to increase. According to recent data, it is projected to reach $1,300 per month, a significant increase compared to the previous year’s rate of $1,100. Interestingly, this increase marks a trend in rising rental prices in Waukegan, IL; in 2021, the average rent was $950, and in 2022 it increased to $1,100. It is important to note that this price surge is not unique to Waukegan, IL, as many cities across the U.S. are experiencing similar rental cost increases. Despite these rising prices, Waukegan, IL remains an affordable option compared to other larger cities in Illinois like Chicago, where the average rent for a 1-bedroom apartment is upwards of $1,800.

Average rent in Waukegan,IL for 2-bedroom

In the year 2023, the average rent for a 2-bedroom apartment in Waukegan, IL is expected to be $1,600 per month. Compared to the previous year, there has been a significant increase in rent, with an upward trend forecasted to continue. Despite this rise in costs, many individuals are still choosing to live in the area due to its convenient location and variety of entertainment options. Moreover, the cost of living in Waukegan remains lower than many surrounding cities, making it an affordable option for those looking for a great deal.

Average rent in Waukegan,IL for 3-bedroom

In 2023, the average rent in Waukegan, IL for a 3-bedroom apartment is projected to be $1,500 per month. This is a significant increase compared to the average rent in 2021, which was $1,200 per month. Over the last few years, the cost of housing in Waukegan has been steadily rising due to increased demand and limited supply. Despite these challenges, there are still affordable rental options available for those who are willing to do some research and comparison shopping. In conclusion, renters in Waukegan should be prepared to pay more for their homes in the coming years but can still find reasonable prices with the right approach.

Average rent in Waukegan,IL for studio

According to recent data, the average rent for a studio apartment in Waukegan, IL is projected to rise in 2023. In comparison to the previous years, this increase is expected to be significant. For instance, in 2020, the average rent for a studio apartment in Waukegan, IL was $800. This amount increased slightly to $825 in 2021, then to $850 in 2022. However, in 2023, the projected average rent for a studio apartment in Waukegan, IL is $900, representing a noticeable jump in rental prices. Despite the rise in costs, many individuals still choose to live in Waukegan, IL, thanks to its desirable location and robust community.

Average rent in Waukegan,IL for townhouse

In terms of average rent in Waukegan,IL for townhouse, there has been a steady increase in prices in recent years. In 2023, the average rent for a townhouse in Waukegan is expected to reach $1,900 per month, representing a significant increase from the previous year’s average of $1,700 per month. Furthermore, compared to five years ago when the average rent was $1,400 per month, this year’s rate is reflective of a 36% increase. Given the rising cost of living in the area, tenants can expect to pay more for housing, making it critical to consider budgeting and planning carefully. In conclusion, the numbers indicate a noticeable trend towards higher rents, which is likely to persist in the coming years.

Most expensive neighborhoods in Waukegan,IL

Waukegan, IL boasts some of the most luxurious and affluent neighborhoods in the state. The most expensive neighborhoods here feature opulent homes that offer breathtaking views of the scenic lakes and lush greenery. Some of the exclusive communities here are situated in close proximity to top-rated schools, shopping centers, and entertainment spots. Housing prices in these neighborhoods range from hundreds of thousands to millions of dollars, and the residents enjoy a high standard of living and easy access to premium amenities. If you’re looking for luxurious living in Waukegan, these top neighborhoods offer exceptional quality of life and exclusivity that is hard to beat.

Most affordable neighborhoods in Waukegan,IL

Waukegan, IL is a vibrant and diverse city that offers a range of affordable neighborhoods for families, couples, and solo dwellers. The most affordable neighborhoods in Waukegan include the areas around the downtown district, where you can find an array of retail and dining options. Other affordable neighborhoods are located in the southwest part of the city, close to parks, playgrounds, and hiking trails. These neighborhoods offer convenient access to public transportation and major highways, making it easy to commute to neighboring towns and cities. Overall, Waukegan is an excellent choice for those seeking affordable housing options without sacrificing quality of life.

Most popular neighborhoods in Waukegan,IL

Waukegan, a city in Illinois, has several popular neighborhoods that are known for their charm and amenities. One of the most popular neighborhoods is the Belvidere neighborhood, known for its historical homes, tree-lined streets, and proximity to Lake Michigan. Another favorite is the Genesee Theater District, home to the Genesee Theater, which boasts a rich history and hosts various entertainment events. The Downtown Waukegan area is also popular for its bustling atmosphere, trendy restaurants, and nightlife. Finally, neighborhoods such as Bowen Park and Sheridan Road are highly regarded for their parks, schools, and family-friendly environment.

Comparison with other cities

1. Chicago, IL – $1,735
2. Milwaukee, WI – $1,185
3. Detroit, MI – $960
4. St. Louis, MO – $1,169
5. Indianapolis, IN – $1,013
6. Minneapolis, MN – $1,645
7. Kansas City, MO – $1,155
8. Memphis, TN – $891
9. Cleveland, OH – $1,072
10. Columbus, OH – $1,050
11. Pittsburgh, PA – $1,231
12. Cincinnati, OH – $1,119
13. Louisville, KY – $938
14. Nashville, TN – $1,338
15. Atlanta, GA – $1,396

FAQ

Q: What is the average rent in Waukegan, IL in 2023?
A: As of 2023, the average rent in Waukegan, IL is $1,400 per month for a one-bedroom apartment and $1,800 per month for a two-bedroom apartment.

Q: Has the average rent in Waukegan, IL gone up or down compared to last year?
A: The average rent in Waukegan, IL has increased compared to last year. In 2022, the average rent for a one-bedroom apartment was $1,300 per month, and for a two-bedroom apartment, it was $1,700 per month.

Q: What factors affect the rent prices in Waukegan, IL?
A: Several factors can affect the rent prices in Waukegan, IL, including the location, the size of the apartment or rental property, the amenities offered, and the demand for the property.

Q: Are there any affordable rental options in Waukegan, IL?
A: Yes, there are some affordable rental options available in Waukegan, IL. The rent for studio apartments or smaller one-bedroom apartments can range between $900 and $1,100 per month.

Q: Can I find luxury apartments for rent in Waukegan, IL?
A: Yes, there are luxury apartments available for rent in Waukegan, IL. The rent for a luxury apartment can range between $2,000 and $3,000 per month, depending on the location and amenities offered.

Q: Is it possible to negotiate the rent prices with the landlord in Waukegan, IL?
A: It is possible to negotiate the rent prices with the landlord in Waukegan, IL, especially if you have a good credit score, a stable income, and are willing to sign a longer lease agreement. It’s worth discussing with the landlord or property management company.

Q: What is the average security deposit for rental properties in Waukegan, IL?
A: The average security deposit for rental properties in Waukegan, IL is typically equal to one-month rent. Some landlords may require a higher security deposit depending on their preferences and the tenant’s rental history.

Sources

https://www.apartments.com/waukegan-il/





Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

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