Renter occupancy in Albany Park decreased from 64% in 2013 to 60% in 2022. Despite this decline, average rent prices steadily increased by 16.3% over nine years, from $1,009 per month in 2013 to $1,173 in 2022. The most significant year-over-year increase in rent occurred between 2020 and 2021, with a 5.8% rise. Notably, rent prices continued to rise despite an overall population decrease from 57,678 in 2013 to 52,071 in 2022, suggesting strong demand for rental properties in the area.

In 2023 and 2024, Albany Park's housing market continued to evolve. The average home price reached $321,206 in 2023, a 1.9% increase from 2022, and further rose to $334,916 in 2024, a 4.3% increase from 2023. Federal interest rates also saw significant increases, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.

Predictive models suggest that Albany Park's housing market will continue to experience growth at a more moderate pace. Over the next five years, average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $375,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated annual increases of 1.5-2.5%, potentially reaching approximately $1,300 per month by 2029.

In summary, Albany Park has demonstrated resilience and growth in its housing market over the past decade. The neighborhood has seen a steady increase in homeownership rates, significant appreciation in average home values, and consistent growth in average rent prices. These trends, coupled with the area's diversity and desirability, suggest that Albany Park will likely continue to be an attractive location for both homeowners and renters in the coming years.