HomeIllinoisChicagoRenter Market Trends

Rental market trends in Chicago, IL

Please reach out to press@rent.com for any media inquiries regarding this data.

Average Rent in Chicago, IL

Avg. RentAnnual Change
Studio - $1,202-5%
1 Bed - $1,747-8%
2 Beds - $2,297-11%
Last updated 3/22/2023

Average Apartment Cost in Chicago, IL

The average rent for apartments in Chicago, IL, is between $1,202 and $2,297 in 2023. For a studio apartment in Chicago, IL, the average rent is $1,202. When it comes to 1-bedroom apartments, the average rent in Chicago, IL, is $1,747. For a 2-bedroom apartment, the average rent is $2,297.

Apartment Rent Ranges in Chicago, IL

Apartment Prices

Neighborhood Apartment Rent Trends in Chicago, IL

NeighborhoodStudio Avg RentAnnual Change
The Loop$2,643+26%
Fulton Market$2,5000%
West Town$2,052+85%
River West$2,052+42%
Near West Side$2,046+4%
Little Italy$2,046+10%
Fulton River District$1,968+6%
Near South Side$1,848-8%

How Other Cities Compare to Chicago, IL

CityStudio Avg RentAnnual Change
Saint Charles$1,717+16%
Des Plaines$1,656-9%

Chicago, IL Rent Trends

Neighborhood Information for Chicago, IL

What are the most affordable neighborhoods in Chicago, IL?

The most affordable neighborhoods in Chicago are Far Southeast Side, where the average 1-bedroom apartment rent goes for $725, Far Southwest Side, where renters pay $750 on average for a 1-bedroom apartment, and Hyde Park, where the average 1-bedroom apartment rent goes for $775. If you're looking for other great deals, check out the listings in Southwest Side ($960 for a 1-bedroom apartment) or South Side ($962 for a 1-bedroom apartment), compared to the $1,747 average for a Chicago 1-bedroom apartment.