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Rental market trends in Chicago, IL

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Average Rent in Chicago, IL

Average Rent in Chicago, IL

Avg. RentAnnual Change
Studio - $1,487+15%
1 Bed - $1,932+2%
2 Beds - $2,465+5%
Last updated 7/19/2024

Average Apartment Cost in Chicago, IL

The average rent for apartments in Chicago, IL, is between $1,487 and $2,465 in 2024. For a studio apartment in Chicago, IL, the average rent is $1,487. When it comes to 1-bedroom apartments, the average rent in Chicago, IL, is $1,932. For a 2-bedroom apartment, the average rent is $2,465.

Apartment Rent Ranges in Chicago, IL

Apartment PricesProportion
0%
2%
16%
24%
58%

Neighborhood Apartment Rent Trends in Chicago, IL

NeighborhoodStudio Avg RentAnnual Change
West Loop$2,630+106%
Near East Side$2,625+11%
Fulton River District$2,594--
The Loop$2,500-28%
Fulton Market$2,5000%
Little Italy$2,247+4%
Near West Side$2,198+2%
West Side$2,198+72%
West Town$2,070+38%
Streeterville$2,057+16%
Near South Side$2,057-2%
River North$2,000--
River West$1,900--
Near North Side$1,685+6%
Gold Coast$1,650-1%
Logan Square$1,600--
Wicker Park$1,600--
Bucktown$1,600--
Hyde Park$1,490-18%
Buena Park$1,465+7%
Uptown$1,451+16%
Ukrainian Village$1,450--
South Side$1,436+85%
Lincoln Park$1,402+17%
Far Southeast Side$1,399+106%
North Side$1,370+14%
Lake Meadows$1,369--
Southwest Side$1,350+80%
Lake View East$1,332+10%
North Center$1,245+4%
Hyde Park Kenwood Historic District$1,225-32%
Park West$1,222+10%
Far North Side$1,117+3%
Edgewater$1,1170%
Edgewater Beach$1,100+1%
Rogers Park$1,070+2%
Lincoln Square$1,050+8%
Ravenswood$1,050+8%
Albany Park$935--
Irving Park$925+3%
Northwest Side$925+3%
Portage Park$885-39%
Neighborhood1 Bed Avg RentAnnual Change
Near West Side$3,194+32%
West Side$3,014+32%
Near East Side$2,680-7%
Little Italy$2,534+8%
Near South Side$2,436+6%
Streeterville$2,332-15%
The Loop$2,313-30%
Fulton Market$2,250-23%
Old Town$2,200--
Near North Side$2,150-22%
River West$2,150--
West Town$2,100-9%
Hyde Park$2,048+164%
Gold Coast$2,000-43%
Printer's Row$1,970--
South Side$1,858+125%
Bucktown$1,850+19%
Lake View East$1,825+4%
North Side$1,822+7%
Hyde Park Kenwood Historic District$1,762-11%
Wicker Park$1,750-16%
Lincoln Park$1,735+3%
Park West$1,6870%
Uptown$1,629-9%
Lake Meadows$1,609--
Ravenswood$1,600+28%
North Center$1,570-2%
Buena Park$1,569+6%
Far North Side$1,522+4%
Rogers Park$1,511+4%
Lincoln Square$1,500+12%
Southwest Side$1,500--
Bridgeport$1,495--
Roscoe Village$1,4500%
Edgewater$1,437-1%
Edgewater Beach$1,362+4%
Albany Park$1,3000%
Portage Park$1,100--
Irving Park$995-5%
Northwest Side$995-5%
Ukrainian Village$850--
Far Southeast Side$762+5%
Neighborhood2 Beds Avg RentAnnual Change
Near East Side$4,652+16%
Fulton Market$4,250+12%
River West$3,800--
Wicker Park$3,750--
River North$3,650--
Streeterville$3,560-8%
West Side$3,461+21%
The Loop$3,341-25%
Little Italy$3,284+6%
Near North Side$3,205-21%
Near South Side$3,167+9%
West Town$2,850-9%
Bucktown$2,7000%
Gold Coast$2,695+13%
Old Town$2,600--
Roscoe Village$2,595--
Logan Square$2,500-17%
Ravenswood$2,500--
Edgewater$2,450+50%
Hyde Park$2,431+4%
Lincoln Park$2,420+1%
North Side$2,420+6%
Park West$2,410+6%
Buena Park$2,395+14%
South Side$2,372+59%
Lake Meadows$2,354--
Ukrainian Village$2,350-16%
Lake View East$2,337+6%
North Center$2,200+10%
Hyde Park Kenwood Historic District$2,199--
Rogers Park$2,179+8%
Far North Side$2,112+14%
Uptown$2,057-4%
Portage Park$2,000+38%
Irving Park$1,925+24%
Bridgeport$1,800+81%
Northwest Side$1,750+17%
Southwest Side$1,6900%
Far Southeast Side$1,550+35%
New City$1,500--
Albany Park$1,475-2%
Lincoln Square$1,445+4%
Edgewater Beach$1,325-19%

How Other Cities Compare to Chicago, IL

CityStudio Avg RentAnnual Change
Lombard$2,039+29%
Lisle$1,811-12%
Schaumburg$1,513+3%
Naperville$1,462-30%
Oak Lawn$1,450--
Evanston$1,405+8%
Aurora$1,325+5%
Bolingbrook$1,282+21%
Downers Grove$1,255+5%
Wheaton$990-46%
Joliet$962+8%
Palatine$925-55%
Waukegan$910+1%
Kenosha$875+47%
Hammond$870+13%
Valparaiso$850+10%
Elgin$800--
City1 Bed Avg RentAnnual Change
Evanston$2,583+56%
Naperville$1,975+6%
Palatine$1,958+33%
Elgin$1,8000%
Plainfield$1,800+3%
Wheaton$1,737+1%
Glenview$1,720+50%
Schaumburg$1,660+4%
Arlington Heights$1,601+4%
Downers Grove$1,595-46%
Bolingbrook$1,587+40%
Lisle$1,515+5%
Aurora$1,355-3%
Valparaiso$1,259+36%
Crown Point$1,246+3%
Waukegan$1,150+8%
Highland$1,125-24%
Joliet$1,090+8%
Kenosha$1,068-3%
Hammond$965+10%
Batavia$9400%
City2 Beds Avg RentAnnual Change
Palatine$2,738+10%
Naperville$2,549+13%
Elgin$2,277-4%
Plainfield$2,250-13%
Arlington Heights$2,161+13%
Highland$2,135+24%
Lombard$2,089-2%
Wheaton$2,010+7%
Aurora$1,964+3%
Schaumburg$1,950+2%
Glenview$1,820-11%
Downers Grove$1,817-3%
Bolingbrook$1,8120%
Lisle$1,725+15%
Oak Lawn$1,500--
Waukegan$1,4470%
Crown Point$1,349+3%
Joliet$1,292+8%
Kenosha$1,283-10%
Batavia$1,2700%
Valparaiso$1,227+8%
Hammond$1,170+9%

Chicago, IL Rent Trends

Studio1 Bed2 Beds
Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024Jun 2024Jul 2024
$1375$1562$1722$1582$1550$1466$1367$1330$1313$1391$1470$1487$1495
$1910$2048$1981$1914$1952$1893$1842$1845$1830$1845$1900$1932$1920
$2445$2582$2563$2543$2552$2517$2536$2595$2549$2502$2491$2465$2465
$3235$3347$3300$2950$2875$2800$3075$3047$2945$2997$3317$3210$3014

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 $762, Ukrainian Village, where renters pay $850 on average for a 1-bedroom apartment, and Irving Park, where the average 1-bedroom apartment rent goes for $995. If you're looking for other great deals, check out the listings in Northwest Side ($995 for a 1-bedroom apartment) or Portage Park ($1,100 for a 1-bedroom apartment), compared to the $1,932 average for an Chicago 1-bedroom apartment.

What are the most expensive neighborhoods in Chicago, IL?

The most expensive neighborhoods in Chicago are Logan Square, where the average rent for a 1-bedroom apartment is just $3,900. offering similar apartments at an average of Fulton River District, $3,684, and West Loop, $3,635. For additional value-for-money options, consider Near West Side ($3,194 for a 1-bedroom apartment) or West Side ($3,014 for a 1-bedroom apartment). These prices represent a significant saving when compared to the Chicago average for a 1-bedroom apartment, which stands at $1,932.

What are the most popular neighborhoods in Chicago, IL?

The most popular neighborhoods in Chicago are Bucktown, where the average 1-bedroom apartment rent goes for $1,850, Lincoln Park, where renters pay $1,735 on average for a 1-bedroom apartment, and Wicker Park, where the average 1-bedroom apartment rent goes for $1,750. If you're looking for other popular neighborhoods, check out the listings in Park West ($1,687 for a 1-bedroom apartment) or North Side ($1,822 for a 1-bedroom apartment), compared to the $1,932 average for an Chicago 1-bedroom apartment.

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