Rental market trends in Chicago, IL
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Average Apartment Cost in Chicago, IL
Apartment Rent Ranges in Chicago, IL
Apartment Prices Proportion | |
|---|---|
Neighborhood Apartment Rent Trends in Chicago, IL
| Neighborhood | Studio Avg Rent | Annual Change |
|---|---|---|
| The Loop | $2,643 | +26% |
| Fulton Market | $2,500 | 0% |
| 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% |
| Streeterville | $1,715 | +1% |
| Downtown | $1,708 | -12% |
| Neighborhood | 1 Bed Avg Rent | Annual Change |
|---|---|---|
| The Loop | $3,377 | +27% |
| Gold Coast | $3,278 | +87% |
| Downtown | $3,095 | +19% |
| Old Town | $3,091 | +34% |
| West Loop | $2,910 | +26% |
| Fulton Market | $2,910 | +2% |
| Streeterville | $2,610 | +10% |
| Near North Side | $2,532 | +1% |
| West Town | $2,492 | +19% |
| Near West Side | $2,482 | +8% |
| Neighborhood | 2 Beds Avg Rent | Annual Change |
|---|---|---|
| West Loop | $4,549 | +32% |
| River North | $4,500 | +8% |
| Streeterville | $3,802 | +27% |
| Near West Side | $3,799 | +13% |
| Fulton Market | $3,799 | +31% |
| The Loop | $3,772 | +2% |
| Old Town | $3,600 | -- |
| West Town | $3,554 | +123% |
| West Side | $3,481 | +17% |
| Fulton River District | $3,463 | +6% |
How Other Cities Compare to Chicago, IL
| City | Studio Avg Rent | Annual Change |
|---|---|---|
| Palatine | $1,916 | -- |
| Wheaton | $1,799 | +16% |
| Elmhurst | $1,775 | +18% |
| Saint Charles | $1,717 | +16% |
| Naperville | $1,705 | -10% |
| Des Plaines | $1,656 | -9% |
| Lombard | $1,619 | +10% |
| Lansing | $1,613 | -21% |
| Lisle | $1,534 | -19% |
| Schaumburg | $1,489 | +13% |
| City | 1 Bed Avg Rent | Annual Change |
|---|---|---|
| Evanston | $2,372 | +28% |
| Lombard | $2,203 | +41% |
| Wheaton | $1,949 | +18% |
| Elgin | $1,800 | +6% |
| Plainfield | $1,750 | +3% |
| Elmhurst | $1,710 | +3% |
| Saint Charles | $1,692 | -12% |
| Naperville | $1,643 | +20% |
| Schaumburg | $1,558 | +11% |
| Palatine | $1,397 | -- |
| City | 2 Beds Avg Rent | Annual Change |
|---|---|---|
| Elgin | $2,600 | +136% |
| Plainfield | $2,575 | +9% |
| Lombard | $2,494 | +31% |
| Elmhurst | $2,125 | +11% |
| Evanston | $1,995 | +8% |
| Naperville | $1,892 | -3% |
| Schaumburg | $1,890 | +9% |
| Wheaton | $1,800 | -25% |
| Aurora | $1,790 | +2% |
| Palatine | $1,685 | +71% |
Chicago, IL Rent Trends
| Studio | 1 Bed | 2 Beds | ||||||||||
| Mar 2022 | Apr 2022 | May 2022 | Jun 2022 | Jul 2022 | Aug 2022 | Sep 2022 | Oct 2022 | Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 |
| $1264 | $1285 | $1317 | $1307 | $1330 | $1371 | $1357 | $1362 | $1374 | $1435 | $1341 | $1247 | $1202 |
| $1906 | $1930 | $1969 | $1953 | $1950 | $1977 | $1865 | $1917 | $1908 | $1952 | $1890 | $1873 | $1873 |
| $2582 | $2593 | $2550 | $2515 | $2597 | $2500 | $2322 | $2328 | $2297 | $2404 | $2375 | $2405 | $2300 |
| $3062 | $3092 | $3072 | $2825 | $3125 | $3300 | $2722 | $2147 | $2162 | $2777 | $2225 | $2225 | $2200 |
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.
What are the most expensive neighborhoods in Chicago, IL?
The most expensive neighborhoods in Chicago are River North, where the average 1-bedroom apartment rent goes for $5,500, The Loop, where renters pay $3,377 on average for a 1-bedroom apartment, and Gold Coast, where the average 1-bedroom apartment rent goes for $3,278. If you're looking for other premium neighborhoods, check out the listings in Downtown ($3,095 for a 1-bedroom apartment) or Old Town ($3,091 for a 1-bedroom apartment), compared to the $1,747 average for a Chicago 1-bedroom apartment.
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 $1,500, Wicker Park, where renters pay $1,525 on average for a 1-bedroom apartment, and Lincoln Park, where the average 1-bedroom apartment rent goes for $1,630. If you're looking for other popular neighborhoods, check out the listings in Park West ($1,597 for a 1-bedroom apartment) or West Town ($2,492 for a 1-bedroom apartment), compared to the $1,747 average for a Chicago 1-bedroom apartment.
