Chicago boasts world-class architecture, vibrant neighborhoods, and a dynamic food scene. But for renters, the excitement can quickly turn into a whirlwind of questions: How much rent can I afford? Where should I live? What are the application requirements? Fear not, future Windy City residents! This guide equips you with the essential tips to conquer your Chicago apartment hunt.
Chicago really has no defined “rental season”
Chicago boasts world-class architecture, vibrant neighborhoods, and a dynamic food scene. But for renters, the excitement can quickly turn into a whirlwind of questions: How much rent can I afford? Where should I live? What are the application requirements? Fear not, future Windy City residents! This guide equips you with the essential tips to conquer your Chicago apartment hunt.
Chicago really has no defined “rental season”. Apartments are available year-round, though if anything, there are more options and they tend to go quicker and rent higher in the spring and fall. During these seasons, you’re more likely to lose a good dwelling to another contender if you don’t act fast. Renting a place out in the middle of January may give you a price or time advantage, but moving a couch up to the fourth floor of a walk-up building when the back staircase is covered in ice may also cause you to think twice.
Chicago is an extremely large city, and it's common for people to live well outside of it and use the train system to commute. Some people live as far as the Eastern coast of Michigan, where you can find a quaint lake town connected to a train that will take you directly to the city in a matter of an hour or two. With that in mind, know that you may pay a premium to live close to downtown, so staying open to adjacent areas can expand your options.
The Chicago rental market can move swiftly. Respond to listings promptly and be prepared to act quickly if you find a place you love. Attending open houses allows you to assess the apartment and meet the landlord directly. Chicago landlords often require proof of income, such as pay stubs or tax returns, and a credit check. Having all documentation readily available streamlines the application process. Some landlords may have additional requirements like a reference letter from previous landlords.
Still have questions about renting in Chicago? Read on to learn more about average rent prices, transportation, pet friendly living, and more.
-"Maybe we can show government how to operate better as a result of better architecture. Eventually, I think Chicago will be the most beautiful great city left in the world." (Frank Lloyd Wright)
The Chicago Transit Authority operates a huge network of trains and buses, with the result that many city-dwellers choose to ditch their car altogether and opt for the true urban lifestyle (a combination of walking and public transit). In fact, driving is generally one of the least desirable forms of transportation in Chicago. Finding an apartment with a designated parking spot can be difficult and pricey in many areas of the city (think an extra $150 - $200 a month for a spot in a parking garage or outdoor lot), and street parking is a cutthroat battle.
If you're wondering how to get around in Chicago, here's what locals do:
By understanding the L-Train, buses, and their connectivity with Metra, renters in Chicago, even those residing in surrounding areas, can navigate the city efficiently and affordably.
Finding a pet-friendly apartment in Chicago is certainly possible, though pet policies can vary significantly based on your landlord.
The good news? Chicago offers a surprising number of pet-friendly options. Here are some resources. Furthermore, major rental listing websites like Apartment List allow filtering by pet-friendliness. Simply select “Dog-Friendly” or “Cat-Friendly” in your preferences when you start your search.
Quality and Style: As previously stated, Chicago has every type of dwelling imaginable, though different neighborhoods and price ranges will yield different results. Multi-unit high-rise buildings usually have amenities included, such as a concierge/doorman, a communal rooftop deck, a pool, or a fitness center. These types of buildings will also have more restrictions or fees for moving in and out. Older buildings with radiator heat will often have gas and heat included in the rent, which is a huge advantage in the winter months when heating prices can break $150 - $200 or more a month. Also, you’d be hard-pressed to find an apartment in the city of Chicago that requires you to pay your own water bill.
Common Logistics: A 12-month lease is standard, though occasionally a larger company will throw in financial perks for signing a longer lease. Short-term or month-to-month leases are hard to come by unless you’re subletting or renting from a private landlord. As far as security deposits go, the standard is equivalent to one month’s rent. More and more often, though, management companies are requiring a non-refundable move-in fee (usually between $150 and $300 per person) instead of a security deposit.
Your Renting Arsenal: Here is a list of common things that will be required for a rental application:
Photo ID for all applicants
It’s perfectly normal (especially with management companies) to require a $25 - $50 non-refundable credit/background check fee per applicant.
Expect to provide information on an application including (but not limited to) current employer information, financial information, previous landlord contact information, and personal or professional references.
Many larger management companies will require previous bank statements or pay stubs as proof of income.
For the entire city of Chicago, median 2-Bedroom rent is around $1,659 a month; that is much lower than New York, where the median 2-bedroom rent rate is around $2,234. Using a standard rule of budgeting that says rent should not be more than 30% of your income, we would recommend making at least $60,000 to cover a 2-Bedroom in Chicago.
While not as expensive as some major cities, it's rental prices are higher than many other parts of the U.S. because Chicago is a bustling city with good job opportunities, great public transportation, and fantastic amenities. Furthermore, because commuting is possible and popular, you will pay a premium to live in a central location.
That being said, there are many affordable neighborhoods in Chicago, such as the Pilsen Historic District, where you can snag a one-bedroom for an average of $1,150 while still be very close to the center of the city.
Within the city of Chicago, there are over 200 unique neighborhoods that are fluid and socially constructed, each with their own quirks and day-to-day life. On a much larger (and more general) scale, the city can be broken up into four massive sections. Consider this a “jumping off” point in finding your ‘hood. Once you decide which side of the city is best for you, look into doing some research on that area’s neighborhoods to find the best fit. A semi-official map of Chicago’s neighborhoods can be found here.
The central hub of Chicago, dubbed “the loop” due to the circular path that the elevated trains take around it, is mainly considered a commercial area. It boasts the quintessential Chicago landmarks, including skyscrapers, museums, Grant and Millennium Parks, a theatre district, and a large shopping district. Housing in the loop tends to be sparser and located more toward the perimeter. This area is bustling during the day. Living spaces are compact high-rise condominium and apartment buildings. Generally, the further your living proximity from the loop, the lower cost, more spacious, and more “residential” your apartment will tend to be.
Closer to the loop and Michigan Avenue’s “Magnificent Mile” shopping district. There are many town houses around these neighborhoods, too. As you continue north, rent drops a little and the streets become tree-lined, yet population rises considerably. The north side, as a whole, is the most densely populated section of the city, especially along the lakefront. This area has a lot of neighborhood amenities, parks, and nightlife. It boasts a pretty even number of two and three-flat buildings, vintage courtyard buildings, and high-rises of all different types, with pockets of single-family homes woven in.
The south side covers a much larger land area. Some parts of the south side are quaint, residential communities, and some are rather old and historic.The neighborhoods here have more single-family homes and smaller buildings. Millions of Chicagoans still call it home.
Just west of the loop has historically been an industrial zone; the famous Chicago Union Stockyards were once located here. Closer to downtown, you’ll find loft-style condominiums and old warehouses converted into restaurants and galleries, as well as one of the largest medical districts in the United States. Further out, more stand-alone houses, town homes and bungalows appear.
The representation of ethnic minorities in Chicago is higher than the national average. The eight main ethnic groups that make up the population of Chicago are White (32.9%), Hispanic Or Latino (28.8%), Black Or African American (28.1%), Asian (6.8%), Two Or More (2.7%), Other (0.6%), American Indian Or Alaska Native (0.1%), and Native Hawaiian Or Other Pacific Islander (0%).
The representation of ethnic minorities in Chicago is higher than the national average. The eight main ethnic groups that make up the population of Chicago are White (32.9%), Hispanic Or Latino (28.8%), Black Or African American (28.1%), Asian (6.8%), Two Or More (2.7%), Other (0.6%), American Indian Or Alaska Native (0.1%), and Native Hawaiian Or Other Pacific Islander (0%).
Apartment List has released the results for Chicago from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
These Chicago neighborhoods are insanely popular right now! Renters are hunting down properties in these places.
Chicago is a vibrant city filled with must-see attractions. From visiting Millennium Park's "Bean" sculpture to walking the scenic Lakefront Trail, there's no shortage of entertaining activities in the Windy City.
Whether you’re a first-time renter moving to one of Chicago’s many affordable neighborhoods or a long-time resident trading up to a downtown Chicago apartment with a lake view, search for your new home with Apartment List. With so many rentals in Chicago to choose from, you need a better apartment-hunting strategy than Googling “apartments for rent near me.”
Start by taking our quiz, and let our AI-powered algorithm find your dream Chicago apartment. The search function considers multiple factors to showcase the ideal apartments in Chicago, including neighborhood preferences and public transit access.
With just a few clicks, you’ll find the perfect apartment rentals in Chicago, Illinois.
Before moving to Chicago, Illinois, it’s smart to check the state’s average costs — that way, you’re confident that Chicago (and Illinois in general) is right for you.
The median rent in Illinois is slightly higher than the U.S. national average, but with the state’s lower cost of living, Illinois is still an affordable option. If you want apartments to rent near Chicago and need to reduce costs further, consider other cities within Cook County.
When listing housing in Chicago for rent, most landlords or property managers require tenants to earn a monthly income that’s 3x higher than their rent.
The average rental cost in Chicago is as follows:
- 1BR: $1,589/month
- 2BR: $1,730/month
So, to rent a luxury 2BR apartment in the Belmont Central neighborhood in Chicago for $2,400 a month, you should earn a monthly wage of $7,200 and a yearly salary of $86,400.
If the apartment doesn’t include utilities in its rental fees, tenants could expect to pay for:
– Electricity
– Gas
– Water
– Sewage
– Internet access
Depending on the tenancy agreement, these fees could significantly increase the cost of living, so double-check before signing anything.
If tenants renting apartments in Chicago feel their landlord treats them unfairly, they can call the Chicago Renters’ Rights Hotline at (312) 742-7368.
Representatives of the City of Chicago will offer guidance regarding the legal responsibilities and rights of renters and property owners. They also provide mediation services to help informally resolve disputes between landlords and tenants.
Welcome to the Apartment List December 2024 Rent Report for Chicago, IL. Currently, the overall median rent in the city stands at $1,662, after falling 1.6% last month. Prices remain up 0.9% year-over-year. Read on to learn more about what’s been happening in the Chicago rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.
The median rent in Chicago fell by 1.6% over the course of November, and has now increased by a total of 0.9% over the past 12 months. Chicago’s rent growth over the past year has has fallen behind the state average (2.0%) but has outpaced the national average (-0.6%).
Eleven months into the year, rents in Chicago have risen 1.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2023 rents had increased 3.5%.
Chicago rents went down 1.6% in the past month, compared to the national rate of -0.8%. Among the nation's 100 largest cities, this ranks #92. Similar monthly rent growth took place in Fort Wayne, IN (-1.6%) and Des Moines, IA (-1.7%).
Citywide, the median rent currently stands at $1,541 for a 1-bedroom apartment and $1,677 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,662. That ranks #30 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,214 for a 1-bedroom, $1,368 for a 2-bedroom, and $1,382 overall. The median rent in Chicago is 20.3% higher than the national, and is similar to the prices you would find in Henderson, NV ($1,670) and Newark, NJ ($1,654).
If we expand our view to the wider Chicago metro area, the median rent is $1,594 meaning that the median price in Chicago proper ($1,662) is 4.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.1%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 8 cities in the Chicago metro area that are included in our database. Among them, Lombard is currently the most expensive, with a median rent of $2,147. Chicago is the metro’s most affordable city, with a median rent of $1,662. The metro's fastest annual rent growth is occurring in Lombard (8.5%) while the slowest is in Chicago (0.9%).
You can also use the map below to explore the latest rent trends in the Chicago metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
Welcome to the Apartment List December 2024 Rent Report for Chicago, IL. Currently, the overall median rent in the city stands at $1,662, after falling 1.6% last month. Prices remain up 0.9% year-over-year. Read on to learn more about what’s been happening in the Chicago rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.
Apartment List has released Chicago’s results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
"Chicago renters expressed general satisfaction with the city overall," according to Apartment List. "However, ratings varied greatly across different categories, indicating that even though renters love Chicago, some aspects can be better."
Key Findings in Chicago include the following:
Renters say:
"There’s always something to do and no need to drive anywhere. There are lots of great people and tons of jobs." -Matthew H.
"I love all of the beautiful scenery, food, and activities whether you’re single or have a family. But the taxes and cost of living is way too high here." -Angela O.
"Love the events, downtown area, parks, and nightlife, but I hate the crime." -Anon.
For more information on the survey methodology and findings or to speak to one of our researchers, please contact our team at rentonomics@apartmentlist.com.
Chicago boasts world-class architecture, vibrant neighborhoods, and a dynamic food scene. But for renters, the excitement can quickly turn into a whirlwind of questions: How much rent can I afford? Where should I live? What are the application requirements? Fear not, future Windy City residents! This guide equips you with the essential tips to conquer your Chicago apartment hunt.
Chicago really has no defined “rental season”
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