349 Apartments under 1000 for rent in Chicago, IL

Last updated August 14 at 4:42am UTC
Sheridan Glen Apartments
6040 N Sheridan Rd
Chicago, IL
Updated August 14 at 3:27am UTC
Studio
$855
1 Bedroom
$1,167

August 2018 Chicago Rent Report

Welcome to the August 2018 Chicago Rent Report. Chicago rents increased over the past month. In this report, we'll evaluate trends in the Chicago rental market, including comparisons to cities throughout the metro, state, and nation.

View full Chicago Rent Report
Rent Report
Chicago

August 2018 Chicago Rent Report

Welcome to the August 2018 Chicago Rent Report. Chicago rents increased over the past month. In this report, we'll evaluate trends in the Chicago rental market, including comparisons to cities throughout the metro, state, and nation.

Chicago rent trends were flat over the past month

Chicago rents have increased 0.1% over the past month, but have decreased moderately by 1.8% in comparison to the same time last year. Currently, median rents in Chicago stand at $1,080 for a one-bedroom apartment and $1,270 for a two-bedroom. Chicago's year-over-year rent growth lags the state average of -0.4%, as well as the national average of 1.2%.

Rents rising across the Chicago Metro

While rent prices have decreased in Chicago over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 7 of the largest 10 cities in the Chicago metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.

  • Palatine has seen the fastest rent growth in the metro, with a year-over-year increase of 2.8%. The median two-bedroom there costs $1,350, while one-bedrooms go for $1,150.
  • Over the past year, Chicago proper has seen the biggest rent drop in the metro, with a decline of 1.8%. Median two-bedrooms there cost $1,270, while one-bedrooms go for $1,080.
  • Naperville has the most expensive rents of the largest cities in the Chicago metro, with a two-bedroom median of $1,750; rents grew 0.2% over the past month but decreased 0.1% over the past year.
  • Waukegan has the least expensive rents in the Chicago metro, with a two-bedroom median of $990; rents were up 0.4% over the past month but remained flat year-over-year.

Chicago rents more affordable than many other large cities nationwide

As rents have fallen moderately in Chicago, many comparable cities nationwide have seen prices increase, in some cases substantially. Chicago is also more affordable than most similar cities across the country.

  • Chicago's median two-bedroom rent of $1,270 is above the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 1.8% decline in Chicago.
  • While rents in Chicago fell moderately over the past year, many cities nationwide saw increases, including Houston (+3.6%), San Francisco (+1.1%), and New York (+1.1%).
  • Renters will find more reasonable prices in Chicago than most other large cities. For example, San Francisco has a median 2BR rent of $3,090, which is nearly two-and-a-half times the price in Chicago.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Chicago $1,080 $1,270 0.1% -1.8%
Aurora $1,110 $1,310 -0.2% 0.8%
Joliet $1,020 $1,200 -0.4% 0.5%
Naperville $1,490 $1,750 0.2% -0.1%
Elgin $1,000 $1,180 -0.4% 0.4%
Waukegan $840 $990 0.4% 0.2%
Arlington Heights $1,240 $1,460 -0.2% -0.2%
Evanston $1,310 $1,540 0.7% 1.1%
Schaumburg $1,370 $1,610 0.3% 1.4%
Palatine $1,150 $1,350 -0.2% 2.8%
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Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start 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, comparing only units that are available across both time periods 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. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.