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574 Cheap Apartments for rent in Chicago, IL

Last updated September 20 at 5:40am UTC
2710 E 83rd Street
2710 East 83rd Street
Chicago, IL
Updated September 20 at 4:36am UTC
1 Bedroom
$710
Sheridan Glen Apartments
6040 N Sheridan Rd
Chicago, IL
Updated September 20 at 4:36am UTC
Studio
$872
1 Bedroom
Ask
Sheridan Terrace
6725 N Sheridan Rd
Chicago, IL
Updated September 20 at 4:36am UTC
Studio
$924
1 Bedroom
$1,165
Dakin Court
910 W Dakin St
Chicago, IL
Updated September 20 at 4:36am UTC
Studio
$1,006
1 Bedroom
$1,102
2 Bedrooms
Ask
Wolcott Terrace
5017 N Wolcott Ave
Chicago, IL
Updated September 20 at 4:36am UTC
Studio
$889
1 Bedroom
$1,206

September 2018 Chicago Rent Report

Welcome to the September 2018 Chicago Rent Report. Chicago rents remained steady 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

September 2018 Chicago Rent Report

Welcome to the September 2018 Chicago Rent Report. Chicago rents remained steady 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 remained steady over the past month, but have decreased moderately by 1.6% year-over-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 -0.5%, as well as the national average of 1.0%.

Rent trends vary across the Chicago Metro

While rent prices have decreased in Chicago over the past year, the rest of the metro is seeing varying rent trends. Of the largest 10 cities that we have data for in the Chicago metro, half have seen increases, while the other half have been decreasing. Here's a look at how rents compare across some of the largest cities in the metro.

  • Elgin has seen rents fall by 0.6% over the past month, the biggest drop in the metro. It also has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,170.
  • Palatine has seen the fastest rent growth in the metro, with a year-over-year increase of 2.6%. The median two-bedroom there costs $1,340, while one-bedrooms go for $1,140.
  • Naperville has the most expensive rents of the largest cities in the Chicago metro, with a two-bedroom median of $1,750; rents fell 0.3% over the past year but remained flat month-over-month.

Chicago rents more affordable than many similar cities nationwide

As rents have fallen moderately in Chicago, many other large cities nationwide have seen prices increase, in some cases substantially. Chicago is also more affordable than most comparable 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 1.0% over the past year compared to the 1.6% 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 (+0.6%).
  • Renters will find more reasonable prices in Chicago than most other large cities. For example, San Francisco has a median 2BR rent of $3,100, 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 -0.0% -1.6%
Aurora $1,110 $1,300 -0.5% -0.0%
Joliet $1,020 $1,200 -0.3% -0.2%
Naperville $1,490 $1,750 -0.0% -0.3%
Elgin $990 $1,170 -0.6% -0.4%
Arlington Heights $1,240 $1,460 -0.3% -0.8%
Evanston $1,310 $1,540 -0.1% 0.8%
Schaumburg $1,370 $1,610 0.1% 1.7%
Palatine $1,140 $1,340 -0.6% 2.6%
Des Plaines $1,030 $1,220 0.0% 1.4%
See more

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.