515 Cheap Apartments for rent in Chicago, IL

Last updated September 20 at 9:03AM
Apartment List detective logo

Keep Looking!

Try removing some filters or broadening your
search area to see more results.

Apartment List detective logo

Zoom in to see more.

Trying to get a feel for the larger area? No problem.
When you're ready, zoom in again to see pins and listings.

Apartment List sad heart

Something went wrong.

Please try your search again or reload the page.

Rent Report
Chicago

September 2017 Chicago Rent Report

Welcome to the September 2017 Chicago Rent Report. In this report, we'll evaluate trends in the Chicago rental market, including comparisons to cities throughout the metro and nation.

Chicago rents declined marginally over the past month

Chicago rents have declined 0.2% over the past month, but have increased moderately by 3.8% in comparison to the same time last year. Currently, median rents in Chicago stand at $1,100 for a one-bedroom apartment and $1,290 for a two-bedroom. Chicago's year-over-year rent growth leads the state average of 2.3%, as well as the national average of 3.0%.

Rents rising across the Chicago Metro

Throughout the past year, rent increases have been occurring not just in the city of Chicago, but across the entire metro. Of the largest 10 cities that we have data for in the Chicago metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Woodridge has seen the fastest rent growth in the metro, with a year-over-year increase of 4.4%. The median two-bedroom there costs $1,460, while one-bedrooms go for $1,240.
  • Over the past month, Hoffman Estates has seen the biggest rent drop in the metro, with a decline of 1.2%. Median two-bedrooms there cost $1,300, while one-bedrooms go for $1,110.
  • Chicago proper has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,290; rents fell 0.2% over the past month but rose 3.8% over the past year.
  • 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 and 2.4% over the past year.

Chicago rents more affordable than many comparable cities nationwide

As rents have increased in Chicago, similar cities nationwide have seen rents grow more modestly, or in some cases, even decline. Chicago is still more affordable than most other large cities across the country.

  • Illinois as a whole has logged 2.3% year-over-year growth, while rents across other cities throughout the state have seen varying trends.
  • Chicago's median two-bedroom rent of $1,290 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 3.8% increase in Chicago.
  • While Chicago's rents rose over the past year, some cities nationwide saw decreases, including Houston (-2.4%) and DC (-0.5%).
  • Renters will find more reasonable prices in Chicago than most comparable cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than twice 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 $1,100 $1,290 -0.2% 3.8%
Aurora $1,110 $1,300 0.3% 2.3%
Naperville $1,490 $1,750 0.2% 2.4%
Arlington Heights $1,250 $1,470 0.4% 4.0%
Evanston $1,300 $1,530 0.2% 2.5%
Palatine $1,110 $1,310 -0.4% 1.5%
Wheaton $1,260 $1,480 -0.2% -0.1%
Hoffman Estates $1,110 $1,300 -1.2% 2.2%
Woodridge $1,240 $1,460 0.4% 4.4%
Lisle $1,210 $1,420 -0.0% -0.2%
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.