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286 Studio Apartments for rent in Chicago, IL

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Last updated November 19 at 2:44am UTC
2335-45 North Geneva
2339 N Geneva Ter
Chicago, IL
Updated November 18 at 11:12am UTC
Studio
$995
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City Guide

Chicago is a proud, established city with plenty of draws. One of the main perks upon settling in is discovering the outstanding public transportation, which is ranked second-largest in the nation. Chicago is also ranked the third-largest city in the country. From enjoying beautiful Lake Michigan views to discovering the happening nightlife and foodie culture, people clearly love life in the Windy City. Sounds good, right? We should also mention that Chicago is an alpha world city, with much ...

View full Chicago City Guide

November 2017 Chicago Rent Report

Welcome to the November 2017 Chicago Rent Report. Chicago rents declined 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
Chicago

Average Monthly Rent

While Chicago rents may be rising, so too are the perks of living in the Windy City. The average 2017 rental rates for studio apartments is roughly $1,200 per month, depending on the neighborhood, of course. The ranges in Chicago are extreme, which means careful research is needed to narrow down your neighborhoods of interest and your budget. Expect to dish out as much as $2,700 for studios in the Magnificent Mile and as little as $880 for studios in Avalon Highlands or South Commons.

Benefits of a Studio Apartment

Thinking about renting a studio apartment? This size is ideal for those just starting out in their careers or even those who just want to use it as a crash pad. Who needs a full-size apartment with endless entertainment options and plenty of friends nearby? You'll only be coming home to sleep anyway.

You will find a wide range of studio sizes throughout Chicago. While apartments can run anywhere from 300 to 650 square feet, the average size is about 500 square feet. If you use the apartment only for sleeping, you could probably get away with 300 square feet, no problem. If you'd like to host a get-together on a regular basis, however, you'd be better off with the larger size. Otherwise, your guests might not have room to relax.

Studio apartments are also more affordable due to their smaller size, which means you'll have more money left over each month for entertainment options or savings to put in your bank account. Renting a studio could be the ideal way to save up for that summer backpacking trip around the Alps or that dream trip to Paris, the City of Lights.

Where to Find Studio Apartments

Studio apartments aren't restricted to one or two neighborhoods. In fact, you'll find plenty of them throughout Chicago, although most studios tend to be east of interstates 90 and 94. Why? Because that's where the social scene is at its most lively!

From Edgewater and Sheridan Park in the north to central Magnificent Mile and West Loop, all the way down to Hyde Park and South Shore, studios open up on a regular basis. If you're looking to combine studio living with access to ready public transportation and an extended bar/restaurant scene, your best options will be found downtown. Think anywhere in The Loop or the West Side, with its chic converted warehouses and youthful vibe. Of course, Lincoln Park's historical buildings, Lakeview's comedy centers or Edgewater's beaches could be just what you need instead. Get ready to come home to Chicago.

Rent Report
Chicago

November 2017 Chicago Rent Report

Welcome to the November 2017 Chicago Rent Report. Chicago rents declined 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 rents declined over the past month

Chicago rents have declined 1.1% over the past month, but have increased slightly by 1.1% 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. This is the third straight month that the city has seen rent decreases after an increase in July. Chicago's year-over-year rent growth leads the state average of 1.0%, but trails the national average of 2.7%.

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 2.9%. The median two-bedroom there costs $1,430, while one-bedrooms go for $1,220.
  • Over the past year, Lisle has seen the biggest rent drop in the metro, with a decline of 1.6%. Median two-bedrooms there cost $1,400, while one-bedrooms go for $1,190.
  • Chicago proper has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,270; rents decreased 1.1% over the past month but were up 1.1% over the past year.
  • Naperville has the most expensive rents of the largest cities in the Chicago metro, with a two-bedroom median of $1,740; rents fell 0.4% over the past month but rose 1.6% over the past year.

Chicago rents more affordable than many other large cities nationwide

As rents have increased slightly in Chicago, similar cities nationwide have seen rents grow more quickly. Chicago is still more affordable than most comparable cities across the country.

  • Chicago's median two-bedroom rent of $1,270 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 1.1% increase in Chicago.
  • While Chicago's rents rose slightly over the past year, many cities nationwide saw more substantial increases, including Indianapolis (+2.6%), Baltimore (+2.5%), and Denver (+2.0%).
  • Renters will find more reasonable prices in Chicago than most similar cities. For example, San Francisco has a median 2BR rent of $3,070, 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 -1.1% 1.1%
Aurora $1,100 $1,300 -0.3% 1.9%
Naperville $1,480 $1,740 -0.4% 1.6%
Arlington Heights $1,240 $1,450 -0.8% 2.3%
Evanston $1,290 $1,520 -1.1% -0.2%
Palatine $1,130 $1,320 0.7% 2.5%
Wheaton $1,260 $1,480 0.2% 0.2%
Hoffman Estates $1,090 $1,280 0.3%
Woodridge $1,220 $1,430 -1.6% 2.9%
Lisle $1,190 $1,400 -1.6% -1.6%

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.