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:
- Chicago's "L" (elevated train) is an extensive and affordable way to get around. With eight lines reaching far corners of the city, it efficiently connects many neighborhoods.
- Utilize the Chicago Transit Authority (CTA) website or the Ventra app to plan your trip. These resources provide real-time train tracking and comprehensive route maps.
- Purchase a reloadable Ventra Card which works for both trains and buses. Tickets can be purchased at vending machines in stations with cash or credit cards. Fares are cheaper with a Ventra Card compared to single-ride tickets.
- Residents living in suburbs bordering Chicago, like parts of Western Michigan, can leverage the Metra regional train system. Metra connects outlying areas to downtown Chicago, making it a viable option for longer commutes.
- While the L-Train covers a large area, buses provide access to nearly every corner of Chicago. This is especially useful for reaching specific destinations not directly served by the L.
- L-Train and bus service frequency reduces at night. Plan your evenings accordingly, especially if you rely solely on public transportation.
- Biking is another really popular form of transportation in Chicago, and you'll find no shortage of bike stations, rentals, and parking.
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.
- Breed specific legislation: Chicago's pit bull ban was repealed in 2016, though you may still find breed-specific restrictions in many apartment complexes.
- Weight restrictions: While dogs are popular even in the busiest parts of the city, be aware that many buildings (especially high-rises) have weight limits for pets, often stricter than other locations.
- Building size and amenities: Larger buildings and those with dedicated pet amenities like dog runs are more likely to be pet-friendly.
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:
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Photo ID for all applicants
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It’s perfectly normal (especially with management companies) to require a $25 - $50 non-refundable credit/background check fee per applicant.
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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.
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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.
