Chicago Rent Report: September 2023

Welcome to the Apartment List September 2023 Rent Report for Chicago, IL. Currently, the overall median rent in the city stands at $1,484, roughly the same as last month. Prices remain up 2.9% year-over-year. Read on to learn more about what’s been happening in the Chicago rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.

Chicago rents are flat month-over-month and up 2.9% year-over-year

The median rent in Chicago fell by 0.3% over the course of August, and has now increased by a total of 2.9% over the past 12 months. Chicago’s rent growth over the past year has is similar to the state average (3.6%) and has outpaced the national average (-1.1%).

Chicago rent growth in 2023 pacing below last year

Eight months into the year, rents in Chicago have risen 7.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to August 2022 rents had increased 10.0%.

August rent growth in Chicago ranked #68 among large U.S. cities

Chicago rents went down 0.3% in the past month, compared to the national rate of -0.1%. Among the nation's 100 largest cities, this ranks #68. Similar monthly rent growth took place in Hialeah, FL (-0.3%) and Orlando, FL (-0.4%).

Chicago is the #44 most expensive large city in the U.S., with a median rent of $1,484

Citywide, the median rent currently stands at $1,379 for a 1-bedroom apartment and $1,496 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,484. That ranks #44 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,176 for a 1-bedroom, $1,348 for a 2-bedroom, and $1,371 overall. The median rent in Chicago is 8.2% higher than the national, and is similar to the prices you would find in Tacoma, WA ($1,487) and Irving, TX ($1,483).

Chicago rents are 1.9% higher than the metro-wide median

If we expand our view to the wider Chicago metro area, the median rent is $1,456 meaning that the median price in Chicago proper ($1,484) is 1.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.3%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 12 cities in the Chicago metro area that are included in our database. Among them, Naperville is currently the most expensive, with a median rent of $1,941. Waukegan is the metro’s most affordable city, with a median rent of $1,315. The metro's fastest annual rent growth is occurring in Arlington Heights (6.5%) while the slowest is in Lombard (1.7%).

You can also use the map below to explore the latest rent trends in the Chicago metropolitan area.