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Average Rent in Chicago & Rent Price Trends

May 2, 2022

Considering a moving to Chicago? Before you start apartment hunting, learn about the local rental market. Make sure you know the average rent in Chicago to get your budget started!

Average Rent in Chicago

Note: The data provided reflects our available units on Apartment List. For data that reflects the entire market, we recommend you visit our Rent Report, which is created based on our holistic methodology. You can also download the raw data containing rent estimates for hundreds of cities across the country.

Chicago rents have increased by 1.65% compared to last month, and are up by 11.16% compared to last year.

  • 3% of apartments in Chicago cost less than $1,000 per month.
  • 42% of apartments in Chicago cost between $1,000-$1,999 per month.
  • 37% of apartments in Chicago cost between $2,000-$2,999 per month.
  • 18% of apartments in Chicago cost over $3,000 per month.

  • 23% of apartments in Chicago are studio apartments.
  • 43% of apartments in Chicago are 1-bedroom apartments.
  • 24% of apartments in Chicago are 2-bedroom apartments.
  • 11% of apartments in Chicago are 3-bedroom apartments.

Average Rent in Chicago Neighborhoods

Have your ideal Chicago neighborhood already picked out? Rent prices across neighborhoods can vary, so get familiar with the average rent prices across the various neighborhoods in Chicago.

The most expensive neighborhoods in Chicago are River North ($2,743), West Loop ($2,651), and Near North Side ($2,615). The most affordable neighborhoods in Chicago are Hyde Park Kenwood Historic District ($1,439), Uptown ($1,397), and South Side ($1,159).

NeighborhoodAverage 1- Bedroom Rent
River North$2,743
West Loop$2,651
Near North Side$2,615
Downtown Chicago$2,593
Near West Side$2,530
Streeterville$2,446
The Loop$2,424
Near East Side$2,351
South Loop$2,332
Grant Park$2,255

Learn about the best neighborhoods in Chicago.

What Salary Do You Need to Live in Chicago?

Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in Chicago. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!

  • If you are renting an average priced studio apartment in Chicago, your annual salary should be around $69,480 or higher.
  • If you are renting an average priced 1-bedroom apartment in Chicago, your annual salary should be around $86,200 or higher.
  • If you are renting an average priced 2-bedroom apartment in Chicago, your annual salary should be around $110,840 or higher.
  • If you are renting an average priced 3-bedroom apartment in Chicago, your annual salary should be around $120,280 or higher.

If you're considering renting in Chicago, be sure to learn more about the cost of living in Chicago.

Having trouble deciding how much rent you can afford? Try using a rent calculator.

Ready to make the move to Chicago or to a city near Chicago? Start apartment hunting in Chicago with our quiz!

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AUTHOR
Kimi is a Content Associate and contributing author at Apartment List, helping renters find a new place to call home. Kimi earned her BA in Organizational Studies, Economics from Scripps College. Read More
SENIOR RESEARCH ASSOCIATE
Rob is a senior research associate at Apartment List, where he examines trends in the housing and rental markets. Previously he worked in public health policy, and before that, graduated from UCLA with a degree in Globalization. Read More
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