Average Rent in Chicago, IL

Current Versus Historical Chicago, IL Rents

Chicago rentals average $1,390 for a studio rental to $3,699 for a 4-bedroom rental. The median price of all currently available listings is $2,200, or roughly $2 per square feet.

For the apartment units and housing in May 2024, median rents have risen substantially over the last year. Studio rentals prices have increased by $645 (48.53%) year-over-year from $1,328 to $1,973. 1-bedroom rentals prices have increased by $746 (41.00%) year-over-year from $1,820 to $2,567. 2-bedroom rentals prices have increased by $1,004 (45.73%) year-over-year from $2,196 to $3,200. 3-bedroom rentals prices have increased by $946 (35.78%) year-over-year from $2,643 to $3,589. 4-bedroom rentals prices have increased by $800 (23.53%) year-over-year from $3,400 to $4,200. Note that this figure includes all active and rented listings throughout the month.

Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone up by 26.94% this month. 1-bedroom rents have gone up by 23.24% this month. 2-bedroom rents have gone up by 21.52% this month. 3-bedroom rents have gone up by 17.49% this month. 4-bedroom rents have gone up by 9.61% this month.

Beds	Price / Sqft	May 2024 Rent	1 Yr Ago Rent (% +/-)	3 Yr Ago Rent (% +/-)
Studio	$2.94	$1,973	$1,328 (48.53%)	$1,415 (39.43%)
1 BR	$2.69	$2,567	$1,820 (41.00%)	$1,649 (55.67%)
2 BR	$2.31	$3,200	$2,196 (45.73%)	$1,950 (64.10%)
3 BR	$1.94	$3,589	$2,643 (35.78%)	$2,465 (45.60%)
4+ BR	$1.98	$4,200	$3,400 (23.53%)	$3,100 (35.48%)

Historical Rents in Chicago, IL

Studio

1 Bed

2 Bed

3 Bed

4 Bed

Top Cities Near Chicago

There are a total of 4 cities nearby Chicago. The average rent in Chicago is currently $2,256 per month. Only one city nearby has an average rent lower than that. Our records show that Schaumburg, IL, with an average rent of $2,105, is the most affordable city nearby. In contrast, the most expensive city near Chicago, IL is Naperville, IL. Monthly rents here are on average $2,800 per month.

Let's compare Chicago, IL's rent against other top cities nearby by bedroom size. One bedrooms are about 6.79% more expensive. Two bedrooms in Chicago, IL are about 8.16% more expensive. Finally, rent for three bedrooms are about 4.74% more affordable. Want more information? Check out the top 4 cities near Chicago, IL in the following chart.

City	Studio	1 Bed	2 Bed	All
Schaumburg, IL	N/A	$1,995	$2,464	$2,105
Wheaton, IL	N/A	$1,960	$2,275	$2,250
Aurora, IL	N/A	$1,348	$2,148	$2,263
Naperville, IL	N/A	$1,675	$2,225	$2,800

Top Neighborhoods Near Chicago

There are a total of 9 neighborhoods in or near Chicago. Some of these neighborhoods include Rogers Park, Uptown, and Logan Square. We've included all of these top 9 neighborhoods in or near Chicago, IL in the following chart.

The average rent for these 9 neighborhoods in or near Chicago, IL is currently around $2,499 per month. A total of 4 neighborhoods have a lower average rent. Meaning, only five neighborhoods have a higher average rent than $2,499. Interestingly, the neighborhoods' average rent is higher than Chicago's average rent, which is only $2,200. Out of all the neighborhoods in or near Chicago, Rogers Park has the most affordable average rent at $1,550 per month. Whereas, at $2,973 average rent per month, Near North Side is the most expensive neighborhood in or near Chicago. View the following chart for more information.

Neighborhood	Studio	1 Bed	2 Bed	All
Rogers Park, Chicago, IL	$1,138	$1,300	$1,750	$1,550
Uptown, Chicago, IL	$1,325	$1,695	$2,550	$1,695
Logan Square, Chicago, IL	$1,195	$1,800	$1,900	$1,985
Lakeview, Chicago, IL	$1,495	$1,945	$2,750	$2,110
Hyde Park, Chicago, IL	$1,200	$1,650	$1,975	$2,499
Bronzeville, Chicago, IL	$1,250	$1,423	$2,113	$2,500
The Loop, Chicago, IL	$1,900	$2,400	$3,450	$2,700
South Loop, Chicago, IL	$1,948	$2,200	$3,050	$2,895
Near North Side, Chicago, IL	$1,775	$2,428	$3,684	$2,973

Top Counties Near Chicago

There are a total of 9 counties located by Chicago, IL. Some of these counties include Schaumburg, IL, Downers Grove, IL, and Chicago, IL. The average rent for rentals in these counties is $2,200. That's roughly around $2 per sqft. A total of 3 counties have a lower average rent. The county that is the most affordable is Schaumburg, IL. It's average rent per month is $2,115. Vice versa, with an average rent of $2,623, Naperville, IL is the most expensive county by Chicago, IL.

In comparison, rent for one bedroom listings in Chicago, IL is on par with the other counties nearby. Finally, rent for two bedrooms in Chicago, IL is 8.16% more expensive than other counties nearby. We've listed the top 5 counties in the chart below.

County	Studio	1 Bed	2 Bed	All
Schaumburg, IL	N/A	$1,995	$2,464	$2,115
Downers Grove, IL	N/A	$1,797	$2,218	$2,193
Chicago, IL	$1,390	$1,950	$2,450	$2,200
Milton, IL	N/A	$1,960	$2,250	$2,250
Naperville, IL	N/A	$1,675	$2,250	$2,623

Top Zipcodes Near Chicago

There are a total of 15 zipcodes in or near Chicago, IL. The average rent for all of these zipcodes is $2,257. A total of 7 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 60626, Chicago, IL at $1,518 per month. In comparison, the zipcode with the most expensive average rent of $3,350 per month is 60611, Chicago, IL.

Studios in these zipcodes have an average rent of $1,225. That's at least $3 per sqft. Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near Chicago, IL is $1,965 per month. Or in other words, $3 per sqft. Meanwhile, two bedroom apartments will cost you an average of $2,400 per month. Which comes out to $2 per sqft. The following chart includes the top 10 zipcodes in Chicago, IL. You can view the average rent breakdown for each zipcode by bedroom size.

Zipcode	Studio	1 Bed	2 Bed	All
60657, Chicago, IL	$1,450	$1,995	$2,794	$2,095
60647, Chicago, IL	$1,195	$1,800	$2,000	$2,000
60613, Chicago, IL	$1,450	$1,795	$2,593	$2,295
60640, Chicago, IL	$1,375	$1,695	$2,400	$1,700
60614, Chicago, IL	$1,525	$2,250	$3,700	$2,600
60610, Chicago, IL	$1,650	$2,233	$3,475	$2,748
60626, Chicago, IL	$1,138	$1,300	$1,750	$1,518
60618, Chicago, IL	N/A	$1,600	$1,950	$2,163
60622, Chicago, IL	N/A	$2,100	$2,398	$2,898
60611, Chicago, IL	$1,850	$2,500	$3,684	$3,350

Frequently Asked Questions - Chicago Average Rents

What is the average rent price in Chicago, IL?

The average monthly rental price for Chicago, IL apartments for rent is approximately $2,200. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.

Do Chicago, IL rent prices drop in winter?

Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in Chicago, IL.

How much is a studio apartment in Chicago, IL?

The average monthly rental price for studio apartments is $1,390 and an average price per square feet of $2.94. There are a total of 213 studio apartment listings currently available for rent in Chicago.

How much is a one bedroom apartment in Chicago, IL?

The average monthly rental price for one bedroom apartments is $1,950 and an average price per square feet of $2.69. There are a total of 464 one bedroom apartment listings currently available for rent in Chicago.

How much is a two bedroom apartment in Chicago, IL?

The average monthly rental price for two bedroom apartments is $2,450 and an average price per square feet of $2.31. There are a total of 598 two bedroom apartment listings currently available for rent in Chicago.

How have rent prices in Chicago, IL changed this year?

Rent prices for rentals in Chicago, IL can fluctuate yearly. Specifically, studio rental prices have changed by 0.49%, one bedroom rental prices have changed by 0.41%, two bedroom rental prices have changed by 0.46%, and three bedroom rental prices have changed by 0.36% year-over-year.

What is a reasonable rent price in Chicago, IL?

A reasonable rent price in Chicago, IL is around $1,760/month. You can search for these reasonably priced rental listings on RentHop.