Average Rent in Chicago, IL

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Current Versus Historical Chicago, IL Rents

Chicago rentals average $1,280 for a studio rental to $3,600 for a 4-bedroom rental. The median price of all currently available listings is $2,000, or roughly $2 per square feet.
For the apartment units and housing in February 2024, median rents have fallen substantiallyover the last year. Studio rentals prices have decreased by $230 (-16.10%) year-over-year from $1,430 to $1,200. 1-bedroom rentals prices have decreased by $233 (-12.06%) year-over-year from $1,933 to $1,700. 2-bedroom rentals prices have decreased by $223 (-9.41%) year-over-year from $2,373 to $2,150. 3-bedroom rentals prices have decreased by $333 (-12.17%) year-over-year from $2,733 to $2,400. 4-bedroom rentals prices have increased by $342 (12.39%) year-over-year from $2,758 to $3,100. 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 down by 5.26% this month. 1-bedroom rents have gone down by 5.47% this month. 2-bedroom rents have gone down by 7.55% this month. 3-bedroom rents have gone down by 5.42% this month. 4-bedroom rents have gone up by 7.51% this month.
Beds
Price / Sqft
Feb 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $2.96 $1,200 $1,430 (-16.10%) $1,304 (-7.99%)
1 BR $2.49 $1,700 $1,933 (-12.06%) $1,530 (11.11%)
2 BR $2.29 $2,150 $2,373 (-9.41%) $1,875 (14.67%)
3 BR $1.92 $2,400 $2,733 (-12.17%) $2,391 (0.38%)
4+ BR $1.87 $3,100 $2,758 (12.39%) $3,031 (2.27%)

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 $2,133 per month. Only one city nearby has an average rent lower than that. Our records show that Evanston, IL, with an average rent of $1,995, is the most affordable city nearby. In contrast, the most expensive city near Chicago, IL is Naperville, IL. Monthly rents here are on average $2,450 per month.

Let's compare Chicago, IL's rent against other top cities nearby by bedroom size. One bedrooms are about 11.18% more affordable. Two bedrooms in Chicago, IL are about 1.70% more expensive. Finally, rent for three bedrooms are about 11.03% 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
Evanston, IL $1,195 $1,610 $1,950 $1,995
Schaumburg, IL N/A $1,950 $2,445 $2,080
Wheaton, IL N/A $1,830 $2,325 $2,185
Naperville, IL N/A $1,950 $2,295 $2,450

Top Neighborhoods Near Chicago

There are a total of 14 neighborhoods in or near Chicago. Some of these neighborhoods include Edgewater, Rogers Park, and Uptown. We've included all of these top 14 neighborhoods in or near Chicago, IL in the following chart.

The average rent for these 14 neighborhoods in or near Chicago, IL is currently around $1,924 per month. A total of 7 neighborhoods have a lower average rent. Meaning, only seven neighborhoods have a higher average rent than $1,924. Out of all the neighborhoods in or near Chicago, Edgewater has the most affordable average rent at $1,495 per month. Whereas, at $2,729 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
Edgewater, Chicago, IL $1,150 $1,500 $2,350 $1,495
Rogers Park, Chicago, IL $1,155 $1,300 $1,850 $1,550
Uptown, Chicago, IL $1,095 $1,595 $2,150 $1,598
Albany Park, Chicago, IL $1,300 $1,350 $1,700 $1,600
Lincoln Park, Chicago, IL $1,375 $1,750 $3,395 $1,700
Ravenswood, Chicago, IL $1,275 $1,500 $2,525 $1,750
West Rogers Park, Chicago, IL N/A $1,350 $1,800 $1,800
Lakeview, Chicago, IL $1,295 $1,836 $2,640 $2,049
Logan Square, Chicago, IL $1,190 $1,845 $2,250 $2,200
DePaul, Chicago, IL $1,445 $1,995 $2,450 $2,300
Bucktown, Chicago, IL $1,715 $1,750 $2,650 $2,395
Bronzeville, Chicago, IL N/A $1,875 $2,000 $2,500
South Loop, Chicago, IL $1,673 $2,100 $2,809 $2,600
Near North Side, Chicago, IL $1,865 $2,403 $3,500 $2,729

Top Counties Near Chicago

There are a total of 14 counties located by Chicago, IL. Some of these counties include Evanston, IL, Downers Grove, IL, and Chicago, IL. The average rent for rentals in these counties is $2,040. 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 Evanston, IL. It's average rent per month is $1,995. Vice versa, with an average rent of $2,600, Naperville, IL is the most expensive county by Chicago, IL.

In comparison, rent for one bedroom listings in Chicago, IL is 2.65% more expensive than other counties nearby. Finally, rent for two bedrooms in Chicago, IL is 5.11% more expensive than other counties nearby. We've listed the top 6 counties in the chart below.
County Studio 1 Bed 2 Bed All
Evanston, IL $1,195 $1,610 $1,950 $1,995
Downers Grove, IL N/A $1,574 $2,000 $1,999
Chicago, IL $1,280 $1,700 $2,350 $2,000
Schaumburg, IL N/A $1,949 $2,444 $2,080
Milton, IL N/A $1,830 $2,310 $2,099
Naperville, IL N/A $1,600 $2,150 $2,600

Top Zipcodes Near Chicago

There are a total of 21 zipcodes in or near Chicago, IL. The average rent for all of these zipcodes is $2,098. A total of 8 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 60660, Chicago, IL at $1,463 per month. In comparison, the zipcode with the most expensive average rent of $3,225 per month is 60611, Chicago, IL.

Studios in these zipcodes have an average rent of $1,295. 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 $1,830 per month. Or in other words, $2 per sqft. Meanwhile, two bedroom apartments will cost you an average of $2,323 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 $1,295 $1,897 $2,640 $2,035
60647, Chicago, IL $1,190 $1,893 $2,323 $2,200
60613, Chicago, IL $1,273 $1,625 $2,625 $1,795
60640, Chicago, IL $1,095 $1,595 $2,148 $1,593
60614, Chicago, IL $1,475 $2,250 $2,851 $2,298
60610, Chicago, IL $1,855 $2,234 $3,395 $2,760
60625, Chicago, IL $1,350 $1,500 $2,028 $1,800
60626, Chicago, IL $1,175 $1,300 $1,850 $1,550
60618, Chicago, IL $1,548 $1,550 $1,900 $2,098
60660, Chicago, IL $1,150 $1,485 $2,200 $1,463

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 $2,000. 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 $1,280 and an average price per square feet of $2.96. There are a total of 490 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 $1,700 and an average price per square feet of $2.49. There are a total of 967 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 $2,350 and an average price per square feet of $2.29. There are a total of 1,024 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 -0.16%, one bedroom rental prices have changed by -0.12%, two bedroom rental prices have changed by -0.09%, and three bedroom rental prices have changed by -0.12% year-over-year.
What is a reasonable rent price in Chicago, IL?
A reasonable rent price in Chicago, IL is around $1,600/month. You can search for these reasonably priced rental listings on RentHop.
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