City Description
Chicago, in the state of Illinois, has a population of over 2.7 million residents. It is the most populous city in the Midwest, or Midwestern United States. It is famous for many things, including:
- 1920’s gangsters such as Al Capone
- Chicago deep dish pizza
- Jazz music
Famous buildings and landmarks also adorn this city, such as the Sears Tower, now known as the Willis Tower – which at one point was the tallest building in the world! Some other notable landmarks include:
- Millennium Park
- Navy Pier
- Lincoln Park Zoo
- Art Institute of Chicago
Chicago has everything a big city can offer, and its own rich food, culture and arts history. An amazing place to live for sure!
Overall Average and Median Rent in Chicago
The overall average rent per month in Chicago ranges from $1,935 to $2,509. The overall median rent per month in Chicago ranges from $1,375 to $1,834. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,935 | – |
| redfin.com (Jun 2022 data) | $2,509 | – |
| zillow.com | – | $1,834 |
| apartmentlist.com | – | $1,375 |
| renthop.com | – | $1,798 |
Studio Average and Median Rent in Chicago
The average rent for a studio per month in Chicago ranges from $1,290 to $1,708. The median rent for a studio per month in Chicago ranges from $1,095 to $1,337. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,708 | – |
| rentable.co | $1,290 | – |
| zillow.com | – | $1,300 |
| zumper.com | – | $1,337 |
| renthop.com | – | $1,095 |
1 Bedroom Average and Median Rent in Chicago
The average rent for a 1 bedroom property per month in Chicago ranges from $1,880 to $1,935. The median rent for a 1 bedroom property per month in Chicago ranges from $1,277 to $1,850. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,935 | – |
| rentable.co | $1,880 | – |
| zillow.com | – | $1,675 |
| apartmentlist.com | – | $1,277 |
| zumper.com | – | $1,850 |
| renthop.com | – | $1,795 |
2 Bedroom Average and Median Rent in Chicago
The average rent for a 2 bedroom property per month in Chicago ranges from $2,140 to $2,294. The median rent for a 2 bedroom property per month in Chicago ranges from $1,386 to $2,172. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,294 | – |
| rentable.co | $2,140 | – |
| zillow.com | – | $1,900 |
| apartmentlist.com | – | $1,386 |
| zumper.com | – | $2,172 |
| renthop.com | – | $2,000 |
3 Bedroom Average and Median Rent in Chicago
The average rent for a 3 bedroom property per month in Chicago ranges from $2,590 to $2,914. The median rent for a 3 bedroom property per month in Chicago ranges from $2,166 to $2,500. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,914 | – |
| rentable.co | $2,590 | – |
| zillow.com | – | $2,166 |
| zumper.com | – | $2,500 |
| renthop.com | – | $2,200 |
4 or More Bedroom Average and Median Rent in Chicago
The average rent for a 4 or more bedroom property per month in Chicago is approximately $3,240. The median rent for a 4 or more bedroom property per month in Chicago ranges from $2,800 to $3,038. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $3,240 | – |
| zillow.com | – | $3,010 |
| zumper.com | – | $2,800 |
| renthop.com | – | $3,038 |
Most Expensive Neighborhoods to Rent in Chicago
Chicago consists of over 200 informally defined neighborhoods. The central business district is called The Loop. According to renthop.com, the below are the top 5 most expensive neighborhoods to rent in Chicago.
- West Town
- Near West Side
- The Loop
- Near North Side
- Bucktown
Cheapest Neighborhoods to Rent in Chicago
Price is an important consideration when choosing a place to rent – however you should always take into account factors like access to shops, restaurants and recreation; neighborhood safety; and ease of transport. Below are some of the cheapest neighborhoods to rent in Chicago, based on monthly rental prices. A 2 bedroom property from this list below can start from only $1,035 per month, which is almost half of the $2,140 to $2,294, for the same type of property, across the whole of Chicago.
- Austin
- South Shore
- Rogers Park
- Far North Side
- Buena Park
Rental Trends in Chicago
According to redfin.com’s Data Center, their average monthly rent estimate, for all of Chicago, was $2,164 in February of 2021. This slightly increased to $2,509 for June of 2022. That’s a small 16% increase in a 16 month period.
Is it Cheaper to Buy or Rent in Chicago?
While this is a difficult question to answer, if we look purely at the average monthly mortgage payment, based on a down payment of 5%, the previous chart suggests that it is much cheaper to pay off the mortgage than to rent. However, there are also other costs associated with owning a property that must also be considered – maintenance costs, insurances, bank fees, and more. Also, which decision is better ultimately depends on your life circumstances (e.g. are you a frequent mover? In which case renting would be the better option) and the specific property you are living in or buying.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.