Chicago is now the 17th most expensive rental market in the nation, falling one spot since our last Chicago rental market report. According to Zumper, the median price for a one-bedroom rental in Chicago is $1,500 per month – the same as last month. For two-bedrooms, the median price is $1,900 per month, up 5 percent since May. Both one-bed and two-bed unit prices dropped 14.8 and 15.9 percent, respectively, since June 2017.
Per RentCafé, the mid-range costs for a professionally-managed apartment (as opposed to a privately-owned home or condo) jump significantly. RentCafé data puts the average cost of renting in Chicago at $1,806 per month – up 3 percent since last year.
Where are Chicago’s most expensive neighborhoods for renters?
Every Chicago neighborhood has a different cost of living than the next. The most expensive neighborhood to rent an apartment currently is River West, where the average rate is $2,424 per month. The area holds several new construction projects, including Spoke Apartments, a fresh new complex that officially opened its doors in late 2017. Spoke has all of the luxury amenities one could imagine, from a peloton bike studio to a rooftop bocce ball court and more. With the building filling up and the summer season quickly approaching, prices are quickly rising.
Dearborn Park and Printer’s Row, each holding an average rental rate of $2,371 per month, are tied in second for Chicago’s most expensive rental neighborhoods this June. These two South Loop neighborhoods sit contiguous to Millennium Park, considered a prime location for delving in Chicago’s top summer activities without being bombarded by tourists. They share Roosevelt Road as their border but are virtually indistinguishable, given the short distance in between. Between 1001 South State, Burnham Pointe, AMLI Lofts and the newly-opened Alta Roosevelt, the area has much to offer renters looking to live in the emerging enclave just south of the Loop.
Speaking of the Loop, apartments in the urban core are slightly less expensive at an average rate of $2,181 per month. Those are closely followed by Fulton Market apartments at $2,177 per month, on average. Looking farther south, Greektown and West Loop apartments hold an average rent of $2,158 and $2,154 per month, respectively. Despite its central location and abundance of class A apartment buildings, River North is farther down the list with an average rent of $2,059 per month. Gold Coast is just under the $2k mark, thanks to rental housing disparities between older high-rises near the lakefront and new luxury high-rises slightly farther inland. Although Old Town apartments have an average cost of $1,750 per month, the area’s newest rental development may push the average to its peak. Old Town Park offers modern and sophisticated units at a premium price. Currently, Old Town Park’s one-bedroom layouts cost anywhere from $2,500 to $2,900 per month before concessions.
Meanwhile, Lincoln Park apartments have an average rent that slightly more digestible – $1,535 per month. As you travel farther from downtown to the more residential side of Chicago, there are far fewer luxury high-rises that tend to boost the average rental price significantly.
Chicago rents by unit size
The average cost of a 474-square-foot studio in a Chicago apartment complex is $1,251 per month – up 2 percent in the last year. The most expensive neighborhood for studio dwellers is the Loop with an average rate of $1,735 per month. Noble Square comes in second at $1,700 per month, followed by West Town and Fulton Market, both costing an average of $1,693 per month.
One-bedroom apartments are costliest in River West ($2,309), which is just under the average new construction cost. Spoke’s one-bedroom costs range from $2,310 to $2,750 per month, depending on square footage and layout, before concessions. The next priciest neighborhoods for renting a one-bed are University Village and Little Italy, both sharing an average rate of $2,240 per month.
Unsurprisingly given the other data, River West also holds the most expensive average two-bedroom apartment this month at $3,322 per month. However, Fulton Market ($3,225) is a close second with Noble Square ($3,223) trailing just behind in third.
Finally, four-bedrooms come in steep in River West at $4,906 per month, on average. For River North apartments of this scale, expect to pay around $4,697 per month.