Presidential Towers
555 W Madison St,
Chicago, IL 60661
Studio - 2 Beds | $1,450 - 6,810
Rental Market Trends in Chicago, IL
What is the average rent in Chicago, IL?
$1,845/month
Average Rent
660 Sq Ft
Average Apartment Size
+2.1%
Increase in the Last Year
As of November 2024, the average rent in Chicago, IL is $1,845 per month. This is 18% higher than the national average rent price of $1,559/month, making Chicago one of the most expensive cities in the US. When you rent an apartment in Chicago, you can expect to pay about $1,498 per month for a studio, $1,845 for a one-bedroom apartment, and around $2,334 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,816 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Chicago, IL?
In the past year, rent has increased by 2.1%, which averages out to $38 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated November 2024
Legend
2023
2024
Rent Ranges in Chicago, IL
Last Updated November 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
3%
Below $700/month
26%
$700 - $1,000/month
35%
$1,001 - $1,500/month
15%
$1,501 - $2,000/month
21%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Chicago?
Based on current rent prices, Far North Chicago, South Lakefront and Edgewater are the most affordable neighborhoods in Chicago.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Chicago?
Based on current rent prices, River North, Magnificent Mile and New East Side are the most expensive neighborhoods in Chicago.
Neighborhood
Average Rent
Average Sq Ft
Which Chicago neighborhoods have the most rentals available?
The neighborhoods in Chicago with the most apartments available are Downtown Chicago, North Lakefront and Near North Side .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Chicago, IL?
Because the average rent in Chicago is $1,845, you’ll want to make about $6,150 per month or $73,800 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Chicago, IL compare to other nearby cities and neighborhoods?
Use the tool below to compare Chicago, IL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,022/month
$1,004/month
One Bedroom
$1,224/month
$1,183/month
Two Bedroom
$1,574/month
$1,496/month
Three Bedroom
$2,179/month
$1,870/month
Nearby City Rent Trends
Apartment communities in Chicago we think you'll love
Property Management Companies in Chicago, IL
Planned Property Management
-
30
Communities
-
3,719
Units
-
1
City
30 Communities in Chicago
Willow Bridge
-
691
Communities
-
188,417
Units
-
314
Cities
29 Communities in Chicago
TLC Management
-
35
Communities
-
5,678
Units
-
10
Cities
24 Communities in Chicago
Mac Properties
-
57
Communities
-
8,604
Units
-
4
Cities
24 Communities in Chicago
Horizon Realty Group
-
23
Communities
-
2,169
Units
-
2
Cities
22 Communities in Chicago
Greystar
-
3,182
Communities
-
880,153
Units
-
826
Cities
20 Communities in Chicago
Group Fox
-
21
Communities
-
3,986
Units
-
3
Cities
20 Communities in Chicago
BJB Properties
-
22
Communities
-
3,913
Units
-
3
Cities
18 Communities in Chicago
Learn more with helpful articles
Rental management, simplified
Our all-in-one suite of property manangement software makes the rental process easy. Screen tenants, manage payments, and more – all on Apartments.com
Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.