GITNUX MARKETDATA REPORT 2024

Statistics About The Average Apartment Rent Chicago

The average rent for an apartment in Chicago is around $1,800 per month.

Last Updated: June 23, 2024

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In this post, we will explore the average apartment rent trends in Chicago based on recent statistics. From the varying rental prices across neighborhoods to predictions for the future, these data points provide a comprehensive overview of the rental market in the Windy City.

Statistic 1

"The average rent for a two-bedroom apartment in Chicago in 2021 was approximately $2,200 per month."

Statistic 2

"The neighborhood with the lowest average rent in 2021 was Austin at approximately $900 per month."

Statistic 3

"As of 2021, the neighborhood with the highest average rent in Chicago was River North at around $2,540 per month."

Statistic 4

"In 2021, Chicago's North Side neighborhoods averaged rental rates of $2,000."

Statistic 5

"Rent prices in Chicago are predicted to rise by an average of 2-3% annually over the next five years."

Statistic 6

"As of 2021, the rental market in Chicago experienced a 4.5% increase in inventory."

Statistic 7

"There was a 2.5% decrease in average rent prices in Chicago from 2019 to 2020."

Statistic 8

"42% of renters in Chicago spend more than 30% of their income on rent, making them cost-burdened as of 2020."

Statistic 9

"Between 2020 and 2021, Chicago saw an average rent increase of 3.1%."

Statistic 10

"In 2021, the average rent in Chicago for a three-bedroom apartment was approximately $2,800."

Statistic 11

"The average monthly rent in Chicago's South Side neighborhoods ranges from $1,100 to $1,400."

Statistic 12

"The average rent for a one-bedroom apartment in Chicago in 2021 was around $1,650 per month."

Statistic 13

"Chicago's rental vacancy rate was around 6.5% as of 2021."

Statistic 14

"Around 55% of Chicago households are occupied by renters as of 2021."

Statistic 15

"Shared apartments or roommate situations in Chicago can reduce rents by approximately 30%."

Statistic 16

"The average lease length in Chicago is 12 months."

Statistic 17

"Chicago's West Loop saw average rents of around $2,150 per month in 2021."

Statistic 18

"The median rent for studio apartments in Chicago in 2021 was roughly $1,200."

Statistic 19

"Chicago ranked 15th among the most expensive cities in the U.S. for renters in 2021."

Statistic 20

"In 2021, rents in the Loop area averaged about $2,400 per month."

In conclusion, the statistics show a wide range of average apartment rents in Chicago, with disparities among neighborhoods and property sizes. While some areas such as River North command higher rents, others like Austin offer more affordable options. Rent prices in the city have fluctuated in recent years, with a predicted annual increase moving forward. Additionally, the data indicates that a significant portion of Chicago renters are cost-burdened, spending more than 30% of their income on rent. Overall, the rental market in Chicago remains dynamic, with various factors influencing pricing and availability across the city’s neighborhoods.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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