GITNUX REPORT 2024

Average Chicago Rent Trends: Up 5% Yearly, $1,948 Avg.

Exploring Chicagos Rental Market: Insights on Costs, Trends, and Neighborhood Variances Revealed in Data.

Author: Jannik Lindner

First published: 7/17/2024

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The average apartment size in Chicago is 749 square feet

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The average rent for a luxury apartment in Chicago is $3,200

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The average rent for a pet-friendly apartment in Chicago is $1,975

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The average rent for a furnished apartment in Chicago is $2,200

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The average rent for a short-term rental in Chicago is $125 per night

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The average rent for a studio apartment in Chicago is $1,289

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The average rent for a 1-bedroom apartment in Chicago is $1,771

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The average rent for a 2-bedroom apartment in Chicago is $2,384

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The average rent for a 3-bedroom apartment in Chicago is $2,995

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The average rent in Chicago's Loop neighborhood is $2,499

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The average rent in Chicago's Lincoln Park neighborhood is $1,995

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The average rent in Chicago's Lakeview neighborhood is $1,750

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The average rent in Chicago's West Loop neighborhood is $2,400

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The average rent in Chicago's Wicker Park neighborhood is $1,895

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The average rent for a studio apartment in Chicago's downtown area is $1,650

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The average rent for a 1-bedroom apartment in Chicago's River North neighborhood is $2,300

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The average rent for a 2-bedroom apartment in Chicago's Gold Coast neighborhood is $3,200

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The average rent for a 3-bedroom apartment in Chicago's Lincoln Square neighborhood is $2,600

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The average rent for a studio apartment in Chicago's Uptown neighborhood is $1,100

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The average rent for a 1-bedroom apartment in Chicago's Logan Square neighborhood is $1,600

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The average rent for a 2-bedroom apartment in Chicago's Bucktown neighborhood is $2,100

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The average rent for a 3-bedroom apartment in Chicago's Hyde Park neighborhood is $2,400

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The average rent for a studio apartment in Chicago's Edgewater neighborhood is $950

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The average rent for a 1-bedroom apartment in Chicago's Pilsen neighborhood is $1,400

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The average rent for a 2-bedroom apartment in Chicago's Andersonville neighborhood is $1,800

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The average rent for a 3-bedroom apartment in Chicago's Rogers Park neighborhood is $2,200

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The average rent for a studio apartment in Chicago's Ukrainian Village neighborhood is $1,050

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The average rent for a 1-bedroom apartment in Chicago's Bridgeport neighborhood is $1,300

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The average rent for a 2-bedroom apartment in Chicago's Ravenswood neighborhood is $1,900

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The average rent for a 3-bedroom apartment in Chicago's Beverly neighborhood is $1,800

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The average rent for a studio apartment in Chicago's Bronzeville neighborhood is $900

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The average rent for a 1-bedroom apartment in Chicago's Albany Park neighborhood is $1,200

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The average rent in Chicago is $1,948 for a 941 square foot apartment

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Chicago's average rent increased by 5% year-over-year in 2022

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The median rent in Chicago is $1,595

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Chicago's year-over-year rent growth leads the state average of 3.5%

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Chicago's year-over-year rent growth lags the national average of 5.7%

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Chicago's rent prices increased by 2.4% from January to February 2023

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Chicago's rent prices increased by 12% from 2020 to 2022

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Chicago's rent prices increased by 3.8% from 2021 to 2022

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Chicago's rent prices increased by 0.7% from December 2022 to January 2023

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Chicago's rent prices increased by 1.5% from November to December 2022

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Chicago's rent prices increased by 2.1% from October to November 2022

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Chicago's rent prices increased by 1.8% from September to October 2022

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Chicago's rent prices increased by 2.3% from August to September 2022

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Chicago's rent prices increased by 1.9% from July to August 2022

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44% of Chicago renters are cost-burdened, spending more than 30% of their income on rent

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Chicago's rent-to-income ratio is 28%, indicating moderate affordability

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Chicago's rent prices are 58% lower than San Francisco

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Chicago's rent prices are 50% lower than New York City

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Chicago's rent prices are 13% higher than the national average

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Chicago's rent prices are 28% higher than the Illinois state average

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Chicago's rent prices are 18% lower than Los Angeles

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Chicago's rent prices are 5% higher than Boston

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Chicago's rent prices are 22% lower than Washington D.C.

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Chicago's rent prices are 10% higher than Philadelphia

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Chicago's rent prices are 15% lower than Seattle

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Chicago's rent prices are 8% higher than Denver

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Chicago's rent prices are 20% lower than Miami

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Chicago's rent prices are 5% lower than Austin

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Chicago's rent prices are 12% higher than Detroit

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Chicago's rent prices are 25% lower than San Diego

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51% of households in Chicago are renter-occupied

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Chicago is the 11th most expensive large city for renters in the United States

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Summary

  • The average rent in Chicago is $1,948 for a 941 square foot apartment
  • Chicago's average rent increased by 5% year-over-year in 2022
  • The average rent for a studio apartment in Chicago is $1,289
  • The average rent for a 1-bedroom apartment in Chicago is $1,771
  • The average rent for a 2-bedroom apartment in Chicago is $2,384
  • The average rent for a 3-bedroom apartment in Chicago is $2,995
  • 51% of households in Chicago are renter-occupied
  • The average apartment size in Chicago is 749 square feet
  • Chicago is the 11th most expensive large city for renters in the United States
  • The average rent in Chicago's Loop neighborhood is $2,499
  • The average rent in Chicago's Lincoln Park neighborhood is $1,995
  • The average rent in Chicago's Lakeview neighborhood is $1,750
  • The average rent in Chicago's West Loop neighborhood is $2,400
  • The average rent in Chicago's Wicker Park neighborhood is $1,895
  • Chicago's rent prices are 58% lower than San Francisco

Chicago may be known for its deep-dish pizza and iconic skyline, but lets talk about the real slice of life – the citys rent prices. With an average of $1,948 for a 941 square foot apartment, Chicagoans are feeling the squeeze as rents continue to climb, up 5% year-over-year in 2022. From the Loop to Lincoln Park, the Windy Citys diverse neighborhoods offer a range of rental rates, but one things for sure: affordable luxury comes at a cost, with the average rent for a pet-friendly, furnished, and short-term rental clocking in at $1,975, making Chicago a more budget-friendly option compared to its coastal counterparts. So grab a slice of data and dive into the numbers that make Chicago one of the most dynamic rental markets in the country!

Apartment Characteristics

  • The average apartment size in Chicago is 749 square feet
  • The average rent for a luxury apartment in Chicago is $3,200
  • The average rent for a pet-friendly apartment in Chicago is $1,975
  • The average rent for a furnished apartment in Chicago is $2,200
  • The average rent for a short-term rental in Chicago is $125 per night

Interpretation

In a city where space is a premium commodity, Chicagoans seem to be playing a high-stakes game of real estate Tetris. The numbers speak volumes: from cozy pet-friendly pads to lavish luxury estates, the Windy City's rental market offers a dizzying array of options to suit every taste and budget. Whether you're into short-term flings with your living quarters or prefer a long-term commitment, be prepared to shell out a premium for that picture-perfect skyline view or the convenience of a furnished abode. In this concrete jungle, where every square foot counts, it seems like Chi-town residents are willing to pay top dollar for their own slice of urban paradise.

Apartment Size Comparison

  • The average rent for a studio apartment in Chicago is $1,289
  • The average rent for a 1-bedroom apartment in Chicago is $1,771
  • The average rent for a 2-bedroom apartment in Chicago is $2,384
  • The average rent for a 3-bedroom apartment in Chicago is $2,995

Interpretation

The rent prices in Chicago seem to follow a more dramatic script than a Shakespearean tragedy, with studio apartments playing the role of the frugal protagonist at $1,289, while the 1-bedroom apartments take a leap into protagonism at $1,771, only to be overshadowed by the 2-bedroom apartments demanding a princely sum of $2,384. And then, the 3-bedroom apartments swoop in like the extravagant divas of the rental world, commanding a whopping $2,995. In this city of soaring skylines, it seems your rent is the only thing hitting new heights.

Neighborhood Rent Comparison

  • The average rent in Chicago's Loop neighborhood is $2,499
  • The average rent in Chicago's Lincoln Park neighborhood is $1,995
  • The average rent in Chicago's Lakeview neighborhood is $1,750
  • The average rent in Chicago's West Loop neighborhood is $2,400
  • The average rent in Chicago's Wicker Park neighborhood is $1,895
  • The average rent for a studio apartment in Chicago's downtown area is $1,650
  • The average rent for a 1-bedroom apartment in Chicago's River North neighborhood is $2,300
  • The average rent for a 2-bedroom apartment in Chicago's Gold Coast neighborhood is $3,200
  • The average rent for a 3-bedroom apartment in Chicago's Lincoln Square neighborhood is $2,600
  • The average rent for a studio apartment in Chicago's Uptown neighborhood is $1,100
  • The average rent for a 1-bedroom apartment in Chicago's Logan Square neighborhood is $1,600
  • The average rent for a 2-bedroom apartment in Chicago's Bucktown neighborhood is $2,100
  • The average rent for a 3-bedroom apartment in Chicago's Hyde Park neighborhood is $2,400
  • The average rent for a studio apartment in Chicago's Edgewater neighborhood is $950
  • The average rent for a 1-bedroom apartment in Chicago's Pilsen neighborhood is $1,400
  • The average rent for a 2-bedroom apartment in Chicago's Andersonville neighborhood is $1,800
  • The average rent for a 3-bedroom apartment in Chicago's Rogers Park neighborhood is $2,200
  • The average rent for a studio apartment in Chicago's Ukrainian Village neighborhood is $1,050
  • The average rent for a 1-bedroom apartment in Chicago's Bridgeport neighborhood is $1,300
  • The average rent for a 2-bedroom apartment in Chicago's Ravenswood neighborhood is $1,900
  • The average rent for a 3-bedroom apartment in Chicago's Beverly neighborhood is $1,800
  • The average rent for a studio apartment in Chicago's Bronzeville neighborhood is $900
  • The average rent for a 1-bedroom apartment in Chicago's Albany Park neighborhood is $1,200

Interpretation

In Chicago, it seems the rental market is as diverse as the city itself, with prices ranging from the luxurious Gold Coast to the eclectic Wicker Park. From the affordable studios in Uptown to the upscale 2-bedrooms in Bucktown, there's a neighborhood for every budget and lifestyle. Whether you're a trendy urbanite or a laid-back local, the Windy City offers a rental option to suit your taste – as long as you're prepared to shell out some Windy City cash!

Overall Rent Trends

  • The average rent in Chicago is $1,948 for a 941 square foot apartment
  • Chicago's average rent increased by 5% year-over-year in 2022
  • The median rent in Chicago is $1,595
  • Chicago's year-over-year rent growth leads the state average of 3.5%
  • Chicago's year-over-year rent growth lags the national average of 5.7%
  • Chicago's rent prices increased by 2.4% from January to February 2023
  • Chicago's rent prices increased by 12% from 2020 to 2022
  • Chicago's rent prices increased by 3.8% from 2021 to 2022
  • Chicago's rent prices increased by 0.7% from December 2022 to January 2023
  • Chicago's rent prices increased by 1.5% from November to December 2022
  • Chicago's rent prices increased by 2.1% from October to November 2022
  • Chicago's rent prices increased by 1.8% from September to October 2022
  • Chicago's rent prices increased by 2.3% from August to September 2022
  • Chicago's rent prices increased by 1.9% from July to August 2022

Interpretation

In a city where the rent prices seem to possess a will of their own, Chicagoans are left to navigate a real estate rollercoaster. With more fluctuations in rent than a yo-yo on caffeine, the average rent in the Windy City has been on a wild ride. While Chicago flexes its rent growth muscles by leading the state average, it finds itself trailing behind the national average, playing a perpetual game of catch-up. Residents might need a spreadsheet just to keep up with the monthly price hikes, as Chicago's rent prices soar faster than a skyrocket on New Year's Eve. Whether you're a renter or just a humble observer, one thing is clear – in Chicago, the only constant is change, and apparently, the only way for rent prices is up!

Rental Affordability

  • 44% of Chicago renters are cost-burdened, spending more than 30% of their income on rent
  • Chicago's rent-to-income ratio is 28%, indicating moderate affordability

Interpretation

In the complex tango of budgeting and housing costs, Chicago appears to be strutting somewhere between a burdensome waltz and an affordable cha-cha. With nearly half of Chicago renters feeling the squeeze of unyielding rents, it's clear the cost of living is hitting a high note. However, the city's rent-to-income ratio of 28% hints at a slightly more manageable rhythm, suggesting that while the rent may be high, some renters are still managing to keep pace without stumbling too much. Just remember, in this dance of dollars and cents, it takes skill, strategy, and maybe a few fancy footwork to stay in step with the beat of the housing market.

Rental Market Comparison

  • Chicago's rent prices are 58% lower than San Francisco
  • Chicago's rent prices are 50% lower than New York City
  • Chicago's rent prices are 13% higher than the national average
  • Chicago's rent prices are 28% higher than the Illinois state average
  • Chicago's rent prices are 18% lower than Los Angeles
  • Chicago's rent prices are 5% higher than Boston
  • Chicago's rent prices are 22% lower than Washington D.C.
  • Chicago's rent prices are 10% higher than Philadelphia
  • Chicago's rent prices are 15% lower than Seattle
  • Chicago's rent prices are 8% higher than Denver
  • Chicago's rent prices are 20% lower than Miami
  • Chicago's rent prices are 5% lower than Austin
  • Chicago's rent prices are 12% higher than Detroit
  • Chicago's rent prices are 25% lower than San Diego

Interpretation

Chicago's rent prices are like Goldilocks searching for the perfect porridge bowl – not too hot, not too cold, but just right… well, most of the time. Positioned in the middle of the rent spectrum across major U.S. cities, Chicago seems to have found its sweet spot, offering a balance between affordability and urban living. Residents can enjoy the city's culture, cuisine, and lakefront views without completely breaking the bank. So, whether you're dodging the astronomical prices of the coasts or reveling in the relative bargain of the Midwest, Chicago's rent prices might just be the happy medium you've been looking for.

Rental Market Composition

  • 51% of households in Chicago are renter-occupied

Interpretation

Chicago: where even the city skyline knows how to rent space. With 51% of households opting for the convenience and flexibility of renting, it seems like the Windy City's residents prefer to live life on a month-to-month lease. Perhaps they've learned that in a city known for its ever-changing weather, having the freedom to move quickly is the most reliable way to stay ahead in the game of urban living.

Rental Market Rankings

  • Chicago is the 11th most expensive large city for renters in the United States

Interpretation

Chicago may boast deep-dish pizza and world-class architecture, but when it comes to renting, the Windy City isn't messing around. Ranked as the 11th most expensive large city for renters in the US, it seems like even the famous Chicago-style hot dog can't offer much relief for the pocketbook. So, while residents may enjoy stunning views of Lake Michigan and endless cultural attractions, they might also find themselves digging deep into their wallets to afford a slice of that coveted city life.

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