Average Rent in Chicago, IL

Chicago offers relatively affordable rent compared to coastal cities, with a diverse range of neighborhoods. The city has seen steady rent growth as more young professionals relocate for its growing tech scene.

+4.1%YoY

Studio

$1,400

1-Bedroom

$1,750

2-Bedroom

$2,200

3-Bedroom

$2,700

Market Overview

Year-over-Year Change+4.1%

Vacancy Rate5.2%

Renter Population55%

Median Income$62,097/yr

Rent-to-Income Ratio33.8%

Cost of Living Index107 (US avg: 100)

Market Condition

Landlord-Leaning

Rents are rising faster than average. Limited negotiation power.

Tenant Protections

RLTO (Residential Landlord Tenant Ordinance)
Security deposit interest requirements
Right to repair and deduct
30-day notice for rent increases
Late fee limitations

HUD Fair Market Rent (2025)

Fair Market Rent (FMR) is set by the U.S. Department of Housing and Urban Development for the Chicago-Naperville-Elgin, IL-IN-WI metro area.

Studio

$928

1-Bed

$1,085

2-Bed

$1,278

3-Bed

$1,620

4-Bed

$1,812

Rent by Neighborhood in Chicago

Lincoln Park

Upscale neighborhood with the zoo, lakefront trail, and excellent dining.

Walk Score: 90Safety: 8/10

1-Bed

$2,100

2-Bed

$2,700

3-Bed

$3,300

Wicker Park

Trendy area with boutiques, breweries, and a thriving arts scene.

Walk Score: 93Safety: 7/10

1-Bed

$1,900

2-Bed

$2,400

3-Bed

$3,000

The Loop

Downtown core with skyscrapers, theaters, and excellent transit.

Walk Score: 97Safety: 7/10

1-Bed

$2,200

2-Bed

$2,800

3-Bed

$3,500

Logan Square

Up-and-coming neighborhood with craft cocktail bars and diverse dining.

Walk Score: 85Safety: 7/10

1-Bed

$1,600

2-Bed

$2,100

3-Bed

$2,600

Hyde Park

Home to University of Chicago with museums, parks, and historic architecture.

Walk Score: 76Safety: 6/10

1-Bed

$1,400

2-Bed

$1,800

3-Bed

$2,200

Buildings in Chicago

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Tips for Renting in Chicago

1Chicago has the RLTO (Residential Landlord-Tenant Ordinance) - one of the strongest in the US
2Landlords must pay interest on security deposits annually
3You can deduct repair costs from rent if landlord fails to maintain (with proper notice)
4Landlords must give 30 days written notice before a rent increase