Average Rent in Chicago, IL↑ Rents rising 2.7% YoY🔺 2nd priciest in IL

Chicago, IL has rental prices ranging from $1,458/month to $2,657/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,560/month — 11% above the national average of $1,400/month. With a median household income of $88,850/year, spending $1,560/month on a 1-bedroom represents 21% of gross income — within the recommended 30% threshold.

How Chicago Compares

With an average 2-bedroom rent of $1,761/month, Chicago ranks #2 most expensive of the 87 cities tracked in Illinois — pricier than 96% of all US cities in our data.

The Chicago Rental Market

The Chicago, IL area has a population of about 9,359,555 and 35% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Chicago, IL have risen by $47/month (2.7%) over the past year, from $1,714 to $1,761. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Chicago, IL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $62,400. The local median household income of $88,850 exceeds that threshold by $26,450, making Chicago relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Chicago, IL is $325,887, giving a price-to-rent ratio of 15.4. The break-even point between renting and buying is roughly 15 years — renting offers more flexibility for shorter stays, while buying makes more sense for long-term residents.

Safety

Crime statistics for Chicago, IL show a violent crime rate of 321.58 per 100,000 residents (moderate) and a property crime rate of 1790.86 per 100,000 residents (moderate). As with any metro area, crime rates vary widely by neighborhood — prospective renters are encouraged to research specific areas within Chicago before signing a lease.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Chicago's neighborhoods. Among the highest-value areas are Golden Gate ($87,501 median home value), Ford City ($102,385 median home value), Jeffery Manor ($107,297 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Chicago, IL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Chicago?

Break-even analysis and mortgage estimates based on local market data.

Living in Chicago

Cost of living, job market, crime rates, and moving cost estimates.