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What Is the Average Rent in Chicago? A Landlord's Guide

Home River Chicago - Wednesday, October 5, 2022
Property Management Blog

Chicago is one of the most popular cities in the United States. It is the third most populated city in the U.S.! Over 2,671 million people call Chicago home.

This is great news for landlords! 

As a property owner in Chicago, you may have wondered how much to charge for rent. Continue to read to learn more about the average rent in Chicago and how much money you can earn per month. 

Chicago Neighborhoods

Chicago is divided into 77 different neighborhoods or communities. Where your property is located plays a substantial role in rent value.

Some of Chicago's most attractive and expensive communities are Fulton Market, Goose Island, Streeterville, Central Station, and West Loop. Additional popular neighborhood communities include Wrigleyville, West Town, and Wicker Park. 

Properties located in Austin, Galewood, South Chicago, and Chatham often have more affordable rent. 

Average Rent in Chicago 

The average rent for apartments in Chicago is approximately $2,080 to $2,332. Studio apartments can be less expensive. Some studio apartment rent costs are under $2,000 depending on location. 

For commercial space renting, the average cost is within the $30 to $40 dollar range per square foot. 

Average Neighborhood Rent Costs 

As highlighted above, Chicago rent prices will be dictated by location. Some communities are far more expensive than others.

Below we will discuss the average rent costs of some of Chicago's most expensive neighborhoods and more affordable areas. 

Most Expensive

  • Goose Island 

The average rent for a one-bedroom apartment is approximately $2,849 per month. 

  • Central Station 

Landlords often charge $2,502 per month for a one-bedroom apartment. 

  • Fulton Market

The average rent for a one-bedroom apartment is near $2,825 per month. 

  • West Loop 

Landlords in West Loop often charge within the $2,488 price range for a one-bedroom apartment. 

  • Streeterville 

Streeterville is one of the most expensive communities in Chicago. The average rent per month is $2,610. 

Least Expensive

  • South Chicago

The average rent in South Chicago for a one-bedroom apartment is only $613 per month. 

  • Chatham 

Chatham rent is also affordable in comparison to other Chicago communities. The average monthly rent is $756. 

  • Austin

Landlords in Austin often charge slightly under $1,000 per month for a one-bedroom apartment. 

  • Galewood 

Similar to Austin, the average rent per month is under $1,000. Landlords charge within the $988 price range. 

What Factors Determine Rent Price Besides Location? 

As you can see from the average rent costs discussed above, rent in Chicago can be affordable or very expensive. For properties located near Lake Michigan and downtown, rent costs will be reflective. 

Additional factors that play a role in rent costs are size and quality. Some homes or apartments are more luxurious than others. If you own or are looking to purchase a high-end property, your rent prices can be top dollar. 

Learn More About Chicago Property Management Today 

Whether you own a home, apartment complex, or commercial area, you deserve to get the most out of your property. This is why property management is imperative. 

Home River Group is a real estate management service company that specializes in Chicago property management. Earn the average rent in Chicago or more for your property.

The team is dedicated to serving you. To learn more about Home River Group and what it can provide for you, please contact us today.