Is it expensive to live in Chicago?
The short answer: it depends. If you move from one of the largest markets in the United States — Los Angeles, New York, or San Francisco — Chicago will seem like a great deal to you. In fact, Chicago doesn’t even make the top 10 on the list of the most expensive cities despite its size (3rd largest in the US). That’s great news for a great city.
How Much Is It to Rent in Chicago?
With one of the strongest rental markets and some of the most sought-after neighborhoods in the nation, Chicago offers a comparatively affordable cost of living for such a large city.
Real estate news source RE Journals cites 2018 as “a record-breaking year for apartment absorption in the downtown neighborhoods.” Estimated at more than 4,200 units at the time, Chicago’s downtown ranked second behind New York for the number of available apartment units and level of occupancy during the time of the report.
Since then, new luxury apartments continued to hit the market at soaring levels, peaking in 2023. Nevertheless, the rental market holds steady despite the slowing of new construction, and rent prices continue to rise, even if at slower rates than they did over the last few years.
With home sales long on the decline, renters gain the advantage of a deeper rental pool, stable pricing (compared to other markets in the U.S.), and new inventory. Although sky-rocketing interest rates make renting a necessity for many people, a rising number of younger adults choose to rent over buying. The high demand means higher rent, but it still remains the cheaper option compared to buying a home. RENTCafe‘s numbers from November 2023 show that the average rent— $2,251— is only a slight increase from 2022 and remains well below San Francisco‘s and New York’s averages.
However, Chicago’s rent prices vary widely, from $1,500 monthly to well over $3,000 per month. Hyde Park, Roger’s Park, and Andersonville represent a few of Chicago’s more affordable neighborhoods. But, head downtown for luxury listings in The Loop, River West, and River North for more upscale living.
Related: We curated a list of the top apartments near the Chicago Blue Line, so you don’t have to deal with the headache of traffic and parking. Also, check out our tips on how to avoid fees when you move out to save money on your next move.
When Can I Find the Best Deals on Rent?
Almost three quarters of the rental turnover in Chicago happens during the summer, making this time of year a landlord’s market. While moving during the Chicago winter may seem daunting, it’s the best time to find good deals on luxury apartments due to the decrease in demand.
Get Help Finding the Best Rent Deals
Luxury and penthouse options grow by leaps and bounds each year in Chicago, and using a rental locator like AptAmigo can ensure you find the best deals on rent. In other words, with good deal, you might be able to level-up your lifestyle while staying within budget.
AptAmigo’s Locators possess inside information on buildings, neighborhoods, walkability, and more, so enlisting the support of an entire team of locals will guarantee that you love your new apartment. If you’re thinking of moving, contact us ASAP, and let’s start your dream apartment search today.
Related: 10 Insider Tips for Finding Your Perfect Chicago Apartment
* The original version of this article was first published on May 28, 2019.
