The Chicago multifamily market remains a strong one, with the average monthly rent here standing at $1,939 a month as of May, according to the latest Chicago Rental Market Trends report released by Apartments.com.
How strong is the local apartment market? Apartments.com reported that Chicago’s average monthly rent as of May is 19% higher than the average U.S. national monthly rent of $1,624 a month. To put that in perspective, the average apartment renter in Chicago pays $3,780 extra in rent payments over a year when compared to the national average.
And there is no sign of rents falling here anytime soon. Apartments.com reported that the average monthly apartment rent in Chicago jumped 3.7% in May when compared to the same month a year ago. That increase means that the average Chicago tenant is paying $73 more each month in rent.
This high average rent puts a financial strain on many Chicago tenants. According to Apartments.com, Chicago residents must make about $6,463 a month or $77,556 a year to afford the average apartment rent in the city.
That’s a problem when you consider that the median annual income in Chicago in 2023 — the last year this data is available for — stood at $75,134. This means that for many Chicagoans, it’s a financial challenge to afford the city’s average apartment rent.
How much renters pay in Chicago does vary by the type of unit they are renting.
According to Apartments.com, the average studio apartment in Chicago rented for $1,565 a month as of May and included 440 square feet of living space. That amount jumped to an average of $1,952 for a one-bedroom unit averaging 660 square feet and $2,468 a month for a two-bedroom unit averaging 918 square feet.
Chicago renters paid an average of $2,924 a month in May for a three-bedroom apartment unit averaging 1,172 square feet.
Certain neighborhoods are more affordable than others, of course. Apartments.com reported that the average apartment rent in the city’s Lower West Side stood at $1,239 a month in May, making it the most affordable rental neighborhood in the city.
On the opposite end of the scale is the Fulton River District, where average apartment rents hit $3,954 a month in May, making this the most expensive neighborhood in Chicago in which to rent.
Other expensive rental neighborhoods in the city include the Near East Side, where renters can expect to pay an average of $3,942 a month; Greektown, an average of $3,813 a month; and Lake Shore East, an average of $3,783 a month.
