September 7, 2017 Market Insight

What is the Average Rent in Chicago for 1 Bedroom Apartments?

Ever wondered how much it costs to rent a 1 bedroom Chicago apartment? Luckily for you we’ve combed our records to give you a look at the average  rent for 1 bedroom apartments across the city of Chicago. 

Luxury 1 bedroom apartments have sprung up in River North, the New Eastside and Streeterville neighborhoods. This reflects a trend of new developments near downtown that cater to a generation of professionals who value mobility and proximity to work more than square footage. This accounts for some of the higher average rent for units surrounding the Loop.

The Chicago Loop itself is actually less expensive on average than neighborhoods immediately to the north, east and west of downtown. If being close to work while saving a bit on rent is an important factor in your apartment search, you might consider it. Explore listings in the Loop.

Some neighborhoods northwest of downtown witnessed an increase in the average rent for 1 bedroom apartments. The neighborhoods with the most significant year-over-year increases were Avondale and Logan Square, and seeing as how the latter has become a hotspot for up-and-coming restaurateurs, that news shouldn’t be a surprise. See available listings in Logan Square.

Average rent for 1 bedrooms also increased in Bucktown and Humboldt Park. Check out apartments in Humboldt Park.

The most affordable neighborhoods from our analysis of 1-bedroom apartments include the northwestern enclaves of Portage Park and Albany Park, along with the northern communities of Rogers Park and West Ridge. The bottom line: if you work downtown and you’re looking to keep your monthly rent closer to $1,000, then you’ll have to factor in a bit of extra time to your commute.

We’ll keep you updated with more market insights about the state of apartment rentals in Chicago. Stay tuned!

More reading:
How Much Does It Cost to Rent a 2-Bedroom?
Are Move-in Fees the New Norm?