How Much Does it Cost to Rent a 2-Bedroom?
How much does it cost to rent an apartment in Chicago? For a snapshot of the rental market in neighborhoods across the city, we analyzed median rents of 2-bedroom apartments during April 2017.
In general, our data reflects the conventional wisdom that the farther an apartment is located from downtown, the less expensive it is. As we’d expect, Streeterville, the New Eastside and River North are among Chicago’s priciest neighborhoods. The next most expensive neighborhoods are located just outside the downtown area and include the West Loop, River West and the Near North Side. With a median rental price of $3500 per month for a 2-bedroom, Streeterville is Chicago’s most expensive neighborhood, while West Ridge is the most affordable at $1300/month.
Some of Chicago’s priciest 2-bedrooms outside of the downtown area are located on the northwest side. At $2500-$2600 per month, Bucktown and Wicker Park are on par with rental prices in the Gold Coast. Increases in these neighborhoods could be due to the flurry of new development and changing demographics in recent years.
A few more notable takeaways: Housing is more expensive in Streeterville than in River North, and the Loop is less expensive than the West Loop, South Loop, Wicker Park, and Bucktown. Renters seeking more affordable housing near Wicker Park should search in Ukrainian Village and Humboldt Park.
Stay tuned for our upcoming quarterly report, which will include data for more neighborhoods and unit types.