Top 3: The Most Affordable and Most Expensive Neighborhoods for Chicago Apartments

Renters looking for 1 bedroom apartments in Chicago may already have a particular neighborhood in mind during their apartment search. If the ideal location is still undetermined then their apartment search could be decided solely on the cost of rent. In that scenario, they might want to know which neighborhoods in Chicago are the most expensive places to rent a 1 bedroom apartment and which Chicago neighborhoods are the most affordable for 1 bedroom apartments.

Most Expensive Chicago Neighborhoods for 1 Bedroom Apartments in 2020

Old Town

Median 1 bedroom rental price = $2,200

Old Town is a popular spot among Chicago renters due to its healthy variety of small businesses, eclectic dining options and numerous nightlife spots. The Wells Street Corridor is a major draw for renters in Old Town and surrounding neighborhoods as well. The vibe is vintage at a glance (and the name should give some idea here) but there are plenty of new construction and luxury apartments for rent in Old Town as well. Renters in this pocket of Chicago can easily navigate to neighboring ‘hoods such as Lincoln Park, the Gold Coast and River North.

West Loop

Median 1 bedroom apartment rental price = $2,450

Chicago’s reputation as a foodie paradise continued to grow with 25 Michelin-starred eateries and many more acclaimed restaurants throughout the city. The nexus for the city’s electric dining scene is the West Loop. The transforming neighborhood was an afterthought for decades while the focus was on the core business district in the Loop, but the West Loop has carved out a prized spot ever since several large corporations left their office campuses in the suburbs and moved into West Loop offices. The influx of corporate tenants into the West Loop also brought in apartment renters wanting shorter commute times, and the trendy restaurant scene was fueled by this movement as well. When it comes to shrinking the commute and getting the most out of neighborhood amenities such as world-class dining options, the West Loop is a prime spot to begin the apartment search.

River North

Median 1 bedroom apartment rental price = $2,600

Ranking at the top of the list for most expensive 1 bedroom apartments in 2020 is the River North neighborhood. What’s driving the higher costs of renting in this downtown-adjacent neighborhood? For starters, the abundance of high amenity buildings and spectacular condos for rent with world-class views of the city’s iconic skyline and the Chicago River will help push the rents skyward. Newly built properties that cater exclusively to renters, such as the new towers rising at Wolf Point, are taking a page from surrounding condo buildings by constructing homes that feel luxe and comfortable with the flexibility of leasing instead of owning the unit. And included with the higher rent, apartment dwellers should expect an array of sweet amenities like outdoor swimming pools, state-of-the-art fitness centers and there are plenty of buildings with amenities targeted specifically at dog owners.

Most Affordable Chicago Neighborhoods for 1 Bedroom Apartments in 2020

Rogers Park

Median 1 bedroom rental price = $1,063

Nestled at the northern edge of Chicago is the Rogers Park neighborhood. And while it may be a bit of a hike to get to from downtown (about 10 miles north of Grant Park) this neighborhood is still quite accessible thanks to 24/7 service on the CTA Red line and many other bus routes. Lake Shore Drive meets its northern terminus before Rogers Park, so drivers will have to contend with a bit of local traffic before and after merging onto the Drive. But on the bright side, apartment renters in Rogers Park get unrivaled access to the gorgeous lakefront. Rogers Park apartments are usually among the city’s most affordable, and 1 bedroom apartments in Rogers Park offer a lot of bang for the buck with the natural asset of Lake Michigan practically at their doorstep.

Lincoln Square

Median 1 bedroom apartment = $1,075

Renters who are seeking a tranquil neighborhood populated mainly by apartments and single family homes should look at Lincoln Square. This northwest side neighborhood not only presents considerable savings on 1 bedroom apartment rents, but it also provides a hefty serving of pleasant neighborhood amenities on top of its affordability. The CTA Brown line runs through the heart of the neighborhood, as well as several CTA bus routes, so getting around town is possible via public transportation. Lincoln Square is supremely walkable, too. Renters in Lincoln Square apartments can walk to the pedestrian-friendly square, located along N. Lincoln Ave, and appreciate its small town vibe and many small businesses up close.

West Ridge Chicago Devon Avenue

West Ridge

Median 1 bedroom apartment rental price = $1,125

Apartments in West Ridge are close to a wide array of neighborhood amenities. There are gorgeous parks, a golf course, shopping centers, restaurants and of course many beautiful homes to admire while walking around the quiet side streets of West Ridge. The main thoroughfare for dining and shopping is W. Devon Ave, home to a robust assortment of south Asian cuisine and one of the city’s largest grocery stores dedicated to carrying Indian produce and goods. Apartment renters in West Ridge can also enjoy a few unique seasonal activities from this far north side location. The largest city park in the neighborhood contains an ice skating rink during the winter months and the sledding hill is a popular draw for residents of West Ridge whenever it snows.