October 11, 2019 Market Insight

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 fall squarely 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 places are the most affordable spots for 1 bedroom apartments.

Most Expensive Chicago Neighborhoods for 1 Bedroom Apartments in 2019

River North Chicago River

River North
Median 1 bedroom rental price = $2,225

Ranking at the top of the list for most expensive 1 bedroom apartments in town 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.

West Loop Chicago Turning Squares

West Loop
Median 1 bedroom rental price = $2,223

Chicago’s reputation as a foodie paradise continues 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 began leaving sprawling office campuses in the suburbs and moving into West Loop offices. The influx of corporate tenants into the West Loop has also brought in apartment renters who want shorter commute times, and the trendy restaurant scene is being 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.

Streeterville Chicago River Walk

Streeterville
Median 1 bedroom rental price = $2,130

Renting an apartment in Streeterville is an experience that’s unique to Chicago. The scale among Streeterville apartment buildings is uniformly large; there basically aren’t any single family homes or small apartment buildings to be found in this part of Chicago. And for renters who have a zest for high-rise living, this neighborhood might be the perfect fit. With most of the apartments in Streeterville fitting the high-rise mold, certain amenities can be expected to come standard. Most of the newer apartment buildings that have popped up in Streeterville boast top-of-the-line amenities in the form of private rooftop terraces, elaborate fitness centers and heated swimming pools. This part of town can feel a bit disconnected because it’s sandwiched in between the placid views of Lake Michigan and the bustling shopping and sightseeing district of N Michigan Ave. But renters who embrace the vertical city lifestyle can always strike the right chord in their Streeterville apartments.

  

Most Affordable Chicago Neighborhoods for 1 Bedroom Apartments in 2019

Belmont Cragin Chicago Row Houses

Belmont Cragin
Median 1 bedroom rental price = $965

Affordable rent is no joke in the northwest side neighborhood of Belmont Cragin. Renters looking for a place to rent under $1,000 can usually find an apartment here to match their criteria. The neighborhood is populated by cute homes, green parks and small businesses abound on W Belmont Ave. This is the point where skeptics might be wondering whether there’s a catch. Renters who need to regularly commute to the Loop or other areas of the city center may need to temper their enthusiasm about all those cheap apartments for rent in Belmont Cragin. Getting into downtown is a minor challenge for Belmont Cragin apartment renters, although the Metra’s Milwaukee District North line does make stops along the southern edge of the neighborhood and routes commuters into downtown Chicago’s Union Station.

West Ridge Chicago Devon Avenue

West Ridge
Median 1 bedroom rental price = $1,071

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.

Rogers Park Chicago Heartland Cafe

Rogers Park
Median 1 bedroom rental price = $1,104

Nestled at the northern limit 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.