The average rent for a one bedroom apartment on Domu was $1,605 in the first half of 2020.
Luxury 1 bedroom apartments have sprung up in River North, Lakeshore East, West Loop, Loop and Streeterville neighborhoods. This reflects a trend of new developments near downtown that cater to renters who value proximity to work more than bulk square footage. This accounts for some of the higher-than-average rent for 1 bedroom apartments surrounding the Loop.
River North tops the list of most expensive neighborhoods in Chicago to rent a 1 bedroom apartment with a monthly average rent of $2,600 in 2020. The West Loop was in second place among the most expensive Chicago neighborhoods for 1 bedroom apartments, clocking in at $2,450 monthly average rent in 2020. And rounding out the top 3 most expensive neighborhoods for 1 bedrooms in Chicago was Old Town, where rent was $2,200 on average in 2020.
Traditionally affordable neighborhoods on Chicago's west, southwest and far north sides have seen rising rents for 1 bedroom apartments in recent years, although a modest leveling off did occur in the first half of 2020. Many remain close to the citywide median rent for a 1 bedroom apartment. These are neighborhoods like Pilsen ($1,560 in 2020), Lakeview ($1,550 in 2020) and Uptown ($1,450 in 2020).
The most affordable neighborhoods from Domu's recent analysis of 1 bedroom apartments include the far north side neighborhoods of Rogers Park and West Ridge, but Lincoln Square and Bronzeville also average around $1,100 per month for a 1 bedroom apartment.