The average rent for a one bedroom apartment on Domu in 2019 was $1,696 per month, a one percent increase over 2018.
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.
Lakeshore East tops the list of most expensive neighborhoods in Chicago to rent a 1 bedroom apartment with a monthly average rent of $2,276 in 2019. River North was in second place among the most expensive Chicago neighborhoods for 1 bedrooms, clocking in at $2,230 monthly average rent in 2019. And rounding out the top 3 most expensive neighborhoods for 1 bedrooms in Chicago was the West Loop, where rent was $2,228 on average in 2019.
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, consider exploring apartments for rent in Chicago's Loop neighborhood, where the average monthly rent for 1 bedroom apartments was $2,110 in 2019.
Traditionally affordable neighborhoods on Chicago's west, southwest and far north sides have seen rising rents for 1 bedroom apartments in recent years. Many remain close to the citywide median rent for a 1 bedroom ($1,300) but have crept upward. These are neighborhoods like Pilsen ($1,347 in 2019), Humboldt Park ($1,375 in 2019) and Uptown ($1,392 in 2019).
The most affordable neighborhoods from Domu's recent analysis of 1 bedroom apartments include NW side communities of Portage Park and Albany Park, along with the far north side neighborhoods 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.