Renting a Studio Apartment in Chicago

Are you on the hunt for the perfect place to call home in Chicago? Look no further than a cozy studio apartment! As a trusted source for all things Chicago real estate, Domu is here to guide you through the process of finding and renting the studio of your dreams. With over a million rentable units in the city, it might seem like you need a treasure map to navigate the rental market. But this is where Domu steps up and acts as your trusty compass, guiding you through the vast wilderness of Chicago's studio apartments with a healthy dose of wit and wisdom.

In this guide, we'll spill the beans on why studio living is the bee's knees, uncover the trendiest neighborhoods for tiny living, and give you the inside scoop on when to start your search. We'll even dish on the unique architectural styles that make Chicago's studio apartments such one-of-a-kind finds.

So, whether you're a young professional looking to live in the heart of the action, a minimalist who thinks "less is more" is a lifestyle mantra, or just someone who appreciates the savings of a smaller rental, a studio apartment in Chicago might be your best option. Grab a slice of deep dish (or a kale smoothie, we don't judge), kick back, and let us help you find your happy place in the Windy City.

 

Why Choose a Studio Apartment?

Living in a studio apartment is like a beautiful dance between form and function. It's an opportunity to get creative with your space, embracing a minimalist lifestyle that prioritizes experiences over excess. With a studio, you'll be challenged to make the most of every square foot, curating a living space that reflects your unique style and personality.

One of the greatest perks of studio living is the financial freedom it offers. With lower rent and utility costs compared to larger apartments, you'll have more money to spend on the things that really matter, like indulging in Chicago's fantastic food scene, enjoying the city's endless supply of entertainment, or saving up for your next big adventure. And with less space to maintain, you'll spend less time cleaning and more time doing.. anything else!

Studio apartments are often found smack-dab in the middle of all the action, putting you just steps away from trendy restaurants, lively bars, and iconic attractions. Imagine walking to work, catching a show at The Second City, or strolling along the shores of Lake Michigan without ever having to worry about a lengthy commute.

Another perk to studio life is that these rentals are often found in condo buildings that offer plenty of amenities. From rooftop patios and fitness centers to workspaces and entertainment areas, although the square footage of your apartment may be small, the “extras” can make your home life seem much bigger.

 

Chicago Neighborhoods with the Most Studio Apartments

Chicago's neighborhoods are like a box of chocolates, each one has its own unique flavor and personality. When it comes to studio apartments, you'll find these cozy cribs all over the city, from the glitzy high-rises of River North to the artsy lofts of Wicker Park.

If you're looking for a studio with a view that'll make your Instagram followers swoon, downtown areas like the West Loop, South Loop, Streeterville, Lakeshore East, River North, and Gold Coast top the list. These neighborhoods are packed with high-rise buildings offering sleek studio apartments with amazing amenities. You’ll also be right in the middle of the action, with food, entertainment, and fun just steps away.

If you're more into a laid-back neighborhood vibe, head north to spots like Lakeview, Lincoln Park, East Village, Roscoe Village, Wicker Park, Edgewater, Bronzeville, Ravenswood, Bucktown, Logan Square, Lincoln Square and Uptown. The studio apartments in these areas are often in cool vintage buildings and walkups with lofted ceilings, massive windows, brick detailing and plenty of character. Because of their location, you'll typically get a little more space for your money compared to living right downtown, with easier access to the lake and a plethora of parks.

I know we threw a lot of information your way, so if you're new to the city and feeling a little overwhelmed by all the options, check out our Neighborhoods Overview to familiarize yourself with each of Chicago’s 77 neighborhoods. Also, take a look at our Guide for Moving to Chicago, which will provide you with all the tips and stats you need to make an informed decision before diving head-first into your search.

 

When to Find Studio Apartments in Chicago

Alright, so you're ready to take the plunge and start your studio apartment search. But when's the best time to start looking? Well, roll up your sleeves, because the Chicago rental market waits for no one!

The peak season for apartment hunting is from May to September, so you'll have more options than a kid in a candy store. But it also means you'll have some competition, so be prepared to unleash your inner property-hunting warrior. If you come across a place you love, you’ll need to act quickly, so have your paperwork ready before you begin your search. We put together this guide on Understanding the Apartment Application Process so that you’re ready to go when you find “the one”.

If you're looking to score a deal (and who isn't?), the winter months might be your best bet. From November to February, the rental market tends to slow down, and while this means there’s less available, it also means landlords are more likely to offer move-in specials and discounted rates. Just make sure to pack your parka and invest in some snow boots.

No matter when you decide to start your search, the key is to give yourself plenty of time. Aim to start looking at least 30-45 days before your desired move-in date, so you can find the perfect place, dot your i's, cross your t's, and maybe even have time for a celebratory slice of deep-dish.

 

Affordable Studio Apartments in Chicago Neighborhoods

With so many neighborhoods in Chicago to choose from, we want to get you started off on the right foot and give you the low-down on some of the best spots to rent a studio. This list is a mix of budget-friendly studio apartments located downtown, uptown, and all around town, each with a distinct personality and vibe.

  • Kicking us off is Rogers Park ($1,000-$1,300). This northernmost neighborhood is like a mini United Nations, with over 60 languages spoken and a community that's as diverse as it is welcoming. With its stunning beaches, eclectic dining scene, and laid-back vibe, you'll feel like you're on a permanent vacation (minus the tacky souvenir shops).
  • For those who love living in a unique charmer, Uptown ($1,200-$1,800) is known for its updated vintage digs. With historic courtyard buildings sitting next to modern condos, you can enjoy your neighbors' vintage vibes even if you choose that swanky studio on the top floor. Uptown is so close to the lake, you might as well consider it your personal swimming pool (just don't forget your floaties).
  • For all you artsy types, Pilsen ($1,200-$1,800) is waiting for your creative touch. This neighborhood is bursting with colorful murals, authentic Mexican cuisine, and a community that's as welcoming as a warm cup of hot chocolate on a chilly Chicago day. Found on the Lower West Side, vintage walkups and converted warehouses are stuffed with artists, entertainers, and the creatives that call Chicago home.
  • If you're looking for a studio with a small-town feel, check out Ravenswood ($1,200-$1,500). This neighborhood is all about the three C's: community, crafts, and charm. With its tree-lined streets, indie boutiques, and weekly farmers market, you'll feel like you're living in a real-life Hallmark movie. It's a place where art studios and craft breweries abound, and affordable studios are within reach.
  • For those who want to be in the heart of the action, Lakeview ($1,300-$1,600) is the place to be. This lively neighborhood has trendy bars, mouthwatering restaurants, and enough entertainment to fill every weekend. With the “L” just steps away, you can easily explore the rest of the city, but with so much going on right outside your door, why would you want to leave?
  • If you're a nature lover who also appreciates a good deal, Albany Park ($1,200-$1,600) might just be your studio soulmate. This diverse neighborhood has the gorgeous Eugene Field Park, a belly-bursting array of global cuisine options, and a friendly community that'll make you feel right at home.
  • For the hip and the hungry, Logan Square ($1,200-$1,600) is a foodie paradise wrapped in a studio apartment dream. This neighborhood is bursting with innovative restaurants, craft cocktail bars, and a farmers market that'll make your taste buds do a happy dance. With its proximity to the Blue Line, you can do away with the car and just travel around with your new neighbors.

 

Luxury Studio Apartments in Chicago Neighborhoods

Alright, my fancy friends, if you're looking to add a touch of opulence to your studio living experience, Chicago has some neighborhoods that'll make you feel like you've stumbled into a real-life version of Lifestyles of the Rich and Famous (minus the yacht parties and caviar dreams, of course).

  • When it comes to trendy urban sophistication, you can’t go wrong with River North ($1,900-$2,800). Your luxe studio will be sitting among chic art galleries, Michelin-starred restaurants, and the city's hottest nightclubs. Here, you’ll wake up to floor-to-ceiling views of the Chicago River and then enjoy a quick to work in the heart of downtown. With amenities like 24-hour concierge service, state-of-the-art fitness centers, and rooftop pools, you'll feel like you're living in a five-star hotel.
  • If you've got champagne tastes on a (generous) beer budget, the Gold Coast ($1,700-$2,500) won’t disappoint. This historic neighborhood is known for its stunning architecture, high-end shopping, and lakefront location. Your luxury studio will be just steps from the Magnificent Mile, where you can indulge in some retail therapy at designer boutiques or catch a show at the Broadway Playhouse. And when you need a break from the bustle, you can stroll over to the peaceful lakefront trail for a breath of fresh air.
  • Once a gritty industrial area, the West Loop ($2,100-$2,800) has transformed into one of Chicago's hottest neighborhoods. Your upscale studio will be surrounded by converted warehouses that now house trendy restaurants, artisanal markets, and cutting-edge tech startups. Foodies will be in heaven with Randolph Street's Restaurant Row just outside their door, while fitness buffs will appreciate the neighborhood's abundance of boutique gyms and yoga studios. And getting around the city couldn't be easier with the CTA Green and Pink lines nearby.
  • If you want to live like a true Chicago VIP, Streeterville ($1,900-$2,500) is where it's at. This exclusive neighborhood is home to some of the city's most iconic landmarks, from Navy Pier to the John Hancock Center. The luxury studios here often have beautiful views of Lake Michigan and are a quick skip away from the Magnificent Mile's designer shops and fine dining restaurants. And with amenities like indoor pools, spa-quality steam rooms, and 24-hour door service, you'll feel pampered around the clock.
  • When it comes to a perfect balance of nature and city life, Lincoln Park ($1,700-$2,200) is the place to be. Your high-end studio will be tucked among historic brownstones and trendy shops, just steps away from the sprawling Lincoln Park. Spend your weekends exploring the free zoo, strolling along scenic walking trails, or grabbing a bite at one of the neighborhood's many beloved restaurants.
  • For a taste of tranquility in the heart of the city, look no further than Lakeshore East ($1,900-$3,200). This hidden gem boasts luxury studios with floor-to-ceiling windows, offering breathtaking views of the Chicago River and Lake Michigan. When you're not enjoying your building's top-notch amenities, take a stroll through the neighborhood's lush park and gardens for a moment of zen.
  • Culture buffs will feel right at home in the South Loop ($1,900-$2,300). Your upscale studio will be just steps away from some of Chicago's most iconic institutions, like the Art Institute and Soldier Field. Spend your days exploring the nearby Grant Park and Museum Campus, then unwind with a drink at one of the neighborhood's many trendy bars and restaurants.
  • If you march to the beat of your own drum, Wicker Park ($2,000-$2,500) is the perfect fit. This vibrant neighborhood is known for its eclectic mix of music venues, indie boutiques, and coffee shops. Your luxury studio will be housed in a mix of new construction and updated vintage buildings, each with its own unique charm and character.
  • If you're a sucker for historic charm, Old Town ($1,600-$2,700) is the neighborhood for you. Your luxury studio will be housed in a beautifully preserved Victorian-era building, just steps away from the legendary Second City comedy club and some of the city's most beloved restaurants and pubs. Spend your days exploring the neighborhood's tree-lined streets and evenings enjoying the lively entertainment scene.

 

Different Styles of Studio Apartments in Chicago

Chicago has all sorts of studio apartment styles, whether you're a sucker for vintage charm, a modern minimalist at heart, or searching for a mix of both. From old-school architectural relics that have been tastefully redone to new construction that is filled with smart tech, there’s a studio apartment in Chicago for all tastes!

  • Vintage Studios: If you're the type who swoons over old-school charm, these historic apartments are like a time machine to a bygone era. With details like crown molding, hardwood floors, and decorative fireplaces, you won’t even need to hang art!
  • Loft Studios: Calling all starving artists and creative types! These wide-open spaces are a blank canvas waiting for your personal touch. With exposed brick, high ceilings, and oversized windows, these apartments feel much larger than you’d think.
  • Luxury Studios: Who says you can't live like royalty in a tiny space? These high-end, modern apartments come with all the fancy upgrades your heart desires. From high-end finishes to top-of-the-line appliances, you'll be living in the lap of luxury.
  • High-Rise Studios: If you want to live the high life (literally), these sleek, modern buildings offer jaw-dropping views and fancy amenities that'll make you feel like a VIP. Enjoy a short walk to the workout room, have a party on the rooftop terrace, and grab a snack from the ground floor café.
  • Short-Term Studios: Commitment-phobes, rejoice! These fully furnished apartments offer flexible lease terms for those who want to test-drive a neighborhood before putting a ring on it. Whether you're in town for a few months or just want to play the field, short-term studios have got your back.

 

Understanding the Cost of Renting a Studio Apartment in Chicago

Renting a studio apartment in Chicago involves more than just forking over your monthly rent. You need to consider application fees, move-in fees, security deposits, utilities, parking, renters insurance, and pet fees (if you have them). Fortunately, studio apartments are the most cost-friendly options available, but even still, we’ve put together this guide on the Detailed Costs to Rent an Apartment in Chicago to help make budgeting a little easier.

One of the most important things to keep in mind is the rent-to-income ratio. This golden rule of apartment budgeting says you should aim to keep your monthly rent under 30% of your gross income (or a 3:1 ratio). But let's be real, with the rising cost of living in Chicago (and everywhere else), a 4:1 ratio should be your goal.

To help you figure out how much rent you can realistically afford, check out the Domu Rent Calculator. Just plug in your annual income and let this nifty tool do the math for you. It'll help you narrow down your search to studios that won't leave you eating instant ramen for every meal.

Another thing to keep in mind is your credit score. Landlords use this number to gauge how likely you are to pay your rent on time. In Chicago, you typically need a score of 650 or higher to snag an apartment (and even higher for luxury rentals). If your credit score is looking a little rough around the edges, don't panic! Our Credit Score guide has lots of tips and tricks to help you boost your score.

By getting a handle on the costs of renting a studio apartment in Chicago and taking steps to get your finances in tip-top shape, you'll be well on your way to finding the perfect little pad to call home.

 

Comparing the Cost of Studio and One-Bedroom Apartments in Chicago

So, you're torn between living the cozy studio life or living like a king in a one-bedroom apartment? Let's break down the costs and see what makes the most sense for your budget and lifestyle.

On average, you can expect to shell out an extra $300 to $800 per month for the privilege of having a separate bedroom. But if you dream of living in a fancy high-rise in downtown Chicago, that price difference can quickly soar to $1,000 or more monthly. Yikes!

While having a dedicated bedroom has its perks, this is highly dependent on your lifestyle. If you have a conservative budget, are a minimalist, someone who works or is out a lot, or just likes feeling tucked-in, then a studio apartment is a no-brainer. If you work from home, are moving with a partner, have pets, or love to collect large pieces of art, then having that extra space might mean the difference between feeling comfy and feeling claustrophobic.

Before you make any big decisions, take a good, hard look at your finances and figure out what you can realistically afford. Make a list of your must-haves (like a washer and dryer or a gorgeous view) and your nice-to-haves (like a spa-worthy bathroom or a walk-in closet). Then, start exploring all the amazing studio and one-bedroom options Chicago has to offer.

Whether you choose the simple life in a studio or the spaciousness of a one-bedroom, Domu will be right by your side, cheering you on and helping you find the perfect place to call home. Because let's face it, apartment hunting in Chicago is not for the faint of heart. But with a little patience and a dash of Domu magic, you'll be living your best life in no time!