Studio apartments in Chicago are the most affordable option for renters with rent beginning under $1,000 per month. People searching for studio apartments in Chicago may have to look a bit further outside of downtown, where the median rental price for a studio apartment tends to be higher given the nicer amenities and newer construction. The citywide median rental price for studios listed on Domu was $1,307 in 2019, an increase of 5% from 2018. The average monthly rent for studio apartments varies quite a bit from neighborhood to neighborhood. The newer buildings with more amenities, closer to Lake Michigan or the Chicago Loop were the most expensive.
- River North averaged $1,827 per month
- West Loop averaged $1,816 per month
- Lakeshore East averaged $1,733 per month
- Streeterville averaged $1,691 per month
- Gold Coast averaged $1,571 per month
- South Loop averaged $1,559 per month
- Lincoln Park averaged $1,394 per month
- Lakeview averaged $1,179 per month
- Pilsen averaged $1,147 per month
- Logan Square averaged $1,115 per month
- Edgewater averaged $1,024 per month
- Uptown averaged $1,019 per month
Studio Apartment Rent Trends in Chicago
Studio apartment rents continued to increase in the hottest neighborhoods in Chicago. Lincoln Park saw the largest increase with a 16% increase from 2018 to 2019. This was in part due to the opening of two new luxury apartment projects: Lincoln Common Apartments and Elevate Lincoln Park Apartments. Studio apartment rent in the Gold Coast increased by 10% and River North was a 7% increase in 2019. Streeterville and the South Loop also proved to be highly desirable for studio apartment renters with a 7% and 6% increase respectively. Pilsen, Edgewater, Lakeview, Uptown and Logan Square saw flat to modest increases in studio apartment rents.