Presidential Towers
555 W Madison St,
Chicago, IL 60661
Studio - 2 Beds | $1,671 - $3,455
Rental Market Trends in Chicago, IL
Updated July 2026
The average rent in Chicago, IL is $2,055/month.
Rent in Chicago is 24% higher than the national average rent of $1,663/month, making this one of the more expensive cities statewide.
$2,055/month
Average Rent
657 Sq Ft
Average Size
+4.3%
Change / Year
18,043
Available Apartments
Chicago rent varies by unit size and layout:
- Studio apartments in Chicago average $1,663 per month.
- One-bedroom apartments in Chicago average $2,055 per month.
- Two-bedroom apartments in Chicago average $2,595 per month.
- Three-bedroom apartments in Chicago average $3,113 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Chicago, IL?
In the past year, rent has increased by 4.3%, which averages out to $90 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Chicago, IL
July 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
20%
$700 - $1,000/month
35%
$1,001 - $1,500/month
18%
$1,501 - $2,000/month
25%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Chicago?
Based on current rent prices, Englewood, Gresham and South Chicago are the most affordable neighborhoods in Chicago.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Chicago?
Based on current rent prices, River North, New East Side and Cabrini-Green are the most expensive neighborhoods in Chicago.
Neighborhood
Average Rent
Average Sq Ft
Which Chicago neighborhoods have the most rentals available?
The neighborhoods in Chicago with the most apartments available are Downtown Chicago, West Loop and Lakeview .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Chicago, IL?
Because the average rent in Chicago is $2,055, you’ll want to make about $6,850 per month or $82,200 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Chicago, IL is 18.3% higher than the national average. Generally, housing in Chicago is 45.3% more expensive than the national average, with rent falling between $1,663 - $3,113. You can expect to pay 4.0% more for groceries, 4.4% less for utilities, and 3.2% more for transportation.
How does Chicago, IL compare to other nearby cities and neighborhoods?
Use the tool below to compare Chicago, IL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
View the Chicago Area GuideStudio
$706/month
$2,451/month
One Bedroom
$864/month
$3,243/month
Two Bedroom
$1,096/month
$5,057/month
Three Bedroom
$1,402/month
$7,820/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Chicago We Think You'll Love
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Frequently Asked Questions
What is the average rent in Chicago?
The average rent in Chicago is $2,055 per month, which is 23.6% higher than the national average of $1,663.
What is the average rent for a house in Chicago?
The average rent for a house in Chicago, IL is $2,857 per month.
What is the average rent for a townhome in Chicago?
The average rent for a townhome in Chicago, IL is $3,000 per month.
What is the average rent for a condo in Chicago?
The average rent for a condo in Chicago, IL is $2,324 per month.
Are rents going up or down in Chicago?
Rents in Chicago, IL are increasing, with prices up 4.3% year-over-year and $90 more per month.
What rent range is most common in Chicago?
In Chicago, IL, 35% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.