Presidential Towers
555 W Madison St,
Chicago, IL 60661
$1,580 - $9,445
Studio - 2 Beds
Rental Market Trends in Chicago, IL
What is the average rent in Chicago, IL?
$1,985/month
Average Rent
659 Sq Ft
Average Apartment Size
+2.5%
Increase in the Last Year
As of February 2026, the average rent in Chicago, IL is $1,985 per month. This is 22% higher than the national average rent price of $1,626/month, making Chicago one of the most expensive cities in the US. When you rent an apartment in Chicago, you can expect to pay about $1,604 per month for a studio, $1,985 for a one-bedroom apartment, and around $2,496 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $3,012 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Chicago, IL?
In the past year, rent has increased by 2.5%, which averages out to $50 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated February 2026
Legend
2025
2026
Rent Ranges in Chicago, IL
Last Updated February 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
22%
$700 - $1,000/month
35%
$1,001 - $1,500/month
18%
$1,501 - $2,000/month
24%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Chicago?
Based on current rent prices, Brighton Park, Austin and Chatham 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, Cabrini-Green, Illinois Medical District and Greektown 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 North Lakefront, Downtown Chicago and West Loop .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Chicago, IL?
Because the average rent in Chicago is $1,985, you’ll want to make about $6,616 per month or $79,392 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 16.7% higher than the national average. Generally, housing in Chicago is 43.5% more expensive than the national average, with rent falling between $1,604 - $3,012. You can expect to pay 3.8% more for groceries, 5.8% less for utilities, and 6.1% 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.
Studio
-
-
One Bedroom
$888/month
-
Two Bedroom
$943/month
-
Three Bedroom
$988/month
-
Nearby City Rent Trends
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30
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Greystar
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Group Fox
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21
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3,986
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3
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TLC Management
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30
Communities
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5,743
Units
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11
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Mac Properties
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33
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7,124
Units
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4
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16 Communities in Chicago
CYM Living
-
18
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-
1,110
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2
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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 February 2026.
* Percentages may not total 100 due to rounding.