The average rent for apartments in Chicago, IL, is between $1,572 and $2,558 in 2023. For a studio apartment in Chicago, IL, the average rent is $1,572. When it comes to 1-bedroom apartments, the average rent in Chicago, IL, is $1,907. For a 2-bedroom apartment, the average rent is $2,558.
What is the hardest month to rent an apartment?
Worst for Prices: May through September
It all goes back to the law of supply and demand—because more people are looking to rent an apartment and move during the summer, the prices are higher. You are much less likely to find a deal on rent between May and September.
What month is the cheapest rent in Chicago?
Based on the data, rents in Chicago tend to peak around September and October. Prices dip to their lowest levels in March and April, which is later in the year compared to the other cities in the report—possibly attributed to Chicago's “dreaded winter,” says Renthop.
Is rent going down in Chicago?
Chicago rent growth in 2023 pacing below last year Ten months into the year, rents in Chicago have risen 4.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to October 2022 rents had increased 8.6%.
What is a livable salary in Chicago?
According to the study, a Chicago-area resident without children would need to make $65,500 after taxes to live comfortably. The study is based on the MIT Living Wage Calculator, which uses the cost of housing, food, transportation, medical care and more.
How do I prepare for an apartment viewing?
This includes a filled out application, job history and proof of employment, a letter of recommendation, a credit report, and other tax documents and personal identification forms. If the apartment is a steal, you'll want to have everything with you to sign a lease at the viewing so be sure to come prepared.