Chicago is the third largest US city in terms of population. Chicago’s population reached about 2,747,000 in 2022, making it the largest city in the Midwest and the most populous in the state of Illinois. In this article, we look at the average rental prices for one and two bedroom apartments in Chicago for October 2022. Apartment rental prices in Chicago increased by an average of 26% year-on-year (October 2021 to October 2022). The median rent for a one-bedroom apartment in Chicago is $1,820 per month and for a two-bedroom apartment is $2,200 per month. Near North Side and Lakeview are Chicago’s most popular neighborhoods with the most listings for apartment rentals.
Chicago’s most affordable neighborhoods include South Shore ($1,050/month for one-bedroom apartments), Irving Park ($1,150/month) and Woodlawn ($1,175/month)
Chicago’s most expensive neighborhoods include Loop ($2,470/month), Near West Side ($2,465/month) and Near North Side ($2,450/month).