Chicago Rent Report: January 2024
Welcome to the Apartment List January 2024 Rent Report for Chicago, IL. Currently, the overall median rent in the city stands at $1,643, after falling 0.5% last month. Prices remain up 2.7% year-over-year. Read on to learn more about what’s been happening in the Chicago rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.
Chicago rents are down 0.5% month-over-month and up 2.7% year-over-year
The median rent in Chicago fell by 0.5% over the course of December and has now increased by a total of 2.7% over the past 12 months. Chicago’s rent growth over the past year has been similar to the state average (3.7%) and has outpaced the national average (-1.0%).
Chicago rent growth in 2023 is below last year
Twelve months into the year, rents in Chicago have risen by 2.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to December 2022, rents increased 6.0%.
December rent growth in Chicago ranked #37 among large U.S. cities
Chicago rents went down 0.5% in the past month, compared to the national rate of -0.8%. Among the nation’s 100 largest cities, this ranks #37. Similar monthly rent growth took place in Austin, TX (-0.5%) and Scottsdale, AZ (-0.6%).
Chicago is the #31 most expensive large city in the U.S., with a median rent of $1,643
Citywide, the median rent currently stands at $1,523 for a 1-bedroom apartment and $1,658 for a 2-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,643. That ranks #31 in the nation, among the country’s 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,211 for a 1-bedroom, $1,365 for a 2-bedroom, and $1,379 overall. The median rent in Chicago is 19.1% higher than the national average and is similar to the prices you would find in Hialeah, FL ($1,676) and Sacramento, CA ($1,643).
Chicago rents are 5.8% higher than the metro-wide median
If we expand our view to the wider Chicago metro area, the median rent is $1,552, meaning that the median price in Chicago proper ($1,643) is 5.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.8%, above the rate of rent growth within just the city.
The table below shows the latest rent statistics for 9 cities in the Chicago metro area that are included in our database. Among them, Lombard is currently the most expensive, with a median rent of $1,947. Waukegan is the metro’s most affordable city, with a median rent of $1,277. The metro’s fastest annual rent growth is occurring in Wheaton (7.5%), while the slowest is in Arlington Heights (1.5%).
| City | Median 1BR Rent | Median 2BR Rent | M/M Rent Growth | Y/Y Rent Growth |
|---|---|---|---|---|
| Arlington Heights | $1,476 | $1,881 | 0.8% | 0.9% |
| Aurora | $1,359 | $1,790 | 0.9% | 4.3% |
| Chicago | $1,524 | $1,659 | 0.4% | 1.6% |
| Lombard | $1,793 | $2,044 | -0.6% | 4.3% |
| Mount Prospect | $1,526 | $1,755 | -0.7% | -0.7% |
| Naperville | $1,659 | $1,983 | 1.3% | 5.8% |
| Schaumburg | $1,629 | $2,002 | 0.6% | 5.3% |
| Vernon Hills | $1,690 | $1,693 | 1.1% | -4.3% |
| Waukegan | $1,022 | $1,321 | -0.7% | 1.4% |
| Wheaton | $1,880 | $1,979 | 2.8% | 9.6% |
Source: Average Rent in Chicago, IL & Rent Price Trends
Randolph is a Multifamily Investment Sales Broker with eXp Commercial servicing Multifamily Buyers and Sellers in the Greater Chicago Area.