Chicago, IL Rental Market
Chicago is a global powerhouse in finance, trading, and technology, home to Citadel, CME Group, and regional headquarters for Google and Boeing. The city's elevated rail network (the "L"), world-class universities, and deep employment base across finance, healthcare, and professional services sustain one of the most liquid rental markets in the Midwest. Consistent in-migration of young professionals and diverse neighborhoods drive steady rent growth across the metro.
Get a rent estimate for an address in ChicagoAverage Rent in Chicago, IL
$1,900
per month · 2026-06
Market Score
Key Facts — Chicago, IL Rental Market
- Average rent in Chicago, IL:$1,900/mo
- Median rent:$1,748/mo
- Rent range:$950 – $4,200/mo
- Most common rental (2 bedrooms):$1,675/mo
- Active listings:8,500
- Avg days to lease:26 days
- Year-over-year change:+3.5%
- Median home value:$350,000
- Est. gross annual yield:6.5%
- Data as of:2026-06
Rent by Bedroom in Chicago, IL
Average monthly rent for each bedroom type based on current active listings in Chicago.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,375/mo |
2 Bedrooms | $1,675/mo |
3 Bedrooms | $2,125/mo |
4 Bedrooms | $2,625/mo |
5 Bedrooms | $3,000/mo |
Chicago Rental Market Statistics
Key indicators from the current Chicago, IL rental market.
8,500
Available now in Chicago
26
From list to lease
$1.37
Average across listings
1,385 sq ft
Typical rental size
$950 – $4,200
Min to max active listings
+3.5%
Avg rent vs. prior year
Investing in Chicago, IL Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$350,000
Typical purchase price in Chicago
Est. Gross Annual Yield
6.5%
Before expenses & vacancy
Avg Monthly Income
$1,900
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Chicago for a full cash-flow breakdown including all costs.
Chicago, IL Rental Market FAQ
Common questions about renting and investing in Chicago, IL.
What is the average rent in Chicago, IL?
The average rent in Chicago, IL is $1,900 per month as of 2026. One-bedroom apartments average $1,375/mo, two-bedrooms $1,675/mo, and three-bedroom units $2,125/mo. Rents vary significantly by neighborhood — the Near North Side, Lincoln Park, and River North command premiums, while neighborhoods on the South and West Sides offer significantly lower rents.
Is Chicago, IL a good place to invest in rental property?
Chicago offers an estimated 6.5% gross annual yield with over 8,500 active listings providing deep market liquidity. The city's Fortune 500 concentration, major universities (Northwestern, U of C, DePaul, Loyola), and O'Hare International Airport ensure a broad, stable tenant base. Investors should carefully evaluate neighborhood-level fundamentals, as market performance varies widely across the city.
How competitive is the Chicago, IL rental market?
Chicago is a highly active rental market with 8,500+ listings and an average of 26 days on market. In-demand neighborhoods like Wicker Park, Logan Square, and the Gold Coast move fastest, often receiving multiple applications within days. Properties in the outer neighborhoods typically allow more negotiation.
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