The average rent for apartments in Chicago can vary greatly based on location, apartment size, building amenities, and other features like whether or not a unit has in-unit laundry. For those looking to rent in or near downtown, understanding how rental costs shift between neighborhoods can help inform your decision as to where to rent an apartment in Chicago.
Each area offers its own unique mix of architecture, accessibility, and lifestyle features that influence pricing. Here’s a closer look at current average rents in several of the most in-demand downtown neighborhoods and what you can generally expect in each one.
River North
River North is known for its dense collection of luxury high-rises, art galleries, high density of restaurants, nightlife scene, and close proximity to the Loop. It’s one of the most upscale residential neighborhoods in the city.
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Studio: $2,100–$2,500
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1 Bedroom: $2,500–$3,200
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2 Bedroom: $3,600–$4,800
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3 Bedroom: $5,000–$6,500
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4 Bedroom: $6,800–$8,500
Many newer buildings offer resort-style amenities such as rooftop pools, coworking spaces, and fitness centers. A lot of the new construction luxury buildings offer views of the Chicago River from the balcony or through floor-to-ceiling window.
West Loop
Once a warehouse district, West Loop has evolved into a modern residential and culinary hotspot. The area features a mix of luxury rentals and boutique loft-style conversions.
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Studio: $1,950–$2,300
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1 Bedroom: $2,400–$2,900
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2 Bedroom: $3,400–$4,300
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3 Bedroom: $4,800–$6,000
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4 Bedroom: $6,200–$7,800
People looking to rent in Chicago are often drawn to West Loop for its walkability, convenience of having several transit lines, grocery stores, and parks in the area, and trendy nightlife scene. Rental prices in this neighborhood have steadily increased year-over-year due to sustained demand and limited highrise inventory.
Gold Coast
Chicago’s Gold Coast combines historic charm with high-end highrise living, including classic walk-ups and full-service amenity buildings along Lake Shore Drive.
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Studio: $1,750–$2,200
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1 Bedroom: $2,200–$2,800
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2 Bedroom: $3,200–$4,000
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3 Bedroom: $4,400–$5,800
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4 Bedroom: $6,000–$7,500
Many renters in Gold Coast find that older buildings offer lower rents than newer construction while still being close to top-tier shopping, the lakefront, Oak Street Beach, Michigan Avenue’s Magnificent Mile, and public transit.
Lincoln Park
Further north but still considered close to downtown, Lincoln Park provides a mix of walk up buildings, single family homes, brownstones, and newer luxury apartments.
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Studio: $1,600–$1,900
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1 Bedroom: $1,900–$2,400
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2 Bedroom: $2,800–$3,600
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3 Bedroom: $4,000–$5,200
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4 Bedroom: $5,300–$6,800
Rents here tend to be slightly more affordable than in River North or the West Loop, especially in older courtyard buildings. Access to the park, lakefront trails, boutiques and coffee shops along Armitage, multiple transit lines, and a quieter residential atmosphere add to the neighborhood’s appeal.
South Loop
South Loop mostly offers high rise living, with a mix of new construction and older highrises. It’s also home to Museum Campus and Columbia College.
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Studio: $1,700–$2,100
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1 Bedroom: $2,100–$2,600
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2 Bedroom: $2,900–$3,700
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3 Bedroom: $4,200–$5,400
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4 Bedroom: $5,600–$6,900
South Loop continues to attract renters seeking larger floor plans and newer construction at more affordable rates than River North or Streeterville. Some buildings here also offer better parking options than other downtown neighborhoods.
Wicker Park
Located just west of downtown, Wicker Park offers vintage charm and an eclectic commercial corridor along Milwaukee Avenue. It’s known for older walk-ups, new boutique developments, and renovated three-flats.
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Studio: $1,600–$1,900
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1 Bedroom: $2,000–$2,500
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2 Bedroom: $2,800–$3,600
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3 Bedroom: $3,800–$4,800
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4 Bedroom: $4,900–$6,000
Inventory for 4 bedroom apartments is limited but can occasionally be found in converted single family homes or duplex units. Rental prices in Wicker Park tend to fluctuate depending on proximity to the CTA Blue Line and the type of building. Modern amenities are more limited in older buildings, and newer buildings that do have amenities command higher rates.
Streeterville
Streeterville is home to some of Chicago’s most iconic skyscrapers and lakefront views. It’s located just north of the Loop and includes a wide range of highrise apartments, many with direct access to the lakefront trail and Navy Pier.
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Studio: $1,900–$2,300
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1 Bedroom: $2,500–$3,100
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2 Bedroom: $3,500–$4,400
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3 Bedroom: $4,800–$6,200
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4 Bedroom: $6,300–$8,000
Lakefront access and proximity to Northwestern Hospital, Michigan Avenue, and Lakeshore Drive drive demand in this neighborhood.
The Loop
Chicago’s central business district, The Loop, has seen increasing residential development over the last several years. The Loop is a convenient neighborhood to live in for anyone commuting to any part of Chicago because all transit lines converge in the Loop. There’s even direct access to O’Hare and Midway airports via the CTA lines in the Loop.
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Studio: $1,850–$2,200
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1 Bedroom: $2,300–$2,800
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2 Bedroom: $3,300–$4,200
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3 Bedroom: $4,500–$5,800
The Loop is ideal for those who want to live near transit, office towers, and cultural points of interest like the Art Institute, Millennium Park, and the Chicago Symphony Orchestra. The neighborhood can be quieter on nights and weekends, but for those looking for nightlife, more lively areas like River North and West Loop are both a short walking distance from the Loop. The Loop is also slightly more affordable than nearby neighborhoods like the West Loop and River North.
Planning Your Apartment Search
The average rent for an apartment in Chicago fluctuates based on neighborhood growth, market demand, and inventory. Renters looking for the best value should consider location flexibility, building age, whether they’re okay with in-building laundry vs. in-unit laundry, and move date range.
For more information about renting luxury apartments in downtown Chicago, contact Downtown Apartment Collective today!
