It’s easy to not fully estimate how expensive it can be to move. When calculating the new rent cost, you must take into account how much it costs to hire movers, set up utilities, purchase moving supplies, pay deposits, and more. It’s important to be comfortable where you live, and the price is a major contributing factor to ensuring long-term financial stability. To make the apartment hunting process easier, we’ve gone ahead and pulled the current average rental rates in Chicago.
The Average Chicago Apartment Rental Cost
Depending on where you want to live, either Chicago’s urban or suburban neighborhoods, the average rental rate may vary. Size, location, and collection of amenities will decide the average rent, which for 2023 is between $1,297 to $2,342. If you were looking for the biggest bang for your buck, here is a breakdown of the average rental cost by size from Zumper.
• Studio: $1,670
• 1BR: $2,218
• 2BR: $2,695
• 3BR: $3,000
• 4BR: $3,650
Remember that rental rates can drastically decrease, or increase based on the neighborhood the apartment is in, if it includes top-of-the-line amenities, and if it’s walkable to highly sought-after shopping and dining.
Top Cities Near Chicago
Looking for a great suburban alternative in Chicago to get the best living bang for your buck? Here are some popular neighborhood alternatives that still offer everything you need and more to have an amazing living experience in/near the Chicago area.
Schaumburg, IL: With an average rent of $1,958 for a 1-bedroom and $3,495 for a 3-bedroom apartment Schaumburg is one of the most popular places to live in Illinois. Not only is it considered very safe ranking as one of the top 25 municipalities with more than 50,000 residents, but it offers quality education and job opportunities for anyone looking to move there. Our property Woodbury Place in Schaumburg, IL has beautiful 1, 2, and 3-bedroom apartment floorplan options starting at $1,593! Check it out today.
Evanston, IL: With an average rent of $2,303, Evanston is not only one of the most sought-after communities in Chicago, due to its popularity with John Hughes movie fans since the greater Evanston area was part of the filming locations for Ferris Bueller, Breakfast Club, Sixteen Candles, and Home Alone! Best of all, we have 3 wonderful communities to tour, including our newest location The Scholar Apartments, ranging from studio, 1, 2, and 3-bedroom options! Learn about our properties and availability here.
Ravenswood, IL: With an average rent price of $1,450, Ravenswood ranks among one of the more luxurious yet affordable places to live in Chicago. Ravenswood also has plenty of features such as its well-known breweries, stores, entertainment, restaurants, diversity, and family-friendly atmosphere. Considered one of the best places to live in Illinois, you will find a perfect mix of both urban and suburban living.
Edgewater, IL: With an average rental rate of $1,500, Edgewater is known as one of the most ideal places to live in Chicago due to its bustling, diverse community that offers something for everyone! There’s no shortage of entertainment between the beach, local shops, restaurants, theatres, nightclubs, and more. You wouldn’t go wrong choosing Edgewater as your new home!
Naperville, IL: Did you know that Naperville has made the list of America’s best cities for another year in a row? The suburban community ranked fourth on the 2023 Best Cities to live in America list, which was released in March 2023 by Niche, a popular rankings and review site.
With an average rent of $2,725, Naperville is home to Moser Tower and Millennium Carillon, one of the world’s four largest carillons. It’s also home to picture-perfect parks and forest preserves, including Centennial Beach. If you’re someone who loves to explore nature, Naperville is the place for you. Best of all, our property Iroquois Club is one that is widely popular among Naperville residents, offering studio, 1, 2, and 3-bedroom options starting at $1,425. Schedule your tour today!
Tips for Finding a Place with Your Budget in Mind
Have peace of mind when finding your new apartment in Chicago. To help you not go over budget when finding your next home, here are some key takeaways to keep in mind:
- It’s advised to remain flexible when moving in the off-season, usually during the Winter. During this time, some apartment communities reduce their rental prices.
- Rental rates tend to be more affordable when located in the suburbs. Thankfully, we have some amazing properties to choose from that are nestled in Chicago’s most popular suburban neighborhoods.
- Are you going to use transportation a lot to get to where you need to go? Consider the added costs that will go into transportation between living in an urban and suburban neighborhood, such as having to pay a monthly fee for parking spaces. Your calculation can potentially offset the cost of rent.
- Think of convenience. Does the apartment offer a lot of amenities, including a gym, pool, or coffee? If it does, that eliminates added costs such as a gym membership, daily trips to a coffee shop, etc.
- Is there a specific neighborhood you want to live in? If it’s too expensive, consider the neighborhood next door for a budget-friendly living accommodation.
Come See What Chicago Has to Offer
When looking for your next apartment to call home, TLC has your budget in mind. With more than 36 unique, well-maintained properties to choose from in both urban and suburban neighborhoods, we offer best-in-class comfort and affordability without lacking quality. Don’t let the windy city blow you away, but sweep you off your feet instead. With the lakefront and beautiful beaches and parks only steps away from Michelin-star restaurants and exclusive shopping—not to mention, The Bean—what more can you ask for?
Visit our website to view our amazing properties and their rates to see which one best fits your needs. Have a question? Please reach out to us at info@chicagorentals.com to learn more about our upcoming availability.
