Chicago, Illinois Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Chicago, Illinois rental market.
Highlights
An apartment for rent in Chicago, Illinois typically goes for $2,224 per month, while a single-family home for rent in Chicago, Illinois has a monthly cost of around $3,095. Renter-occupied units make up 55% of the local housing market, while the rental vacancy rate in Chicago, Illinois is at 5.5.
Chicago, Illinois
Average Apartment Rent in October 2022
$2,224
Y-o-Y Change in Average
Apartment Rent
6.8%
Average Single-Family Rent in October 2022
$3,095
Compared to a year ago, Chicago, Illinois apartments have recorded a 6.8% rent increase.
Chicago, Illinois |Average apartment rent trend
Chicago, Illinois| Average apartment rent
Chicago, Illinois | Apartment rent ranges
At 52.21%, apartments priced Over $2,000 represent the bulk of Chicago, Illinois rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.7%.
Chicago, Illinois | Housing tenure**
Renters take up 55% of Chicago, Illinois real estate, occupying a total of 590,848 units, while homeowners live in 490,295 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$43,591
Average household size of renter-occupied housing units**
2.23
Rental vacancy rate**
5.5%
Chicago, Illinois | Renter-occupied housing units by no. of bedrooms**
There are 215,212 rentals in Chicago, Illinois with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 6,333 units. Overall, the median number of rooms in Chicago, Illinois homes for rent is 4.1.
Chicago, Illinois |Renter-occupied units by age of householder**
Most condos for rent in Chicago, Illinois are occupied by residents in the 25 - 34 years age group (33%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Chicago, Illinois | Renter-occupied housing units by family type**
Chicago, Illinois | Renter-occupied housing units by the presence of own children**
A total of 244,961 apartments for rent in Chicago, Illinois, or 41% of all rentals are family households. Additionally, 23% of rental homes include children under the age of 18 – that’s 134,949 units. All in all, the median size of a renter-occupied household in Chicago, Illinois is 2.23.
Chicago, Illinois | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 41% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Chicago, Illinois.
Chicago, Illinois | Renter-occupied units by year structure built**
The highest share of Chicago, Illinois apartment rentals, namely 38% or 226,601 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (10%, 60,179 units), and the ones Built 1960 - 1969 (10%, 59,995 units).
Chicago, Illinois | Renter-occupied units by year householder moved in**
Median year renter moved into unit2015
Most Chicago, Illinois renters (46%) moved in 2015 to 2016, while only 3% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Chicago, Illinois condos for rent is 2015.
Chicago, Illinois | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Chicago, Illinois renters have 1 vehicle available per household, 40% of them have No vehicle available, and 13% have 2 vehicles available.
Chicago, Illinois | Means of transportation to work of householders living in renter-occupied housing units**
Chicago, Illinois |Geographical mobility in the past year for householders living in renter-occupied housing units**
Chicago, Illinois | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Chicago, Illinois apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates
