Chicago city, 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 city, Illinois rental market.
Highlights
An apartment for rent in Chicago city, Illinois typically goes for $1,943 per month, while a single-family home for rent in Chicago city, Illinois has a monthly cost of around $2,390. Renter-occupied units make up 55% of the local housing market, while the rental vacancy rate in Chicago city, Illinois is at 6.3.
Chicago city, Illinois
Average Apartment Rent
$1,943
Y-o-Y Change in Apartment Rent
1.78%
Average Single Family Rent
$2,390
Compared to a year ago, Chicago city, Illinois apartments have recorded a 1.78% rent increase.
Chicago city, Illinois |Median apartment rent trend
Chicago city, Illinois| Average apartment rent by city
Chicago city, Illinois | Apartment rent ranges
At 39.35%, apartments priced over $2,000 represent the bulk of Chicago city, Illinois rentals, while condos priced under $500 hold the lowest share of the market – 0.39%.
Chicago city, Illinois | Housing tenure
Renters take up 55% of Chicago city, Illinois real estate, occupying a total of 581,266 units, while homeowners live in 474,852 properties.
Median number of rooms of renter-occupied housing units
4.1
Renter Median household income
$38,434
Average household size of renter occupied-housing units
2.33
Rental vacancy rate
6.3%
Chicago city, Illinois | Renter-occupied housing units by no. of bedrooms
There are 212,429 rentals in Chicago city, Illinois with 2 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 6,519 units. Overall, the median number of rooms in Chicago city, Illinois homes for rent is 4.1.
Chicago city, Illinois |Renter-occupied units by age of householder
Most condos for rent in Chicago city, 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 city, Illinois | Renter-occupied housing units by family type
Chicago city, Illinois | Renter-occupied housing units by the presence of own children
A total of 253,881 apartments for rent in Chicago city, Illinois, or 44% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 146,957 units. All in all, the median size of a renter-occupied household in Chicago city, Illinois is 2.33.
Chicago city, Illinois | Renter-occupied housing units by educational attainment
In terms of education, renters holding bachelor degrees or higher make up 38% of the rental market. In contrast, residents with less than a high school degree reside in 15% of the homes for rent in Chicago city, Illinois.
Chicago city, Illinois | Renter-occupied units by year structure built
The highest share of Chicago city, Illinois apartment rentals, namely 42% or 241,467 units, were built 1939 or earlier, followed by those built 1960 - 1969 (10%, 59,192 units), and the ones built 1950 - 1959 (10%, 57,634 units).
Chicago city, Illinois | Renter-occupied units by year householder moved in
Median year renter moved into unit2013
Most Chicago city, Illinois renters (45%) moved in 2010 to 2014, while only 3% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Chicago city, Illinois condos for rent is 2013.
Chicago city, Illinois | Renter-occupied housing units by vehicles available
When it comes to transportation options, 44% of Chicago city, Illinois renters have 1 vehicle available per household, 40% of them have no vehicle available, and 13% have 2 vehicles available.
Chicago city, Illinois | Means of transportation to work of householders living in renter-occupied housing units
Chicago city, Illinois |Geographical mobility in the past year for householders living in renter-occupies housing units
Chicago city, 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 city, 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.
Exceptions: Data sourced from U.S. Census Bureau; American Community Survey, 2018 American Community Survey 5-Year Estimates
