Within those 77 Chicago neighborhoods are also unique communities and sometimes neighborhood personalities differ by block. Moving to a brand new city or even moving within the city can be a confusing and tedious exercise.
Before you start the apartment-hunting process, it’s smart to consider your budget and what’s important to you — access to public transportation, nature, Lake Michigan, nightlife, etc.
Luckily, there are tons of amazing neighborhoods in Chicago, no matter your cash flow. We’ve rounded up a list of the median rental rates for a one-bedroom Chicago apartment in the most expensive and least expensive Chicago neighborhoods.
The most expensive Chicago neighborhoods
Part of the reason these neighborhoods are among the most expensive to rent in Chicago is due to their proximity to major attractions, the presence of new apartment buildings offering luxury amenities and their locations within walking distance to the Loop and Lake Michigan.
5. Old Town: $2,804
Source: Adam Alexander Photography Photo Courtesy of Choose Chicago
It’s entirely possible to walk cobblestone streets in Chicago’s Old Town neighborhood, which also includes Michael’s Church, the oldest Victorian building in the neighborhood, and one of the only buildings that survived the Great Chicago Fire. Since it’s one of the few areas that wasn’t destroyed by the fire, several streets are intact and not part of the Chicago street grid built after the fire.
Today, the neighborhood is an active and vibrant community filled with boutiques and restaurants along Wells Street. Improv comedy troupe The Second City sits prominently at the corner of North and Wells. The area’s charm of historic homes, and walking distance to restaurants, nightlife, Lincoln Park Zoo and Lake Michigan, among other reasons, help drive up the rental rates where one can expect to pay about $2,804 per month for a one-bedroom apartment.
If those rent prices aren’t within your budget, don’t sweat it — there are plenty of other mid-price bustling neighborhoods to check out, like Lincoln Park, Lakeview and Logan Square.
4. Fulton Market: $2,842
Fulton Market Street was the meatpacking district of the city in the 1870s, when grocery shops and restauranteurs would source not only their meat but other commodities, including poultry, fish, eggs and butter. More wholesalers, including those who sold flowers, were nearby, along Randolph Street.
Today, Fulton Market’s past is barely visible since those meatpackers and food distributors have since sold their properties to make way for some of the most expensive new developments to be built in the city’s West Loop neighborhood.
While they often come with luxury amenities, a one-bedroom apartment in Fulton Market comes with a $2,842 per month price tag.
3. Streeterville: $2,939
City of Chicago Photo Courtesy of Choose Chicago
Streeterville is one of Chicago’s smallest neighborhoods, but it packs some serious punch in terms of real estate. Nestled right along Navy Pier, it has easy access to the Loop, River North and Gold Coast all at once, plus some incredible views of Lake Michigan.
The Magnificent Mile shopping district is located in Streeterville, and the area is also home to both Northwestern Memorial Hospital and Ann and Robert H. Lurie Children’s Hospital, so there’s a fair amount of hospital staff, both permanent and visiting, who live in this area.
High-end skyscrapers are the apartment buildings of choice in this neighborhood, and there are plenty of public transportation options within short walking distance. Expect to spend around $2,939 for a one-bedroom apartment in this tony neighborhood.
2. River North: $2,962
You know you’re in River North when you see the magnificent, mammoth Merchandise Mart and get a waft of chocolate from the nearby Blommer Chocolate Company. This is another neighborhood filled with gorgeous skyscrapers and five-star restaurants, and it has a particular edge on the posh nightclub scene. Many professionals who work in the Loop live in River North since it’s within walking distance, and its art gallery-laden streets are great for meandering on the weekends.
Many of the luxury apartment buildings in this area feature dedicated dog runs and dog parks within them since there aren’t many parks in this part of the city. A one-bedroom apartment is just shy of $3,000 per month.
1. Greektown: $3,069
Greektown in the West Loop is just a few blocks on Halsted, between the 290 Expressway (also known as the Eisenhower or the Ike) and Madison Street. It’s named Greektown because of the high concentration of Greeks who moved into the area and established restaurants and other businesses. Gyros and saganaki (the flaming cheese that’s often ordered as an appetizer at many Greek restaurants) were introduced to the United States by Chicago’s Greektown restaurants.
While there are a handful of Greek restaurants that still line the street, many of those have been replaced with luxury high-rises to accommodate the ever-growing West Loop demand for housing. Today, this small strip is among the most expensive when it comes to one-bedroom apartments — you can score a place for around $3,069 per month.
The cheapest Chicago neighborhoods
You’d think apartment rental rates would rise as you got closer to Lake Michigan, but that’s not always the case. There are plenty of deals to be found if you’re craving access to the lake or the lakefront trails. Not all of the cheapest Chicago neighborhoods are along Lake Michigan, but it’s worth checking out these, which are among the top five cheapest areas to rent in Chicago.
5. Buena Park: $1,350
Source: Park Shores
When you say Buena Park, people wonder if it’s part of Uptown or Lakeview and for good reason. This tiny enclave between Montrose Avenue and Irving Park Avenue butts up against Graceland Cemetery to the west and Lake Michigan to the east. Historic single-family homes (including some George Maher mansions along Hutchinson Street) dot the area and share the quiet neighborhood with high rises and apartment complexes.
The neighborhood has a very active neighborhood membership-based group with a website that provides updates on various neighborhood events and happenings. Buena Park often plays host to summertime concerts and movies, and the group usually organizes an annual outing to a Chicago Cubs home game since it’s within walking distance. If living in a quiet neighborhood on the city’s north side appeals to you, it’s possible to snag a one-bedroom apartment in Buena Park for around $1,350 a month.
4. South Shore: $1,146
Source: Chicago Park District Photo Courtesy of Chicago Park District
Former First Lady Michelle Obama grew up in South Shore and while that may be how most people from out of town learn of this South Side neighborhood, most locals know it for its close proximity to Lake Michigan, Rainbow Beach and Stony Island Arts Bank — an art gallery, media archive, gorgeous library and community center.
And while the namesake owner of Harold’s Chicken Shack may have left this earth, his name lives on with what many consider the best fried chicken. If that weren’t enough, the neighborhood is also home to the South Shore Cultural Center which includes a 65-acre park complete with a nine-hole golf course and tennis courts, a culinary center, a nature center and a number of cultural programming and classes.
It’s also located just south of Hyde Park and Woodlawn, where rents tend to be higher because of their proximity to the University of Chicago campus. South Shore allows residents to enjoy all the South Side has to offer at $1,146 per month for a one-bedroom.
3. West Ridge: $1,102
Source: 6200 Hoyne
West Ridge includes Devon Street and along this strip of West Devon is Little India, a colorful and vibrant community filled with Indian and Pakistani shops, bakeries, restaurants and other businesses. Come any time of the day and you’ll likely find a hub of activity and people double-parked.
To really enjoy all this area has to offer, don’t miss some of the liveliest nights during India and Pakistan’s respective independence day celebrations (in mid-August for each), as well as various multi-cultural festivals and the night before Ramadan ends.
Due to Little India’s density, there are more apartment buildings and condos near West Devon but there are many single-family homes throughout the West Ridge neighborhood. A one-bedroom apartment in this part of the city is around $1,102 per month.
2. Austin: $967
Source: 200 Central
Austin is such a large neighborhood in terms of geography that even locals differentiate their location by saying North Austin and South Austin. The West Side city also includes Columbus Park, a 140-acre park and what some consider landscape architect Jens Jensen’s finest work. Jensen’s work can also be enjoyed in nearby parks, including Garfield Park and Humboldt Park.
Residents also have easy access to the suburb Oak Park. Madison Street and Lake Street tend to have a high concentration of shopping and the area has several Chicago public transit (CTA) train stops, as well as Metra stops. The 290 Expressway, known as the Eisenhower, or the Ike to locals, runs through Austin, as well.
A one-bedroom apartment in Austin runs around $967 per month.
1. South Chicago: $700
South Chicago is located just south of South Shore and includes Steelworkers Park, a 16.5-acre park with a rock-climbing wall. Transforming this park into a beautiful nature area, complete with trees and walking paths so close to Lake Michigan is particularly impressive since it was formerly part of the U.S. Steel Complex known as South Works.
The area still boasts some of the least expensive apartments available in the city. A one-bedroom apartment runs around $700 per month in this area.
What is the average rent in Chicago?
According to our analysis, the average rent in Chicago is $2,395 for a one-bedroom apartment.
Finding your perfect Chicago neighborhood
For Chicagoans, rents vary by dramatically by neighborhood, even by block within a neighborhood and there are many reasons for these rent fluctuations. It pays to look around and talk to locals to help you find the perfect Chicago neighborhood and one that matches your personality, wants and needs. Regardless of where you land, in the Windy City, we’re all happy to live here.
