When you are looking for an apartment to rent in Chicago, the monthly rent you are expected to pay is one of the most important factors in your decision. Chicago is one of the most enjoyable cities in America with endless things to do, but when living there, other important factors include access to transportation, schools, shopping, dining, and other public facilities; crime rate; quietness vs. noisiness; general atmosphere; and of course the distance to your work place.
While all these factors have different relative importance in different situations, in such expensive real estate markets as Chicago the rental rate becomes very important. After all, if you had all this money to spend on housing, you would buy your own home rather than rent a property — in most cases.
What Rent Can You Expect to Pay in Chicago?
It doesn’t suffice to say that Chicago is expensive for renters. If you are looking for an apartment to rent there, you would like to know exactly how much you can expect to pay per month for housing. According to data from Mashvisor, an advanced real estate analytics tool which helps real estate investors find the most profitable long-term and short-term rental properties in the US housing market, the average monthly rent for an apartment in Chicago in the summer of 2018 is $1,990. Moreover, the price to rent ratio in Chicago is 21, which means that renting a property might make more sense there than buying your own home.
However, as we know, location is a key factor in any metric related to real estate properties, including renting an apartment. Indeed, location is one of the major determinants of rental rates in general, and Chicago is no exception. The difference in the monthly rent between the cheapest neighborhood in Chicago (Rogers Park with monthly rent of $1,200) and the most expensive one (River North with monthly rent of $3,060) is 154%. That’s a big difference, especially if you are a renter on a budget!
That’s why we have prepared for you a list of the most affordable neighborhoods for renters in Chicago.
What Are the Most Affordable Neighborhoods in Chicago?
Without further ado, following is a list of the Chicago neighborhoods with the lowest rental rates in the summer of 2018. These figures have been provided by Mashvisor’s investment property calculator.
Chicago Neighborhoods with the Lowest Rent
|Neighborhood||Monthly Apartment Rent|
|2||West Rogers Park||$1,220|
|5||The Robert Taylor Homes||$1,320|
|9||East Hyde Park||$1,480|
|10||Lakewood – Balmoral||$1,490|
|22||University Village – Little Italy||$1,900|
Data Source: Mashvisor, July 2018
If you are relocating to Chicago to start a new job or are looking for a new apartment to rent there, these are the 25 neighborhoods in this housing market with average monthly rental rates for apartments below $2,000. As a renter, you must already know that affordability is a key factor when deciding where to live. Nevertheless, don’t forget to factor in the other aspects such as walkability, accessibility, safety, and overall environment when choosing where to rent an apartment in Chicago.