Chicago Rent Report: January 2024 – Latest Trends & Analysis

Graph showing Chicago rent trends for January 2024

Chicago Rent Report: January 2024

Welcome to the Apartment List January 2024 Rent Report for Chicago, IL. Currently, the overall median rent in the city stands at $1,643, after falling 0.5% last month. Prices remain up 2.7% year-over-year. Read on to learn more about what’s been happening in the Chicago rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.

Chicago rents are down 0.5% month-over-month and up 2.7% year-over-year

The median rent in Chicago fell by 0.5% over the course of December and has now increased by a total of 2.7% over the past 12 months. Chicago’s rent growth over the past year has been similar to the state average (3.7%) and has outpaced the national average (-1.0%).

Chicago rent growth in 2023 is below last year

Twelve months into the year, rents in Chicago have risen by 2.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to December 2022, rents increased 6.0%.

December rent growth in Chicago ranked #37 among large U.S. cities

Chicago rents went down 0.5% in the past month, compared to the national rate of -0.8%. Among the nation’s 100 largest cities, this ranks #37. Similar monthly rent growth took place in Austin, TX (-0.5%) and Scottsdale, AZ (-0.6%).

Chicago is the #31 most expensive large city in the U.S., with a median rent of $1,643

Citywide, the median rent currently stands at $1,523 for a 1-bedroom apartment and $1,658 for a 2-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,643. That ranks #31 in the nation, among the country’s 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,211 for a 1-bedroom, $1,365 for a 2-bedroom, and $1,379 overall. The median rent in Chicago is 19.1% higher than the national average and is similar to the prices you would find in Hialeah, FL ($1,676) and Sacramento, CA ($1,643).

Chicago rents are 5.8% higher than the metro-wide median

If we expand our view to the wider Chicago metro area, the median rent is $1,552, meaning that the median price in Chicago proper ($1,643) is 5.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.8%, above the rate of rent growth within just the city.

The table below shows the latest rent statistics for 9 cities in the Chicago metro area that are included in our database. Among them, Lombard is currently the most expensive, with a median rent of $1,947. Waukegan is the metro’s most affordable city, with a median rent of $1,277. The metro’s fastest annual rent growth is occurring in Wheaton (7.5%), while the slowest is in Arlington Heights (1.5%).

CityMedian 1BR RentMedian 2BR RentM/M Rent GrowthY/Y Rent Growth
Arlington Heights$1,476$1,8810.8%0.9%
Mount Prospect$1,526$1,755-0.7%-0.7%
Vernon Hills$1,690$1,6931.1%-4.3%

Source: Average Rent in Chicago, IL & Rent Price Trends