Average Rent in Chicago 2026
The average rent in Chicago, IL is $1,800 for a 1-bedroom, $2,300 for a 2-bedroom, and $2,800 for a 3-bedroom apartment in 2026. The cost of living in Chicago is 7% above the national average. To afford a 1-bedroom apartment here using the 30% rule, you need an annual income of at least $72,000.
Chicago Rent Prices by Bedroom
1 Bedroom
$1,800
per month
2 Bedrooms
$2,300
per month
3 Bedrooms
$2,800
per month
Cost of Living in Chicago
107
Cost of Living Index (100 = national average)
Chicago's cost of living index is 107, which is 7% above the national average. This index factors in housing, groceries, transportation, healthcare, and utilities. A higher number means you need more income to maintain the same standard of living compared to the national average.
Chicago at a Glance
Population
2.7M
Median Income
$65,781
COL Index
107
Rent Control
No
How Much Income Do You Need to Rent in Chicago?
The widely accepted guideline is to spend no more than 30% of your gross income on rent. Here is the minimum annual income you need to afford an apartment in Chicago by bedroom count:
1-Bedroom
$1,800/mo rent
$72,000/yr
2-Bedroom
$2,300/mo rent
$92,000/yr
3-Bedroom
$2,800/mo rent
$112,000/yr
Based on the 30% rule: monthly rent should not exceed 30% of gross monthly income.
How Much You Save with a Roommate in Chicago
Save $650/month
by splitting a 2-bedroom with a roommate
Solo 1BR
$1,800
per month
Split 2BR
$1,150
per person/month
Annual Savings
$7,800
per year
Instead of paying $1,800 for a 1-bedroom on your own, splitting a 2-bedroom ($2,300) with one roommate brings your share to $1,150. That is $7,800 per year you could put toward savings, investments, or paying down debt.
Rent Control in Chicago
Chicago, IL does not currently have rent control or rent stabilization laws. Landlords can raise rent by any amount at lease renewal, though they are typically required to provide advance notice (usually 30-60 days). If you are concerned about rent increases, consider negotiating a longer lease term for price stability.
Rent Calculators for Chicago Renters
Use these free calculators to plan your Chicago rental budget, split rent with roommates, and check if you qualify for an apartment.
Rent Affordability Calculator
Find out how much rent you can afford based on your income.
Fair Rent Split Calculator
Split rent fairly by room size, features, and income.
Rent-to-Income Calculator
Check if you meet the 3x rent rule landlords require.
Renter Budget Calculator
Build a 50/30/20 budget around your rent payment.
Frequently Asked Questions About Renting in Chicago
Is Chicago expensive to rent in?
Chicago is moderately priced compared to coastal cities. A 1-bedroom averages $1,800 per month in 2026, which is about 7% above the national average. Neighborhoods like Lincoln Park and River North are among the priciest, while the South and West sides offer more affordable options.
How much income do you need to rent in Chicago?
Using the 30% rule, you need a gross monthly income of about $6,000 ($72,000 annually) to afford an average $1,800/month 1-bedroom. Chicago is significantly more affordable than NYC, LA, or San Francisco for renters.
How much can you save by splitting rent with a roommate in Chicago?
Splitting a 2-bedroom ($2,300/month) with one roommate brings your share to $1,150, saving you $650 per month or $7,800 per year versus renting a 1-bedroom alone.
Planning to rent in Chicago?