Chicago rental market analysis

Rental Market Reports > Apartment Reports > Chicago, IL

Q1 2023 - Rental Market Report



This rental market report looks at how Chicago, IL apartment rent prices have changed in Q1 2023.

According to our data, rent prices for all three-bedroom counts in Chicago decreased year-over-year, with one-bedroom apartments decreasing the most at -9%.

Change in Year-Over-Year Average Rents: 1-3 Bedroom Apartments

Rent prices in 1-3 bedroom types in Chicago, Illinois experienced the following year-over-year rent decreases in Q1 2023:

  • 1-Bedroom: -9%
  • 2-Bedroom: -2%
  • 3-Bedroom: -2%

Year-Over-Year Average Rents: 1-3 Bedroom Apartments

Below are the average rent prices for 1-3 bedroom apartments in Q1 2023 for Chicago, Illinois.

  • 1-Bedroom: $1,392
  • 2-Bedroom: $1,821
  • 3-Bedroom: $2,252


Geography: The scope of this analysis is the city of Chicago, Illinois.

Property Type: One, two, and three bedroom apartments with all bathroom counts.

Analysis: Rent data was analyzed year-over-year for each bedroom type.

Data: New rents collected at the beginning and end of each quarter reported, excluding outliers below $500 and above $10,000.



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Please note the research and data included in this report is aggregated from a variety of sources and many are third parties that are not affiliated with Rentometer, Inc. The information is believed to be accurate, but Rentometer, Inc. does not provide a warranty of any kind, either expressed or implied.