One of the most important factors of renting a new apartment is the cost. Before you start looking you want to make certain you’re being realistic about your budget. You also want to know about these costs to narrow down what neighborhoods you should consider. You may find that apartments in one area would stress your budget more than you’re comfortable with. If you’re preparing to start your Chicago apartment hunt, here’s some basic information regarding rent costs.
Note that these are estimates and averages only—the actual cost of renting an apartment depends on many factors, including location, neighborhood, size, and amenities.
What’s the Average Rent?
As of August 2020, the average rent of a 750 square foot one-bedroom apartment is $1,943. This is a slight increase from 2019. However, apartments range from $700 to upwards of $2,000. The larger the apartment, the more you’ll pay. However, due to the cost of living in Chicago, you’ll find that rates here are higher than in other parts of the state. Chicago’s cost of living is rated at 106.9, higher than the 100 US average and the Illinois average of 93.4.
If you’re moving from New York, San Francisco, or Seattle, you’ll find Chicago rents and overall expenses much cheaper. However, if you’re coming from metros such as Dallas or Orlando, expect things to be slightly more expensive. One way of comparing costs is to look at the cost of living index for your current city and compare it to Chicago. If you already live in Chicago, you may already have an idea of how neighborhoods differ in price. Looking at apartments for rent in Chicago will also help you get an idea of the average cost in each area.
Average Rent by Neighborhood
Now let’s take a look at the average rent in some neighborhoods of Chicago. If you’re looking to save a lot of money on your rent, you should look in Austin, West Pullman, Roseland, or The Island. Keep in mind, though, that you’re going to be quite some distance from downtown and other popular locations.
If you’re willing to up your rent to $1,000 to around $1,200 there are many options out there. Irving Park, Tally’s Corner, Park Manor, and South Shore all have average rents that fall into this range. You may even be able to find an apartment for a little less.
Have a good-sized amount of money to allocate to your housing costs? River North, Streeterville, River West, and the Chicago Loop neighborhoods are all $2,500 or more a month. Of course, these areas are also conveniently located and are in neighborhoods that are typically very walkable.
How Much Should I Spend on Housing?
On average, financial experts recommend capping your monthly rent at 30% of your salary. If you want to stick to this rule, you need to make $6,477 a month before taxes and deductions. That’s an annual salary of a little over $77,700. Remember this is only the minimum amount you have to make in order to follow the 30% rule. If you want to live comfortably, you may need to bring in more or lower your living expenses by looking for lower rent or sharing expenses with a roommate.
Brixbid Can Help You Save on Your Rent
Just because a neighborhood has traditionally had higher than average rent doesn’t mean it’s out of your budget. There are plenty of landlords out there willing to negotiate rent. That’s where Brixbid comes in. Landlords post their apartments for rent on our site, and you submit what you’re willing to pay. If the landlord likes your bid, you get the apartment for that price! Check out the different Chicago apartments for rent we have listed and bid on the one you love the most.