Median rents, rental comps, and market trends across 15 zip codes in Chicago, IL.
Third-largest city in the country with a massive, diverse rental market. Strong demand across dozens of distinct neighborhoods, but property taxes are genuinely high — your rent estimate needs to account for the full cost picture or the cash flow isn't real.
Median Asking Rent
$2,149
Rent Change (YoY)
-1.1%
Avg Days on Market
68
Active Rental Listings
11,480
Median List Price
$539,500
Average across 15 zip codes
ZIP | Median Rent |
|---|---|
| 60607 | $2,950/mo |
| 60611 | $2,865/mo |
| 60605 | $2,750/mo |
| 60601 | $2,713/mo |
| 60622 | $2,600/mo |
| 60614 | $2,399/mo |
| 60647 | $2,121/mo |
| 60618 | $2,100/mo |
| 60657 | $2,060/mo |
| 60613 | $2,058/mo |
| 60625 | $1,800/mo |
| 60641 | $1,722/mo |
| 60660 | $1,695/mo |
| 60640 | $1,675/mo |
| 60626 | $1,650/mo |
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| Unit Size | Median Rent |
|---|---|
| Studio | $1,425/mo |
| 1 Bedroom | $1,950/mo |
| 2 Bedroom | $2,550/mo |
| 3 Bedroom | $3,400/mo |
| 4 Bedroom | $4,000/mo |
Aggregated median across all Chicago zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 60614 | $850,000 |
| 60622 | $699,999 |
| 60647 | $699,000 |
| 60601 | $685,000 |
| 60618 | $630,000 |
| 60611 | $575,000 |
| 60641 | $575,000 |
| 60657 | $539,500 |
| 60607 | $473,000 |
| 60625 | $360,000 |
| 60605 | $350,000 |
| 60640 | $325,000 |
| 60613 | $269,000 |
| 60660 | $262,000 |
| 60626 | $249,900 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $2,220/mo |
| 1 Bedroom | $2,370/mo |
| 2 Bedroom | $2,670/mo |
| 3 Bedroom | $3,440/mo |
| 4 Bedroom | $3,980/mo |
Fair Market Rents are published annually by HUD for the Chicago metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Chicago, IL is currently $2,149/month, based on active rental listings across 15 zip codes. Median asking rents have decreased by -1.1% over the past 12 months.
Asking rents vary significantly across the city. ZIP 60607 has the highest median asking rent at $2,950/month, while ZIP 60626 comes in at $1,650/month.
Rental listings in the area spend an average of 68 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Chicago metro area is $2,670/month. Current median asking rents are near or below the FMR for this area.
Chicago is a huge rental market with a deep tenant pool. The economy is diversified across finance, healthcare, tech, and logistics. Lincoln Park, Lakeview, and the West Loop get premium rents. South and West Side neighborhoods are dramatically more affordable. The thing that defines being a landlord in Chicago is property taxes — Cook County taxes are some of the highest in the country, and they can eat into your cash flow fast if you're not factoring them in from the start. Illinois is also not the most landlord-friendly state, so understanding the local eviction process and tenant protections matters. That said, the sheer size and diversity of the Chicago rental market means there's opportunity at every price point if you know what you're doing.
Want to look up rental comps and rent estimates for a specific property in Chicago? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Chicago, IL. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.