Are you considering renting an apartment in the Windy City? Chicago is known for its vibrant culture, stunning architecture, and diverse neighborhoods. However, if you’re looking for a place to call home, it’s essential to know where you’ll get the most bang for your buck. In this post, we’ll explore the most expensive neighborhoods for renters in Chicago, helping you make an informed decision while also providing insight as to why these parts of the city command such a premium.
River North
Historic, grunge industrial buildings serve as the unlikely homes of newly updated lofts, trendy restaurants, and art galleries in Chicago’s River North district. The area was once sprawling with factories and warehouses, but as the city expanded, developers saw an opportunity to create a new neighborhood. Many of the apartments and condos feature industrial-chic design, with exposed brick walls, high ceilings, and large windows. Amenities like fitness centers, rooftop decks, and dog runs are common. Meanwhile, the local attractions range from trendy cafes and Michelin-starred restaurants to boutique shops and cutting-edge art galleries. The neighborhood’s proximity to the Loop and public transportation makes it a popular choice for young professionals who want to be in the heart of the action. Just be prepared to pay for all of that convenience and style – River North real estate doesn’t come cheap. The median rental price in the neighborhood is over $2,800. Luxury condos and penthouses fetch even higher monthly rates.
- Average Rent: $2,800 – $3,700+ per month
- Key Attractions: Merchandise Mart, The Riverwalk, House of Blues
New Eastside
The New Eastside is one of Chicago’s most mesmerizing downtown neighborhoods, largely because of the architecture. Skyscrapers like Aqua and St. Regis Chicago offer luxurious living spaces with stunning views of Lake Michigan and the city skyline. These acclaimed properties are highly sought after for their amenities and location. Prospective renters can expect to pay upwards of $2,750 for a one-bedroom unit in these buildings. But ask anyone who lives in the New Eastside neighborhood and they’ll tell you that the perks are well worth the price.
- Average Rent: $2,900 – $3,600+ per month
- Key Attractions: Lakeshore East Park, Millennium Park
West Loop
It doesn’t get much more iconic than the West Loop. Like many areas in Chicago’s core, it’s a former industrial district that has been transformed into a hip, happening hub of residential and commercial activity. The neighborhood’s borders are defined by the Chicago River to the east, Ashland Avenue to the west, Grand Avenue to the north, and the Eisenhower Expressway to the south. Within those boundaries, you’ll find a mix of old and new. Converted warehouses and factories now house trendy lofts, while sleek high-rises offer luxury living with all the modern amenities. The restaurant scene is diverse and dynamic, with everything from casual cafes to upscale eateries helmed by celebrity chefs. Of course, all that trendiness comes at a price. The West Loop is one of the most expensive neighborhoods in Chicago, with median one-bedroom apartments typically starting at over $2,000 per month.
- Average Rent: $2,400 – $3,200+ per month
- Key Attractions: Randolph Street Market, The French Market, Union Park
Gold Coast
The Gold Coast is synonymous with luxury. Located along Lake Michigan, this historic neighborhood boasts tree-lined streets, grand mansions, and upscale shopping. Renting here will place you in proximity to high-end boutiques, gourmet restaurants, and cultural landmarks like the Chicago History Museum.
- Average Rent: $3,000 – $4,000+ per month
- Key Attractions: Oak Street Beach, Magnificent Mile, Rush Street nightlife
Fulton Market
Chicago’s much-loved Fulton Market can be found on the west side of the city, just beside the West Loop. Meat packing facilities once dominated the area, but in recent years, the neighborhood has undergone a major transformation. Today, it’s home base for numerous tech startups and creative agencies. Not to mention lots of new apartment buildings and restaurants. New development residential complexes are popping up everywhere to accommodate the masses of people looking to live in this trendy district. Without making any generalizations, most residents seem to make a decent living. You’d have to in order to even get on the ground floor of the real estate market here. Prices for condos are some of the highest in the city, starting in the mid hundred thousands. Apartments in Fulton Market, meanwhile, regularly start over $2,500 for a single person.
- Average Rent: $2,900 – $4,000+ per month
- Key Attractions: Fulton Market District, Guinness Open Gate Brewery
Streeterville
Rated one of the best places to live in all of Illinois, Streeterville is certainly a neighborhood worth paying more for. This welcoming neighborhood on the Near North Side of Chicago is known not only for its stunning – and expensive – high-rise buildings but also for many of the things that make downtown living so great. The area is home to the iconic Magnificent Mile, a stretch of Michigan Avenue lined with luxury retailers, department stores, and upscale boutiques. After a long day of shopping, residents can refuel at one of the neighborhood’s many acclaimed restaurants or explore nearby cultural institutions like the Museum of Contemporary Art and the historic Water Tower.
- Average Rent: $2,700 – $3,600+ per month
- Key Attractions: Navy Pier, Museum of Contemporary Art, Northwestern Memorial Hospital
Check out the latest luxury apartments to hit the market in Chicago below…
