Thinking of moving to Chicago, what is average cost of 1bedroom/1bath apt?

Asked by Mstanton, Chicago, IL Wed Nov 16, 2011

My boyfriend and I are planning on moving to Chicago by this coming summer. We are saving up money but are looking at a budget for renting of around $600. What kind of options are there in why of rentals at this price? Either outside the city as a house or inside the city as apartments? We are a young couple looking for something affordable, but decent at the same time.

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Anthony Cast…, , Chicago, IL
Sun Nov 20, 2011
I know of an 8 unit building on Chicago's southwest side where the rent is $499 for a 2 bedroom unit. The unit needs some updating which the owner will gladly do upon receipt of the security deposit. A new stove and refrigerator will also be added to the unit at the owner's expense. The tenant pays gas and electricity and the building also has parking in the rear which is included in the rent. If you are interested please contact me asap.

Anthony Castillo
tardis79@hotmail.com
708-310-9031
0 votes
Bill J Delig…, Agent, Naperville, IL
Thu Nov 17, 2011
The Chicago Metro Area is very large and rental prices vary greatly. Where will you be working/going to school? How far away from your work are you willing to live? Based on that you may be able to find something. $600/mo is definitely on the very low side for rentals. They do exist, but are scarce and may not be in areas that you want or the condition of the home may not be what you want. I know some building owners who may consider you as long as credit/income check out. Good Luck and welcome to the area.

Bill J Deligiannis
billjdeligiannis@yahoo.com
Web Reference:  http://www.BJDHOMES.com
0 votes
Kay Cleaves, Agent, Chicago, IL
Wed Nov 16, 2011
Chicago has a shortage of apartments that are considered "affordable" - costing less than 30% of the average individual's income. A recent report from Depaul discovered that the median cost of a 2 bed in Cook County was $1000, which would be "affordable" only if you're earning about 40k per year. We're pretty expensive here. The average rent list price in Chicago for a 1 bed right now is around $1300 according to Zillow, so while you may be able to find something at $600, you get what you pay for.

I'm seeing some 1 beds on the south side for $550 to $650. You' have to go south of 35th street to find them. Neighborhoods like Englewood, South Shore, New City and Grand Boulevard have a selection of them at that price range. I haven't done any client searches down there in a long time though, so I can't speak to the quality of the apartments.

On the north side I've done a few searches for clients this year who were looking for 1 beds in the $600-800 range and the pickings were very slim. They do exist - I know of a north side 1 bed coming up in the near future that will probably list at $680 with heat included - but they are few and far between. Most of them on the north side that I've seen in that range are junior 1 beds, generally 600 square feet or less with a living room, a galley kitchenette and a petite bedroom.

In all cases when renting in the city I do recommend doing your homework about the neighborhoods in question using resources like Wikipedia, Walkscore, Everyblock and Trulia's own crime map. If possible, you should definitely make an in-person visit any area both during the day and at night where you're planning to live before signing a lease. Neighborhoods vary drastically in character and even on a block-by-block basis.

Renting a house anywhere, city or suburbs, is going to be more expensive than renting in a large building with many apartments.

Regardless, I'd say a more realistic budget would be $900-1000 if you want something in a pleasant area, large enough to comfortably house 2 people and with a reputable landlord that isn't in or near foreclosure.
0 votes
Cindy Finner…, Agent, Chicago, IL
Wed Nov 16, 2011
You should consider the fact that some rents include heat and others don't. So perhaps with this in mind you can actually spend more on rent and less on utilities.
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Matt Laricy, Agent, Chicago, IL
Wed Nov 16, 2011
For 600 you will have to get a studio outside of the city.
Web Reference:  http://AmericorpRe.com
0 votes
Deborah Smith, Agent, Oak Forest, IL
Wed Nov 16, 2011
You need to research the area you wish to move to in Chicago. or surrounding areas. A realtor can help you narrow the choice by area and rental price. Debbie Bergthold-Smith Classic Real Estate
0 votes
Joe Schiller, Agent, Chicago, IL
Wed Nov 16, 2011
this is not a realistic question.. 600 will get you a 1 bedroom apt in a average neighborhood with urban amenities this is the lower end of the market
Web Reference:  http://www.joeschiller.net
0 votes
Terry Perdue, Agent, Chicago, IL
Wed Nov 16, 2011
I am not sure of any homes that can be rented for $600 a month. Unless you really look on the outskirts of Chicago. You may be able to find a one bedroom or studio apartment for $600 again in some of the suburbs of Chicago. I would recommend that you go online and put in rentals in Chicago area and put in your amount. This will give you the locations that are within your price range.
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Nov 16, 2011
Chicago is a huge city and prices can vary tremendously, but for $600 you are likely to get a studio in most areas or small one bedroom that you might find too small for you. I can send you listings for avarious areas if you like so you can get a feel for what I mean.
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