The Loop Rental Prices

It doesn’t get any better than an address in Chicago’s Loop! The average apartment rent in downtown Chicago is higher in most other parts of downtown than in the Loop.

Here’s a look at what you can expect from average rent prices in the Loop — and how that compares to the rest of downtown.

A General Idea of the Loop Average Rent

Obviously, cost of apartments in downtown Chicago vary from building to building and street to street, even within the same Chicago neighborhood.

Across apartment sizes, the typical rent price in the loop is:

$1,814 for a studio
$2,400 for a one-bedroom
$3,500 for a two-bedroom
$4,200 for a three-bedroom.

Renting in Downtown Chicago: FAQs

How the Loop Compares to the Rest of Downtown Chicago

Here’s a snapshot of the current market trends:

Average Rent Prices: As of 2024, the average rent for an apartment in downtown Chicago is approximately $2,400 per month for a one-bedroom unit. This price represents a slight increase of 3% compared to the previous year, reflecting a steady demand for urban living in the city.

Neighborhood	Average Rent (1-Bedroom)	Average Rent (2-Bedroom)
The Loop	$2,400	$3,500
River North	$3,000	$4,200
South Loop	$2,200	$3,100
Streeterville	$2,900	$4,000
West Loop	$2,800	$3,800

Table 1: Average Rent Prices in Various Downtown Chicago Neighborhoods (2024)

Best Time to Look for Apartments

Timing can significantly impact your rental experience in downtown Chicago. Generally, the best time to look for an apartment is during the off-peak season, which is from November to February. During these months, demand tends to be lower, leading to potentially lower rent prices and more negotiating power for tenants. Conversely, the peak rental season in Chicago is from May to September, when demand is high due to recent graduates moving to the city and families looking to relocate during the summer.

Month	Rent Price Trend	Demand Level
January	Lower	Low
February	Lower	Low
March	Moderate	Moderate
April	Moderate	High
May	Higher	High
June	Higher	High
July	Higher	High
August	Higher	Very High
September	Higher	Very High
October	Moderate	Moderate
November	Lower	Low
December	Lower	Low

Frequently Asked Questions (FAQs) About Renting in Downtown Chicago

How much does it cost to rent an apartment in downtown Chicago?
- The cost of renting in downtown Chicago varies widely depending on the neighborhood and type of apartment. On average, you can expect to pay between $2,200 and $3,000 for a one-bedroom apartment.
What is the average size of an apartment in downtown Chicago?
- The average size of a one-bedroom apartment in downtown Chicago is around 750 square feet. However, this can vary significantly depending on the building and neighborhood.
Are utilities typically included in the rent?
- Utilities are often not included in the rent, but are typically bundled in one package by the building. Utilities can cost an additional $100 to $300 per month, depending on the size of the apartment and usage.
- What amenities are commonly available in downtown Chicago apartments?
  - Many downtown apartments offer amenities such as fitness centers, rooftop decks, doormen, and pet-friendly options. Luxury apartments may include additional perks like concierge services, swimming pools, and private parking.

Here are some of the other benefits of living in downtown Chicago.

Are you interested in moving to Chicago’s Loop and curious about downtown Chicago rent prices? When you’re looking to make one of Chicago’s hottest communities your new home, browse our current luxury apartment rentals in the Loop! Let us help you find the perfect downtown address.