Chicago, the third largest city in the U.S., is nestled along the shores of beautiful Lake Michigan and almost equidistant from both coasts. With a vibrant theater district, world-class museums, and an excellent public transit system, it’s no wonder people are flocking to the “city of big shoulders”, as Carl Sandburg famously called it. Mostly prompted by the huge demand for city living, Chicago has seen some significant spikes in housing costs, with the average rent increasing 3.4% to $1,647 over the last year, according to Yardi Matrix.
How much is a 1-bedroom apartment in Chicago?
Made up of dozens of small neighborhoods, it can be challenging for those from out of the area to know where to live, or how to find a fair price. The average rent for 1-bedroom apartments in Chicago is $1,580, though it can vary significantly based on where you’re living. $1,000 a month will buy you approx. 750 square feet of living space in Hyde Park while a 704 square-foot apartment in River North may cost up to $2,500/month.
Let’s check out five unique one-bedroom apartments to see how far your money can go in various parts of the city.
1. Hubbard Place, Downtown Chicago / River North, $2,607, 704 sq. ft.
Hubbard Place, located in the bustling area of Downtown Chicago known as River North, is a luxury rental community with unbelievable city views. Residents enjoy gourmet kitchens with stainless steel appliances, huge windows, elegant oak flooring, and private balconies that are perfect for everything from a night of entertaining to an evening of quiet contemplation. With a media theater, an entertainment lounge, an indoor whirlpool spa, and a rooftop pool and sundeck with lavishly trellised shade areas among the amenities, this LEED silver-certified property is redefining the term luxury.
2. 3240 N Lake Shore Drive, Lakeview East, $2,400, 930 sq. ft.
This apartment community at 3240 N Lake Shore Drive is a Chicago lover’s dream. It features the vintage architecture the Windy City is so well known for, and is right in the middle of Lakeview East, with access to the lakefront path, views of the lake, Lincoln Park Zoo a short walk away, and world-class dining and entertainment nearby.
For renters who want a posh building with gleaming hardwood floors, updated vintage finishes, and a style so inspiring it will take your breath away, this is definitely a property to check out. Then there’s the incredible value-for-money it represents for these features and its location!
3. The Tides, Near East Side, $1,708, 690 sq. ft.
The Near East Side neighborhood, also known as Lakeshore East and the New East Side, is located where the Chicago River and Lake Michigan meet and is one of the hottest residential communities in the city. Within walking distance of famed Millennium Park, residents of The Tides apartment community get every convenience at home – including granite islands, cherry cabinets, and floor to ceiling windows – all while being within steps of dozens of restaurants, nightlife, and more.
4. Sheridan Tower, Edgewater Beach, $1,250, 800 sq. ft.
High-rise living certainly has its perks, as evidenced by the Sheridan Tower. This classic building is close to Lake Shore Drive, public transportation is just feet from the doorstep, and many units have unobstructed views of both Lake Michigan and the city’s skyline. The apartments come with hardwood floors, modern kitchens with granite countertops and stainless steel appliances, and spacious closets. Moreover, residents enjoy the services of a doorman, the entertainment possibilities of a rooftop deck, and the motivation of a fitness center.
5. Campus Court Apartments, Hyde Park, $1,114, 750 sq. ft.
The Campus Court Apartments are located right in the heart of the Hyde Park neighborhood, and are an easy commute for students and employees of the University of Chicago, though anyone who loves shopping, dining, and beautiful, tree-lined boulevards has plenty to do right here. This beautifully restored building includes an incredible vintage courtyard.