In a city where renting an apartment or a condo is almost as common as being a homeowner, prospective residents are spoilt for choice when it comes to Chicago’s apartments for rent. Following the nationwide trend, the rental market in Chicago is on the rise. Data provided by Yardi Matrix shows that the average monthly rent in Chicago is approximately $1,628, a significantly higher amount than the national average of $1,155 a month, according to the latest Yardi Matrix report.
Of course, renting in Chicago can cost much more or less than the city-wide average, but this is all dependent on two things: location and amenities. Near North Side apartments are known to be on the pricier side of the spectrum. On the other hand, renters have an array of options in Hyde Park for a much lower monthly rental price tag. With this information in mind, the question to be answered is: what can you rent for around $1,600 in Chicago? Without further ado, here are 5 options for the budget-conscious renter:
1. McClurg Court, Gold Coast: $1,529/month for a studio (496 Sq. Ft.)
Breathtaking city views abound from picture windows in these upscale studio apartments in McClurg Court. Conveniently located Downtown, the community is close to the thriving business and social scene of the city. Spread over 600 square feet of space, these Chicago studios feature contemporary kitchens with stainless steel appliances and granite counters, large closets, and up-to-date finishes, including plush wall-to-wall carpeting.
Larger convertible studios are also available within this budget. The high-quality units within this well-known 45-story high-rise are both cat- and dog-friendly. Residents enjoy a host of amenities within the building, such as a fitness center, an indoor lap pool, 3 tennis courts, and a garden sundeck.
2. The Shoreham, Lakeshore East: $1,690/month for a convertible studio (645 Sq. Ft.)
Set in the heart of Downtown Chicago – north of Millennium Park, where Lake Michigan meets the Chicago River – the convertible studio apartments within The Shoreham offer spectacular views of the city and beyond due to lavish wall-to-ceiling windows and glass paneled balconies. These luxury units enjoy large floor plans, offering lifestyle renters numerous high-end amenities, such as spacious closets, Luna Pearl or Uba Tuba granite islands, in-home laundry, and dishwashers.
Sauna, steam, and massage rooms, a game and billiards room, a refreshing outdoor pool, a skygarden lounge and many more – all make for a comfortable living environment. The community is also pet-friendly.
3. Asbury Plaza, Gold Coast – River North: $1,660/month for a 1-bedroom apartment (780 Sq. Ft.)
The angular designs of the units within Asbury Plaza are unique to this community and give residents a one-of-a-kind living environment. The one-bedroom apartments are clad with neutral finishes and are accented by great views of the Windy City. Private balconies, walk-in closets, and fully updated kitchens and bathrooms are standard inclusions.
Residents are welcome to bring their cats and have access to pool and fitness facilities within the building. The shops on Michigan Avenue as well as Chicago’s finest dining venues and nightlife are just steps away.
4. Oglesby Towers Apartments, South Shore – Hyde Park: $1,539/month for a 2-bedroom apartment (1,200 Sq. Ft.)
Breathtaking views of the lake and the city skyline greet renters through wall-to-wall windows, as they enter these luxurious two-bedroom apartments. The kitchens and bathrooms are fully updated, including ceramic flooring and electric self-cleaning ovens. Storage space abounds, as all the apartments within the Oglesby Towers are equipped with oversized closets and organizer shelving solutions. Dishwashers are a standard feature throughout, for convenience.
A common bicycle storage room is also available. All residents have access to laundry and fitness amenities within the building, and both dogs and cats are welcome. Michigan Lake, the beach and the golf course are within walking distance.
5. Mayfair Apartments, Hyde Park: $1,661/month for a 2-bedroom apartment(1,375 Sq. Ft.)
With a floor plan spread over 1,375 sq. ft. of living space, these 2-bedroom units within Mayfair Apartments give residents lots of space and facilities. The apartments are furnished, featuring eat-in kitchens, walk-in closets, and organizer shelving, with cozy plush carpeting running throughout the apartment. Tenants who like upgrades will appreciate the hardwood floors, breakfast bars, and spectacular lake views available in selected units.
The community includes a fitness center, a laundry room, and business facilities. It’s conveniently situated just a few minutes away from the Museum of Science & Industry, the University of Chicago and the lakefront.
Whether it is a studio or a larger apartment you seek, rental options around $1,600 are bountiful throughout this amazing city. Check out more Chicago apartments and choose the one that best caters to your tastes.
Do you want to rent?
Finding the perfect home is not an easy task, so make sure to explore all your options. There are many affordable apartments for rent under $600 in Chicago. However, if you’re willing to splurge a little, browse a generous selection of apartments under $800. Expand your choices even more and take a look at all the amazing apartments available under $1,000 in Chicago. You can see all the options in the list below.