As Tall as the High Rises: Chicago Rent Prices by Neighborhood

It’s no secret that finding affordable housing in Chicago can be challenging. With New York City mayoral candidate Zohran Mamdani promising rent controls to New Yorkers, this begs the question: Should similar policies be considered for Chicago?

Given that rent prices in Chicago have climbed well above the national average in 2025, with some neighborhoods now rivaling major coastal cities in cost, according to new data from Rent Cafe, the answer may well be yes.

The average monthly rent in Chicago has reached $2,461, more than $700 more than the national average of $1,750, highlighting the city’s deepening affordability crisis. The most expensive neighborhood is Sheffield, where renters pay an average of $3,749 per month, followed closely by Wrightwood at $3,530 and River North at $3,349.

At the other end of the spectrum, Austin remains the city’s most affordable neighborhood, with an average rent of $1,046 per month. Jackson Park and Washington Park trails closely behind at $1,105 and $1,227, respectively, which is less than half the cost of apartments in Sheffield.

Experts say the widening gap between high- and low-cost neighborhoods underscores growing inequality in Chicago’s housing market. Moreover, a recent study from the Illinois Economic Policy Institute found that Illinois must build roughly 45,000 new homes per year over the next five years to address a backlog of 142,000 units — a key indicator of structural shortage underpinning rent inflation. There is a clear urgency to call for increased investment in affordable housing.

With rents climbing nearly 40% faster than the national pace, many residents are now asking: How long can Chicago stay livable for the people who built it?