Chicago Illinois Residential Rent and Rental Statistics
The median monthly gross residential rent in Chicago, IL (the Chicago-Naperville-Joliet metro area) was $1,139 in 2019 according to the Census ACS survey.1 Average gross rent in Chicago was $1,196 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Chicago median and average rent data will be released in September of 2021.
Data is also available below for Chicago rental vacancy rates, Chicago rent as a percent of median income and the fraction of renters in Chicago.
Real Gross Rent in Chicago Illinois (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Illinois Median Gross Rent | $1,020 | +0.69% | +2.51% |
| Chicago, IL Median Gross Rent | $1,139 | +0.80% | +3.64% |
Chicago, IL Real Gross Rent Trends
At $1,139, real median gross rent in Chicago was at its highest level in 2019 since the series began in 2005. At $1,196, real average gross rent in Chicago was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Chicago: Chicago IL Median, Chicago IL Average, Illinois Median, US Median
Real Gross Rent History for Chicago
| Date | US Median |
Illinois Median |
Chicago, IL Median |
Chicago, IL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,020 | $1,139 | $1,196 |
| 2018 | $1,077 | $1,013 | $1,130 | $1,190 |
| 2017 | $1,043 | $1,004 | $1,112 | $1,166 |
| 2016 | $1,027 | $995 | $1,099 | $1,157 |
| 2015 | $1,017 | $993 | $1,074 | $1,144 |
| 2014 | $986 | $955 | $1,045 | $1,116 |
| 2013 | $953 | $932 | $1,010 | $1,071 |
| 2012 | $940 | $923 | $1,001 | $1,057 |
| 2011 | $941 | $928 | $1,002 | $1,065 |
| 2010 | $955 | $948 | $1,020 | $1,081 |
| 2009 | $960 | $944 | $1,026 | $1,084 |
| 2007 | $927 | $920 | $997 | $1,047 |
| 2005 | $910 | $918 | $1,001 | $1,023 |
Chicago Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Chicago Illinois was 4.81% according to Census ACS data.
Rental Vacancy Rate in Chicago Illinois
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Illinois | 5.65% | -0.67% | -0.36% |
| Chicago, IL | 4.81% | -0.95% | -0.65% |
Trends in Chicago, IL Rental Vacancy Rate
The rental vacancy rate in Chicago peaked in 2005 at 9.26%. Since then it has fallen by 4.45% to 4.81%. Data records for this series originated in 2005.
Rental Vacancy Rate: Chicago IL, Illinois, US
Historical Rental Vacancy Rate data for Chicago
| Date | US | Illinois | Chicago, IL |
|---|---|---|---|
| 2019 | 5.97% | 5.65% | 4.81% |
| 2018 | 6.15% | 6.32% | 5.76% |
| 2017 | 6.18% | 7.02% | 6.32% |
| 2016 | 5.89% | 6.01% | 5.46% |
| 2015 | 5.85% | 6.21% | 5.22% |
| 2014 | 6.32% | 6.53% | 6.26% |
| 2013 | 6.49% | 6.16% | 5.58% |
| 2012 | 6.77% | 6.39% | 6.58% |
| 2011 | 7.40% | 7.35% | 7.62% |
| 2010 | 8.17% | 7.66% | 8.14% |
| 2009 | 8.43% | 7.84% | 8.73% |
| 2007 | 7.87% | 7.69% | 8.01% |
| 2005 | 7.74% | 9.45% | 9.26% |
Rent as a Fraction of Income
Using median household income data for Chicago, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Chicago, median monthly gross rent as a fraction of median household income was 18.13% in 2019 according to the ACS.
Chicago Illinois Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Illinois | 17.69% | -0.67% | -1.01% |
| Chicago, IL | 18.13% | -0.69% | -0.95% |
Trends in Chicago, IL Rent as a Fraction of Income
The fraction of median Chicago household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.45%. Since then it has fallen by 1.31% to 18.13%.
Fraction of Income towards Rent: Chicago IL, Illinois, US
Historical Data for Annual Rent as a Fraction of Income in Chicago Illinois
| Date | US | Illinois | Chicago, IL |
|---|---|---|---|
| 2019 | 20.03% | 17.69% | 18.13% |
| 2018 | 20.50% | 18.36% | 18.82% |
| 2017 | 20.13% | 18.55% | 18.91% |
| 2016 | 20.43% | 18.70% | 19.09% |
| 2015 | 20.63% | 18.85% | 19.23% |
| 2014 | 20.89% | 18.91% | 19.29% |
| 2013 | 20.78% | 18.89% | 19.00% |
| 2012 | 20.65% | 18.89% | 19.05% |
| 2011 | 20.70% | 19.36% | 19.45% |
| 2010 | 20.50% | 19.21% | 19.19% |
| 2009 | 20.12% | 18.41% | 18.39% |
| 2007 | 18.66% | 17.36% | 17.19% |
| 2005 | 18.89% | 17.52% | 17.57% |
Renter Fraction in Chicago Illinois
You can calculate the renter fraction in Chicago in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Chicago as a fraction of total Chicago households. In 2019 35.55% of households were renters according to Census ACS data.
Chicago Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Illinois | 33.99% | -0.02% | -0.75% |
| Chicago, IL | 35.55% | +0.33% | -1.04% |
Trends in the Chicago, IL Renter Fraction
The Chicago household renter fraction peaked in in 2015 at 36.76% and is now 1.21% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Chicago IL, Illinois, US
History of Chicago Renter Fraction
| Date | US | Illinois | Chicago, IL |
|---|---|---|---|
| 2019 | 35.89% | 33.99% | 35.55% |
| 2018 | 36.05% | 34.01% | 35.22% |
| 2017 | 36.13% | 33.82% | 35.62% |
| 2016 | 36.88% | 34.74% | 36.59% |
| 2015 | 36.97% | 34.72% | 36.76% |
| 2014 | 36.90% | 34.51% | 36.00% |
| 2013 | 36.50% | 34.06% | 35.90% |
| 2012 | 36.09% | 33.40% | 35.17% |
| 2011 | 35.42% | 32.65% | 34.46% |
| 2010 | 34.65% | 32.27% | 33.82% |
| 2009 | 34.13% | 32.00% | 33.03% |
| 2007 | 32.80% | 29.94% | 30.93% |
| 2005 | 33.10% | 30.13% | 31.59% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
