The Windy City, Chicago, IL, is a bustling Midwestern city known for its stunning architecture, diverse neighborhoods, and lakefront views. With a population of approximately 2.7 million residents, Chicago offers a blend of historic charm and modern amenities. From Millennium Park to the Art Institute of Chicago, the city has world-class attractions and iconic landmarks. In Chicago, the average monthly rent for a studio apartment is $1,735, while a one-bedroom unit averages $2,086.
Whether you’re new to Chicago or are looking for a more budget-friendly apartment, ApartmentGuide is here to help. We’ve gathered a list of the 10 most affordable neighborhoods in Chicago to rent in this year.
10 Affordable Neighborhoods in Chicago, IL
Chicago has plenty of historic and famous neighborhoods, each contributing to the city’s atmosphere. These Chicago neighborhoods all have rents below the city’s average for studio and one-bedroom apartments. From Hyde Park to South Shore, there are affordable options that won’t break the bank.
1. Hyde Park
2. South Shore
3. South Side
4. Irving Park
5. Ravenswood
6. Edgewater Beach
7. Albany Park
8. Lincoln Square
9. Edgewater
10. Rogers Park
Read on to see what each neighborhood has to offer its residents.
1. Hyde Park
Average studio rent: $1,150
Average 1-bedroom rent: $775
Apartments for rent in Hyde Park
Hyde Park is the most affordable neighborhood in Chicago – the average rent for a one-bedroom unit is $775. There are many reasons to love living in Hyde Park, from attractions like the Museum of Science and Industry and the Frederick C. Robie House to green spaces like Jackson Park, Promontory Point, and 57th Street Beach. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, from Italian and Caribbean to vegan. For renters living in Chicago without a car, the ME Line runs through Hyde Park.
2. South Shore
Average studio rent: $725
Average 1-bedroom rent: $825
Apartments for rent in South Shore
South Shore is a relaxing area that’s just south of downtown Chicago. This affordable neighborhood has many attractions, such as the South Shore Cultural Center and Rainbow Beach. South Shore is a wonderful option if you want to be near Lake Michigan without living in Chicago’s pricier Gold Coast neighborhood. You can also catch the ME Line in South Shore, making it easy to get into the city.
3. South Side
Average studio rent: $725
Average 1-bedroom rent: $825
Apartments for rent in South Side
South Side is a lively area encompassing the southern portion of Chicago, including the above neighborhoods. This affordable neighborhood has lots of attractions, such as the Museum of Science and Industry, DuSable Black History Museum and Education Center, Guaranteed Rate Field, home to the White Sox, and the University of Chicago campus. You can also access the beachfront parks and trails along Lake Michigan.
4. Irving Park
Average studio rent: $925
Average 1-bedroom rent: $995
Apartments for rent in Irving Park
Irving Park is a bustling area just northwest of downtown Chicago. This affordable neighborhood has many attractions, such as the Irish American Heritage Center and Horner Park. Irving Park is known for its historic Victorian homes, so explore the neighborhood. It’s also home to many local coffee shops, restaurants, and breweries like ERIS Brewery and Cider House. For renters without a car, you can find the Union Pacific / Northwest (UP-NW) Line running through Irving Park.
5. Ravenswood
Average studio rent: $995
Average 1-bedroom rent: $1,215
Apartments for rent in Ravenswood
Ravenswood is a lush area with its beautiful trees and historic architecture. This neighborhood has many attractions, such as the Davis Theatre, River Park, and Winnemac Park. Ravenswood is a great area to explore Chicago’s food scene, as there are countless restaurants in the area, ranging from Italian and French to cozy cafes and updated American cuisine. Additionally, the UP-N Line and several bus routes stop in the Ravenswood neighborhood.
6. Edgewater Beach
Average studio rent: $1,130
Average 1-bedroom rent: $1,275
Apartments for rent in Edgewater Beach
Edgewater Beach is a bustling neighborhood that offers affordable rent prices near the waterfront. You can find plenty of parks like Berger Park, Lane Beach, and Foster Beach, all great options to enjoy a sunny Chicago day. Edgewater Beach also offers access to the Lakefront Trail, which is an awesome way to explore the area.
7. Albany Park
Average studio rent: $935
Average 1-bedroom rent: $1,300
Apartments for rent in Albany Park
Albany Park is the seventh-most affordable neighborhood in Chicago. It has many attractions, such as North Mayfair Park and Gompers Park. You can explore Albany’s charming main street, West Lawrence Avenue, which has plenty of restaurants and shops, ranging from bakeries and sushi to Mexican cuisine and bars. There are also plenty of transit stops, like the Brown Line.
8. Lincoln Square
Average studio rent: $995
Average 1-bedroom rent: $1,310
Apartments for rent in Lincoln Square
Lincoln Square is a lively area known for its German heritage, featured in the historic architecture and bakeries throughout the neighborhood. This affordable neighborhood has lots of attractions, such as the Old Town School of Folk Music and Winnemac Park.
9. Edgewater
Average studio rent: $1,137
Average 1-bedroom rent: $1,347
Apartments for rent in Edgewater
Edgewater is a vibrant and affordable neighborhood just outside of the Edgewater Beach neighborhood. You can find neighborhood restaurants and cafes along North Broadway and venues like The Edge Theater. It’s also close to beach parks like Foster Beach and the picturesque Foster Avenue Pierhead Light.
10. Rogers Park
Average studio rent: $1,135
Average 1-bedroom rent: $1,497
Apartments for rent in Rogers Park
Rogers Park takes the 10th and final spot on our list of affordable neighborhoods in Chicago. Located on the shores of Lake Michigan, Rogers Park is about 9 miles north of downtown, but you can find plenty of public transit options like the UP-N Line and the Red Line. The area is home to several parks, like Loyola Beach and North Shore Beach Park. You can also explore the shops and restaurants in the area.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.