At What Price Is A Rental ‘Too Good To Be True’ In Chicago?

One of the biggest pitfalls that people come up against when looking to rent an apartment in Chicago are scams. While scams are definitely not exclusive to Chicago, they are something to be aware of.

One of the biggest giveaways of a scam is when a rental price is too good to be true. As with every city, rental prices in Chicago can vary dramatically depending on the neighborhood.

So to help you work out how much you should expect to pay for a rental apartment in Chicago, we will run through different apartments in different neighborhoods.

The average Chicago apartment rental price

As a general rule of thumb, the following prices are the average rental price for a studio apartment, one bed apartment, two bed apartments and  three-bed apartments in Chicago. Depending on the size of the property and its location, you can give a little bit of leeway between 1% and 7% of the estimated average price.

• A studio apartment costs approximately $1,254.
• A 1 bed apartment costs approximately $1,771.
• A 2 bed apartment costs approximately $2,382.
• A 3 bed apartment costs approximately $2,816.

These are the approximate costs across the whole city. However, the neighborhood that you want to live in and the nearby facilities, such as schools, shops and public transport can have an impact on the overall Chicago apartment rental price. Below we are going to take a look at each neighborhood to help you see at what price a rental is too good to be true in Chicago.

West Garfield Park

In West Garfield Park you can expect to pay approximately $608 for a studio apartment. A one-bedroom apartment is roughly $775. For a two-bedroom apartment you can expect to pay approximately $925.

And for a 3-bedroom apartment comedy average price is $1,085. Anything lower than $550 is a warning sign that what you see might not be what you get.

Homan Square

In Homan Square, a studio apartment should set you back approximately $605. For a one-bedroom apartment that you can expect to pay roughly $775. A two-bedroom apartment average is at $925. While a three-bedroom apartment typically costs approximately $1,085 a month.

Fifth City

Another affordable neighborhood in Chicago is Fifth City. Here you can expect to pay roughly $780 for a studio apartment. A one-bedroom apartment will set you back $776, while a two-bedroom apartment is approximately $925. Again, the average price for a 3-bedroom apartment in Fifth City is $1,085.

South Shore

South Shore is slightly more expensive than the above three neighborhoods. For a studio apartment the average price is $675. A one-bedroom apartment is typically $900. For a two-bedroom apartment the average rental price is $1,345 and a 3 bed apartment averages at $1,720.

Jackson Park Highlands

When it comes to the average apartment rental price in Jackson Park Highlands, Chicago. The average cost is the same as South Shore. A studio apartment averages at $675 while a one-bedroom apartment averages at $900. For a two-bedroom apartment, expect to pay approximately $1,345 and $1,720 for a three-bed apartment.

Woodlawn

The average price of a studio apartment in Woodlawn, Chicago is $728. For a one bedroom apartment, the average rental price is $967. A two-bedroom apartment averages at $1,198 While a  3-bedroom apartment is approximately $1,400.

Park Manor

If you want to know what price is too good to be true in Park Manor, Chicago the following should give you a good idea. For a studio apartment you can expect to pay an average of $815. A one-bedroom apartment averages at $1,000 while a two-bed apartment averages at $1,100. For a 3-bedroom apartment, the average rental price in Park Manor is $1,320.

Greater Grand Crossing

To help you understand what you can expect to pay for an apartment rental in greater Grand Crossing, Chicago, the following should help. The average studio apartment rental price is $815, while a one-bedroom apartment averages at $1,000.

For a two-bedroom apartment the average price in greater Grand Crossing is $1,100. And a three-bedroom apartment is roughly $1,320.

Rogers Park

If you want to know what the average apartment rental price is in Rogers Park to avoid being scammed, the following will make it clear. In Rogers Park, Chicago you can expect to pay an average studio apartment rental price of $835.

For a one bedroom, the average rental price is $1,060 and a two-bed apartment averages at $1,350. Looking at a three-bed apartment, the average price in Rogers Park is $1,640.

West Woodlawn

If you have seen a property that looks too good to be true in West Woodlawn, Chicago the following average rental prices should give you a good idea. For a studio apartment in West Woodlawn, the average monthly rental price is $815.

A one-bed apartment typically costs around the $1,100 mark. For a two-bed apartment in West Woodlawn, the average price is also $1,100 and a three-bedroom apartment averages at $1,320.

Uptown Chicago

To help you understand the average cost of renting an apartment in uptown Chicago; the following are a good reference point. For a studio apartment you can expect to pay $855, while a one-bed apartment averages at $1,230.

A two-bedroom apartment will cost approximately $1,591. A three-bedroom apartment typically costs less than a two-bed apartment at $1,168.

Sheridan Park

The average apartment rental prices in Sheridan Park are similar to those in uptown Chicago, Margate Park, and Lakewood Balmoral. These are $854 for a studio apartment. $1,230 for a one-bed apartment. $1,600 for a two-bed apartment and approximately $1,070 for a three-bed apartment.

Edgewater Beach, Bryn Mawr historic district and Andersonville

To help you see if the apartment that you like is too good to be true in Edgewater Beach, Chicago the following average apartment rental prices should point you in the right direction. These prices are also the same for Bryn Mawr historic district and Andersonville.

In these areas you can expect to pay approximately $875 for a studio apartment. The average rental price for a 1 bed apartment in these areas is $1,220. A two bed apartment averages at $1,600, while a three-bed apartment should be approximately $1,800.

Ravenswood and Bowmanville

Ravenswood and Bowmanville are among the most expensive neighborhoods in Chicago. These Chicago neighborhoods are also most likely to be targeted by scammers advertising rock bottom prices. To help you know what you should expect to pay for an apartment rental in these areas, the following should give you a good idea.

A studio apartment typically costs approximately $855. For a one-bed apartment you can expect to pay an average of $1,200. A two-bed apartment averages at $1,600, while a three-bed apartment should be around $1,770.

Magnolia Glen

Magnolia Glen has the highest average apartment rental costs in Chicago. So, what should you expect to pay in this neighborhood? Well, for a studio apartment the average monthly rental price is $905.

For a one-bed apartment the average rental price is $1,210. A two bedroom apartment averages at $1,650 while the average monthly rental price for a 3-bedroom apartment in Magnolia Glen is $2,200.

How To Stay Safe When Apartment Hunting Online

Other neighborhoods including River North, Riverwest and Streeterville all have an average apartment rental price of approximately $2,400 a month. If you see apartments being rented in these areas for $500 or less then chances are that they are too good to be true.

One way to ensure that the apartment that you want to rent is genuine is to use Hunter Properties. All of the apartments listed on Hunter Properties are part of the building management company. This means that you deal direct with building management from the day you start your search all the way through your tenancy.

There is no middle man so there are savings to be made from the get-go. Ultimately, you don’t need to worry about being scammed, and you know that what you see is what you will get.