What Factors Influence Rent Prices in Chicago?

Are you looking to rent an apartment in Chicago? Look no further! Here, at SRE Holdings, we will help you find the perfect place to live out of the many apartments that we manage. Our first priority is you, the customer. We want to make sure that you rent from a place that you are proud to call home.

Rent Prices in Chicago

One of the biggest concerns about renting a property is probably the price. Obviously, no one wants to pay an exorbitant amount of money for their home. In this article, you will learn about the cost of living in Chicago, how people are even able to afford living in Chicago, and how to find a good, cheap apartment to rent in Chicago. 

Cost of Living in Chicago

Even though Chicago is the third most populous city in the United States, it actually doesn’t make the top 10 list for most expensive city to live in. According to Move.org, Chicago was ranked as the 15th most expensive city to live in. After analyzing data from the 75 largest cities in the United States, Move.org found that the average monthly cost of living in Chicago was approximately $2,495. They got this number by factoring in the following costs: rent for a one-bedroom apartment, utilities, gas, food, and internet. This is the data that puts Chicago in perspective to other cities in the United States. Now, let’s look at Chicago in relation to other cities in Illinois. 

Back in October 2020, the Zumper Chicago Metro Area Report analyzed rental listings in 12 different metro cities. They ranked their data from the most to least expensive cities to live in. The report concluded that Chicago was the most expensive city to rent a one-bedroom apartment with rent being priced at $1,500 a month. Based on this report of Chicago being the most expensive metro city to live in in Illinois, it brings up the question of “How do people afford to live in Chicago?” 

How Do People Afford the Price of Living in Chicago?

It all starts with a person’s reasons for wanting to live in Chicago. If you truly want to live somewhere, you will do everything you possibly can to make that dream a reality. So, how do people afford to live in expensive cities like Chicago?

Well, one of the main reasons why people are able to afford living in an expensive area like Chicago is by splitting the rent with a roommate, whether it’s a friend or significant other. Also, being smart with how you spend your money on food helps cut some costs. For example, it can be tempting to eat out all the time with so many great food options everywhere.

However, if you choose to cook your own meals, you will definitely save tons of money versus eating out all of the time. Of course, it’s okay to go out occasionally, but in general you should be smart on what you spend your money on. If it’s between eating an extremely expensive meal versus being able to pay rent on time, the obvious answer is making sure you have a roof over your head.

Another way to afford renting in Chicago is by taking public transit or walk places. Why spend the money on a car if the places you need to go are walkable distances away or are accessible through public transportation?

Lastly, no one can stay cooped up in their apartment forever, which begs the question of what can you do for fun without breaking the bank? It’s fun to go out once in a while, but try not to make it an every night, or even every week occurrence. If you choose to do something more expensive once a month, it will help save money and make it all the more special when you do get to spend a night out on the town. And of course there are ways to have fun on a budget or even while staying home. For instance, having a movie night at home is a fun way to relax and unwind from a crazy week.

These are just some ways that people are able to afford living in expensive cities like Chicago. These tips are not only helpful for people in Chicago, but for anyone that wants to save money. 

Cheap Apartments for Rent in Chicago

You are probably wondering what makes apartments so expensive? Well, some factors that impact rental costs include the time of the year, rental market, and location of the property. Basically, you want to be smart about apartment hunting, making sure you get the best deal. Follow these simple tips and tricks in finding cheap apartments for rent in Chicago. 

First, follow the 30% rule. This “rule” is to not spend more than 30% of your income on your rent. In other words, if your rent costs more than 30% of your income, you should look at cheaper options. Just remember that you want to live in a nice apartment, but you don’t want to be breaking the bank to live in a place that you cannot reasonably afford on your income. 

Second, take into account moving fees. It can be pretty expensive to move out of your old place and move into your new place. The costs can start to add up overtime. For instance, hiring movers and a truck if needed can be quite expensive, especially if moving takes longer than you anticipated. Another moving fee that you might not think of is the application fee to all the various apartments that you might be applying to. 

Third, make sure to factor in your commute and transportation cost. It might be cheaper to live further away from your job; however, your transportation cost might make up the cost difference of choosing to live in a pricier apartment, allowing you to cut down on transportation cost. 

As mentioned earlier, here at SRE Holdings, we are a property management company who values our customers. We want to make sure that you get the best deals possible, while living in great apartments in great locations. Reach out to us today if one of our apartment listings catches your eye or if you are searching for an apartment in Chicago. 

This entry was posted in Property Management. Bookmark the permalink.

Leave a Reply