Chicago rent prices went up more than other major cities
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Chicago's median rent rose faster than in the other nine largest U.S. cities.
Why it matters: Housing is unaffordable for many. A new Harvard report finds a record number of renters are "cost-burdened," spending more than 30% of their income on rent and utilities.
- Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, per Apartment List.
By the numbers: The median rent in the metro Chicago area went up 4% from February 2025 to February 2026, coming in at $1,670 a month.
- That's still lower than New York ($2,245), Los Angeles ($2,167) and Washington, D.C. ($2,122).
State of play: Chicago's rental share was 53% in 2023, according to the Institute for Housing Studies at DePaul University.
- The supply of affordable housing has not kept up with demand, forcing more renters into housing they can't afford.
Zoom out: Rental markets are tighter in the Midwest, Northeast and parts of the West Coast because these are regions where building is harder, largely due to zoning restrictions and a lack of space.
Between the lines: More people are renting, partly because home buying remains out of reach, keeping rents from falling much further nationwide.
What we're watching: Fewer people move in the colder months and Chicago isn't quite seeing those spring temperatures.
- Expect rents to climb as the peak summer season nears.